Spey Resources Corp. Announces
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-05-2020
Spey Resources Corp. Announces
First Tranche Closing of Private Placement and Corporate Update
Vancouver, BC – September 29, 2020 – Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") is pleased to
announce that a first tranche of the non- brokered private placement (the " Private Placement ") previously
announced on July 30, 2020 has now closed. In this first tranche of the Private Placement, the Company issued an
aggregate of 3,194,500 units ("Units") at a price of $0. 10 per Unit for gross proceeds of $ 319,450. Each Unit was
comprised of one (1) common share (each, a " Common Share ") in the capita l 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. 22 per Common Share until September 28, 2022. The warrants are subject to
an accelerated expiry date, which comes into effect when the trading price on the Canadian Securities Exchange of
the Company's common shares closes at or above $0.40 per share during any 10-day-consecutive-trading-day period
commencing four months plus one day after the date of issuance of the warrants. In such event, the Company may
give an expiry acceleration notice to warrant holders and the expiry date of the warrants will be 30 days from the
date of the notice. 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 to advance
exploration of the Silver Basin Property and for general corporate purposes including G&A. The Private Placement
is subject to the approval of the Canadian Securities Exchange.
Related Party Disclosure
• Marshall Farris, CEO and a director of the Company, purchased 140,000 Units in the Private Placement;
• 0938871 BC Ltd., a company owned by David Thornley -Hall, President and director of the Company,
purchased 199,500 Units in the Private Placement; and
• Tracy Mabone, CFO of the Company, purchased 105,000 Units of the Private Placement.
The above noted subscriptions are 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, in so far as the Private Placement involves the
referenced related parties , 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.
Board Resignation and Appointment
In addition, the Company announces it has accepted the resignations of Alistair Waddell, from his role as a Director
of the Company and Tracy Mabone from her role as CFO. Both Mr. Waddell and Ms. Mabone have played
instrumental roles in the Company’s development and we wish them both well a s they focus on other business
interests.
The Company would like to announce the appointment of Kelvin Lee as CFO , Corporate Secretary and Director of
the Company. Mr. Lee has over 15 years’ experience in senior financial positions with a number of listed issuers
focused in the mining industry. His responsibilities included development and execution of financial strategy and
operations, including regulatory reporting, financial planning and analysis, treasury, tax and audit. Mr. Lee is a CPA,
CGA and holds a Diploma in Accounting (Hons) and a Bachelor in Business Administration (Hons) from the British
Columbia Institute of Technology.
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 material ly 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 Privat e 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.