Cartier Closes Private Placement for Total Proceeds of C$9.3M
/ NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES /
Cartier Closes Private Placement for Total Proceeds of C$9.3M
Val-d’Or, Québec, August 11, 2020 – Cartier Resources Inc. (TSX-V: ECR) (the “Company” or “Cartier’)
announces that it has closed its previously announced private placement (the “ Offering”) for aggregate
gross proceeds of C$9,364,626. A total of 21,778,200 flow -through common shares of the Company at a
price of C$0.43 per share, were issued. The Offering was completed through Paradigm Capital Inc. (the
“Agent”).
In connection with the Offering, the Agent received a cash fee equal to 6% of the gross proceeds of the
Offering and compensation options exercisable to acquire that number of common shares of the Company
equal to 6% of the total number of shares issued and sold by the Company pursuant to the Offering, at an
exercise price of $0.43 for a period of 12 months.
Pursuant to the Investor Rights Agreement between Cartier and Agnico Eagle Mines Limited (“ Agnico
Eagle”), Agnico Eagle elected to maintain its pro-rata 16.4% interest in Cartier.
The gross proceeds from the Offering will be used by the Company to advance and explore respectively
the Company’s Chimo Mine and Benoist projects. These expenditures will be 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 Company ’s project in
Québec. All Qualifying Expenditures will be renounced in favour of the subscr ibers of the FT Shares
effective December 31, 2020.
The shares issued under the Offering are subject to a four month and one day hold period expiring on
December 12, 2020. The Offering remains subject to the final approval of the TSX Venture Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would
be unlawful.
About Cartier
Cartier Resources Inc. wa s founded in 2006 and is based out of Val -d’Or, Quebec. Quebec has
consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral
rich geology, attractive tax environment, and pro -mining government. In 2020, the Fraser Institute again
ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.
The Company has a strong cash position with over $13.8 million in the bank and important
corporate and institutional investors including Agnico Eagle Mines and the Quebec investment
funds.
Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec –
one of the most prolific mining regions in the world – the commodity focus is gold.
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The Company is focused on advancing its four key projects through drill programs. All of these
projects were acquired at very reasonable valuations over the past few years. All of them are drill-
ready with targets identified similar to the deposits that have been outlined on each project.
For further information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
www.ressourcescartier.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of applicable
securities legislation. Forward -looking statements relate to information that is based on assumptions of
management, forecasts of future results, and es timates of amounts not yet determinable. Any statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events
or performance are not statements of historical fact and may be “forward-looking statements”. Forward-
looking statements are subject to a variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward -looking statements, including, without limitation: risks
related to the TSXV approval, closing of the Offering, use of proceeds, tax treatment of flow-through shares,
risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and
exploration; risks related to the maintenance of stock exchange listings; risks related to environmental
regulation and liability; the potential for delays in exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpr etation of drill
results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility
and feasibility studies, and the possibility that future exploration, development or mining results will not be
consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks
and uncertainties related to the Company ’s prospects, prop erties and business detailed elsewhere in the
Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those described in forward-
looking statements. Investors are cautioned against attributing undue certainty to forward -looking
statements. These forward-looking statements are made as of the date hereof and the Company does not
assume any obligation to update or revise them to refle ct new events or circumstances, except in
accordance with applicable securities laws. Actual events or results could differ materially from the
Company’s expectations or projections.