Esrey Announces Private Placement
March 15 2018 - 4:00PM
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Esrey Resources Ltd. (the “
Company”) (TSXV:ESR)
announces its intention to raise up to $4,000,000 by way of a
private placement of up to 20,000,000 units (the
“
Offering”) at a price of $0.20 per unit (a
“
Unit”). Each Unit will be comprised of one
common share and one share purchase warrant (a
“
Warrant”). Each Warrant gives the holder
the right to acquire a further common share of the Company at a
price of $0.40 for a term of 5 years. The expiry of the
Warrants may however be accelerated at the election of the Company
in circumstances where, at any time following 4 months from the
closing of the Offering, the closing price of the Company’s shares
on the TSX Venture Exchange (the “
Exchange”) is
equal to or greater than $0.75 for 20 consecutive trading
days. In such case, the Company may give notice to the
holders of the Warrants that the Warrants will expire 30 days
following such notice.
The Company may pay finder’s fees in connection
with the Offering in accordance with the policies of the
Exchange. The net proceeds of the Offering will be used for
further development of the Company’s zinc projects in the Balkans
and for general working capital.
The securities comprising the Offering are
subject to a 4-month hold period.
On behalf of the Board of Directors
David Cohen Chairman of the Board Interim President and
CEO
For more information, please contact:Investor
Relations: 1-778-373-0103 Email: info@esreyresources.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains certain
forward-looking statements within the meaning of Canadian
securities laws. All statements other than statements of
historical fact are forward-looking statements. Undue reliance
should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and
are subject to known and unknown risks and uncertainties that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not in fact be realized. Actual results could differ, and the
difference may be material and adverse to the Company and its
shareholders.
The forward-looking statements contained in this
press release are made as of the date thereof and the Company does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, except as required by
applicable law. The forward-looking statements contained
herein are expressly qualified by this cautionary statement.