Canter Resources Corp. Announces offering of up to $1,000,000 and granting of Stock Options
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Canter Resources Corp. Announces offering of up to $1,000,000 and granting of Stock Options
NOT FOR DISTRIBUTION TO U.S NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S
September 8, 2023 – Vancouver, British Columbia – Canter Resources Corp. (the “Company today announces a non-brokered private placement up to 10,000,000 common shares of the Company at a price of $0.10 per common share for gross proceeds of up to $1,000,000 (the “Offering”). The net proceeds from the Offering will be used for general working capital purposes, including costs related to evaluating other mineral exploration assets and possible acquisition of other mineral exploration assets.
An insider of the Company may participate in the Offering. This participation by an insider in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. However, the Company considers such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the common shares to subscribed for by the insider and the consideration for the common shares paid by such insider do not exceed 25 per cent of the Company’s market capitalization.
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the Company’s satisfaction of its filing requirements with the Canadians Securities Exchange (CSE).
All common shares issued under the Offering, will be subject to a hold period of four months and one day from closing. The Company may pay finder’s fees to eligible finders in connection with the Offering.
Stock Option Grants
Additionally, the Company is also announcing the granting of 580,000 incentive stock options to certain directors, officers, and consultants of the Company at an exercise price of $0.10 (the “Options”) in accordance with the Company’s 10% rolling incentive stock option plan. The Options will expire five years from the date of the grant. The options and the common shares underlying the options will be subject to a hold period of 4 months and one day from the date of grant in accordance with CSE policies.
On behalf of the Board,
Canter Resources Corp.
Hani Zabaneh, Director, and CEO
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. 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.