Plate Resources Inc. Closes Second and Final Tranche of Flow- Through Private Placement
Vancouver, B.C. - March 24, 2014 - Plate Resources Inc. (TSXV: PLR) (the “Company” or “Plate”).
Further to the Company’s news releases of February 3, 2014 and February 20, 2014 announcing its non-brokered private placement (the “Private Placement”) of flow-through common shares (the “Shares”), the Company announces that it has closed the second and final tranche of the Private Placement for gross proceeds of $450,000. The Company distributed a total of 4,242,500 Shares pursuant to both tranches of the Private Placement, for aggregate gross proceeds of $848,500.
A total of $36,000 and 180,000 warrants (“Finder’s Warrants) were paid as finder’s fees in connection with the second tranche of the Private Placement. The Finder’s Warrants are nontransferable, and are exercisable to purchase common shares of the Company at a price of $0.26 per common share for a period of one year from issuance. All securities issued pursuant to the Private Placement are subject to a hold period expiring four months and a day from the date of issuance.
Proceeds of the Private Placement will be used to finance work on the Company’s Cardium well in East Pembina, Alberta.
The Company is a junior resource exploration company focused on acquiring mineral and oil and gas properties and exploring for economically viable mineral and petroleum resources. The Company’s Cardium well in East Pembina, Alberta adds to the Company’s existing business, to be developed alongside the Company’s mineral property located in the Nicola Mining District of south-central British Columbia. For more information, please refer to the Company’s prospectus dated March 21, 2013 available on SEDAR (www.sedar.com).
For further information contact Julie Hajduk of Purple Crown Communications Corp. at (604) 609-6169, or visit www.plateresourcesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Marc Melnic”
Marc Melnic, Director and Chief Executive Officer
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ALL STATEMENTS, ANALYSIS AND OTHER INFORMATION CONTAINED IN THIS PRESS RELEASE ABOUT ANTICIPATED FUTURE EVENTS OR RESULTS CONSTITUTE FORWARD-LOOKING STATEMENTS. FORWARD- LOOKING STATEMENTS ARE OFTEN, BUT NOT ALWAYS, IDENTIFIED BY THE USE OF WORDS SUCH AS “SEEK”, “ANTICIPATE”, “BELIEVE”, “PLAN”, “ESTIMATE”, “EXPECT” AND “INTEND” AND STATEMENTS THAT AN EVENT OR RESULT “MAY”, “WILL”, “SHOULD”, “COULD” OR “MIGHT” OCCUR OR BE ACHIEVED AND OTHER SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO BUSINESS AND ECONOMIC RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS OF OPERATIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD- LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND OPINIONS OF MANAGEMENT AT THE DATE THE STATEMENTS ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS EVEN IF CIRCUMSTANCES OR MANAGEMENT’S ESTIMATES OR OPINIONS SHOULD CHANGE EXCEPT AS REQUIRED BY APPLICABLE LAWS. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.