Umdoni Closes Private Placement and Completes Acquisition of Mineral Properties in Idaho
Umdoni Exploration Inc.
401 - 750 West Pender Street
Vancouver, BC, V6C 2T7
UMDONI EXPLORATION INC. CLOSES PRIVATE PLACEMENT AND COMPLETES
ACQUISITION OF MINERAL PROPERTIES IN IDAHO
Not for distribution to U.S. news wire services or dissemination in the United States.
Vancouver, British Columbia, February 12, 2024 – Umdoni Exploration Inc. (CSE: UDI)
(the “Company” or “Umdoni”) announces that f urther to the Company’s news releases dated
December 28, 2023, January 18, 2024 and January 25, 2024, the Company has issued 10,000,000
units (the "Units") of the Company at a price of $0.20 per Unit for gross proceeds of $2,000,000
(the “Financing”).
Each Unit consists of one common share in the capital of the Company ("Common Share") and
one Common Share purchase warrant ( "Warrant"). Each Warrant entitles the holder thereof to
purchase one Common Share of the Company ( “Warrant Share”) for a period of twenty -four
months following the issuance of the Units at an exercise price of $0.30 per Warrant Share.
Listed Issuer Financing Exemption
As part of the Financing, t he Company issue d 2,200,000 Units pursuant to the listed issuer
financing exemption prescribed by Part 5A of National Instrument 45- 106 - Prospectus
Exemptions (“LIFE”). The securities issued under LIFE are not subject to a hold period in
accordance with applicable Canadian securities laws.
No commission was paid with respect to the funds raised using LIFE. The Company plans to use
the funds raised via LIFE for exploration expenditures of its Chlore Property and general working
capital.
Other Prospectus Exemptions
The Company also issued 7,800,000 Units for the gross proceeds of $1,560,000 using other
prospectus exemptions. The Units issued pursuant to other prospectus exemptions are subject to
the four months plus one day statutory hold period, which will expire on June 13, 2024. A director
of the Company participated in the Financing by purchasing 125,000 Units.
The Company has paid $124,000 (8%) cash and issued 624,000 (8%) broker warrants to Haywood
Securities Inc. as a finder’s fee with respect to the 7,800,000 Units. Each broker warrant entitles
the holder to purchase one Unit at $0.30 for twenty four months. All broker warrants are subject
to the four months plus one day statutory hold period, which will expire on June 13, 2024.
The Company plans to use the funds raised pursuant to other prospectus exemptions for
exploration expenditures, general working capital and acquiring additional exploration assets.
Acquisition of 1273180 B.C. Ltd. and Mineral Properties in Idaho
Further to the Company’s news released dated January 18, 2024, the Company has issued
7,000,000 common shares to the shareholders of 1273180 B.C. Ltd. in exchange for 7,000,000
common shares of the Company, which are not subject to Canadian restrictive legends . 1273180
B.C. Ltd. became a wholly owned subsidiary of the Company. The Company still needs to make
a cash payment of $230,000 within 180 days of the date of this news release to certain shareholders
of 1273180 B.C. Ltd.
1273180 B.C. Ltd. through its wholly owned limited liability company organized under the laws
of Montana, owns mineral exploration properties in Idaho State known as the Heath, Selway and
Great Western Properties (the “Properties”). The Properties consist of 90 (Heath), 57 (Selway)
and 38 (Great Western) lode mining claims respectively and cover a cumulative area of
approximately 3822.1 acres. The Properties are subject to a 2% net smelter royalty. The Company
plans to explore the Properties for precious and base metals.
On behalf of the Board of Directors,
UMDONI EXPLORATION INC.
“Jesse Hahn”
Director and CEO
For more information, please contact the Company: 604-428-7050
About Umdoni Exploration Inc.
The Company is in the business of mineral exploration. The Company is focused on the
exploration of its 100% owned Chlore Property located near Smithers, BC. The Chlore Property
hosts a calc-alkalic porphyry copper-molybdenum target. In 2021 the Company’s work plan was
focused on obtaining an understanding of the alteration and mineralization on the Chlore Property.
The work program included helicopter borne magnetic and radiometric surveys over the whole
Chlore Property area. The 2023 phase of exploration on the Chlore Property was comprised of
geological mapping, soil and rock-chip sampling.
Forward Looking Statements
When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend",
"expect", "plan", "predict", "may" or "should" and the negative of these words or such variations
thereon or comparable terminology are intended to identify forward- looking statem ents and
information. Although the Company believes, in light of the experience of their respective officers
and directors, current conditions and expected future developments and other factors that have
been considered appropriate, that the expectations reflected in the forward-looking statements and
information in this news release are reasonable, undue reliance should not be placed on them
because the parties can give no assurance that such statements will prove to be correct. The
forward-looking statements and information in this news release i nclude, amongst others, the
Company's exploration plans and the use of proceeds of the Financing. Such statements and
information reflect the current view of the Company. There are risks and uncertainties that may
cause actual results to differ materially from those contemplated in those forward -looking
statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements or implied
by such forward-looking statements. There are a number of important factors that could cause the
Company's actual results to differ materially from those indicated or implied by forward -looking
statements and information. Such factors include, among others: currency fluctuations; limited
business history of the parties; disruptions or changes in the credit or security markets; results of
operation activities and development of projects; project cost overruns or unanticipated costs and
expenses; and general development, market and industry conditions.
The Company undertakes no obligation to comment on analyses, expectations or statements made
by third parties in respect of its securities or its financial or operating results (as applicable). The
Company cautions that the foregoing list of material factors is not exhaustive. When relying on
the Company's forward -looking statements and information to make decisions, investors and
others should carefully consider the foregoing factors and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not
cause such forward-looking statements and information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is subject to change and there can
be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, are subject to change after such date.
The Company does not undertake to update this information at any particular time except as
required in accordance with applicable laws.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of
this news release.