Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") announces that
it has entered into an agreement with Industrial Alliance Securities Inc. to
proceed, together with National Bank Financial Inc. (collectively, the
"Agents"), with a private placement on a "best efforts"
basis for gross proceeds of up to approximately $4,500,000 (the "Offering").
The Offering consists of the issuance of:
a. a maximum of 3,212 flow-through units (the "Flow-through Units") at a price of $1,090 per Flow-Through Unit, for maximum gross proceeds of $3,501,080; and b. a minimum of 1,428,572 units (the "Units") at a price of $0.35 per Unit ($500,000.20) and a maximum of 2,860,000 Units at a price of $0.35 per Unit ($1,001,000).
Each
Flow-Through Unit will be comprised of (i) 2,000
flow-through common shares (the "Flow-Through Shares") at a price
of $0.44 per Flow-Through Share; (ii) 600 common shares (the "Common
Shares") at a price of $0.35 per Common Share; and (iii) 600 common
share purchase warrants, each warrant entitling its holder to subscribe for
one (1) common share at a price of $0.46 for a period of twelve (12) months
following the closing of the Offering.
Each Unit will be comprised of (i) one (1) Common
Share at a price of $0.35; and (ii) one (1) common share purchase warrant
entitling its holder to subscribe for one (1) common share at a price of
$0.46 for a period of eighteen (18) months following the closing of the
Offering.
The proceeds of the Offering combined, with existing working capital, will be
used by Cartier to conduct exploration programs in 2012 and for general
working capital.
At the closing of the Offering, the Agents will receive a cash commission
equal to 8% of the gross proceeds raised under the Offering. In addition, the
Agents shall receive non-transferable warrants at a price of $0.35 per share
exercisable for a period of twelve (12) months from the date of closing to
acquire such number of common shares of the Company as is equal to 5% of the
aggregate number of Common Shares and Flow-Through Shares issued under the
Offering.
The Offering is scheduled to close on or about December 19, 2011 and is
subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture Exchange.
All securities issued pursuant to the Offering will be subject to a four
month and one day hold period from the date of closing of the Offering.
This press release is not an offer or a solicitation of an offer of
securities for sale in the United States. The securities have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration.
The common shares of Cartier Resources Inc. are listed on the TSX Venture
Exchange under the symbol "ECR".
|