Announces Closing of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Spey Resources Corp.
1315 Moody Avenue,
North Vancouver, British Columbia, V7L 3T5
CSE: SPEY
For Immediate Release NR-02-2020
Spey Resources Corp.
Announces Closing of Private Placement
Vancouver, BC – January 20, 2020 – Spey Resources Corp . (CSE: SPEY) ("Spey" or the "Company") is
pleased to announce that the non -brokered private placement (the " Private Placement ") previously
announced on January 13, 2020 has now closed. Under the Private Placement, the Company issued an
aggregate of 2,100,000 units ("Units") at a price of $0.03 per Unit for gross proceeds of $63,000. Each Unit
was comprised of one (1) common share (each, a " Common Share") in the capital of the Company and
one (1) non -transferrable Common Share purchase warrant (each, a " Warrant"). Each Warrant entitles
the holder to purchase one Common Share at a price of $0.05 per Common Share until January 20, 2022.
All dollar amounts in this release are expressed in Canadian dollars.
All securities issued in connection with the Private Placement are subject to a four-month and a day
transfer restriction from the date of issuance . The Company intends to use the proceeds of the Private
Placement for general corporate purposes including G&A. The Private Placement is sub ject to the
approval of the Canadian Securities Exchange.
Directors and Senior Officers of the Company purchased 1,400,000 Units in this private placement and
their participation is considered to be " related party transaction s" as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The transactions are exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be
distributed in the Private Placement nor the consideration to be received for those securities exceeds
$2,500,000. The Company did not file a material change report more than 21 days before the expected
closing of the Private Placement as the details of the Private Placement and the participation therein by
related parties of the Company were not settled until shortly prior to closing and the Company wished to
close on an expedited basis for sound business reasons.
On behalf of the Board of Directors of SPEY RESOURCES CORP.
"David Thornley-Hall"
David Thornley-Hall, President and Director
For more information, please contact the Company at:
www.speyresources.ca
Cautionary Note Regarding Forward -Looking Statements: Certain disclosure in this release may constitute
"forward-looking information" within the meaning of Canadian securities legislation. In making the forward- looking
statements in this release, the Company has applied certain factors and assumptions that the Company believes are
reasonable. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and
other factors that may cause future results to differ materially from those expressed or implied in such forward -
looking statements. Such uncertainties and risks include, among others, financing risks, delays in obtaining or inability
to obtain required regulatory approvals and the use of the proceeds from the Private Placement. There can be no
assurance that such statements will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward -looking
statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise
any forward- looking statements whether as a result of new information, future events or otherwise, except as
required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) nor any other
regulatory authority accepts responsibility for the adequacy or accuracy of this release.