Toronto, Ontario–(Newsfile Corp. – September 24, 2019) – YUKOTERRE RESOURCES INC. (CSE: YT) (“Yukoterre“) is pleased to announce that on September 24, 2019, it completed its initial public offering (the “IPO“) of 3,500,000 common shares in its capital (each a “Share“), at a price of $0.10 per Share for gross proceeds of $350,000. The net proceeds from the IPO will be used for working capital and to carry out the Phase 1 exploration program at the Division Mountain coal deposit located at latitude 61º20′ North and longitude 136º05′ West on NTS map sheet 115 H/8, 90 kilometers north-northwest of Whitehorse and 290 kilometers from tidewater at Skagway, Alaska Mining Division, British Columbia (the “Division Mountain Property“).
PI Financial Corp. acted as agent (the “Agent“) for the IPO. The Agent received a cash commission and a corporate finance fee in consideration for its services. Additionally, the Company has granted the Agent compensation options entitling the holder to purchase in aggregate 245,000 Shares at a price of $0.10 per Share, exercisable on or before September 24, 2021.
The Shares were approved for listing on the Canadian Securities Exchange on September 20, 2019 and will begin trading on September 25, 2019 under the symbol YT.
The offered securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction.
Yukoterre is engaged in the business of mineral exploration and the acquisition of mineral property assets in the Yukon Territory. Its objective is to locate and develop mineral properties of merit and to conduct its exploration program on the Division Mountain Property. The Division Mountain Property consists of five (5) coal leases which cover 776.4 ha and four (4) contiguous territorial coal exploration licenses covering a total area of 60,862.8 hectares.
For more information, please refer to Yukoterre’s prospectus dated June 26, 2019 available on SEDAR (www.sedar.com).
For further information, please contact:
Yukoterre Resources Inc.
Tel: (416) 861-2262
E-mail: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the use of proceeds from the IPO and Yukoterre’s exploration program at the Division Mountain Property. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Yukoterre assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The securities to be offered in the IPO have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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