Source: Squire Mining Ltd.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Squire Mining Ltd. (“Squire” or the “Company”) (CSE:SQR) announces it has received subscriptions for a total of 10,133,333 units (the “Units”) at a price of $0.06 per Unit for gross proceeds of $608,000 pursuant to its non-brokered private placement announced on November 20, 2017 (the “Financing”). Each Unit consists of one common share and one transferable share purchase warrant to purchase an additional share at a price of $0.08 for a period of two years. The net proceeds of the Financing will be used to, among other things, fund the Phase 1 work program on the Company’s Star property in central British Columbia and the purchase price for a 18% minority interest in a telecommunications technology license for the mining resource industry as announced on December 6, 2017, fill key executive roles, investigate new business opportunities and for general corporate and working capital purposes.
The Company has agreed to pay a finder’s fee consisting of 560,000 Units to an arm’s length third party in connection with the Financing.
Closing of the Financing is scheduled to occur following the close of market today and all securities issued in connection with the Financing will be subject to a hold period of four months and a day.
Further to the Company’s news release dated July 26, 2017, the Company announces that assignees of Ore Capital Partners Ltd. have exercised the option (the “Purchase Option”) to acquire a total of 11,000,000 common shares of the Company from certain directors and insiders of the Company for an aggregate purchase price of $210,000. Closing of the Purchase Option is expected to take place early next week.
For further information contact: Kevin R. Hanson, Chief Financial Officer
Telephone: (604) 929-0900
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information”, as such term is defined under applicable securities legislation. The forward looking information includes statements about the Financing and the proposed use of proceeds therefrom and the closing of the Purchase Option, as applicable. Such forward looking information relates to future events or future performance and reflect management’s current expectations based on assumptions made by and information currently available to the Company. Readers are cautioned that such forward looking information is neither a promise nor guarantee, and is subject to risks and uncertainties that may cause future results to differ materially from those expected. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All of the forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. The forward-looking information is made as of the date hereof and the Company does not assume any obligation to update or revise it to reflect new events or circumstances save as required by applicable law.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND SQUIRE MINING LTD. IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.