ELVN Closes Flow-Through Private Placement
Date: December 23, 2021 News Release: 21-04
Not for dissemination in the United States or through U.S. newswires
1111 Exploration Corp. Announces Closing of Flow-Through Private Placement
VANCOUVER, BC – 1111 Exploration Corp. ("Eleven" or the “Company”) (CSE:ELVN) is pleased to announce that it has closed its previously announced flow-through private placement, pursuant to which the Company sold an aggregate of 1,812,500 common shares of Eleven that will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) ("Flow-Through Shares") at a price of $0.08 per Flow- Through Share for aggregate gross proceeds of C$145,000 (the "Offering").
The gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow‐through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures") related to the Corporation's optioned Pinnacle Porphyry property located in the British Columbia. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow‐Through Shares effective December 31, 2021.
The securities issued under the Offering are subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. The Offering is subject to final acceptance of the Canadian Securities Exchange.
As previously announced, the Company’s non-flow through private placement comprising of 2,500,000 units (“Units”) at a price of $0.06 per Unit (the "Unit Placement") is anticipated to close in January 2022.
About 1111 Exploration Corp.:
1111 Exploration Corp. is a Canadian mineral exploration company focused on creating shareholder value through Exploration, acquisition, and development of mineral projects.
On behalf of the Board of Directors,
Scott Young Director
For further information, please call:
Scott Young 604-377-5781 [email protected]
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.