Margaux Resources Announces Closing of Non-Brokered Private Placement of Flow-Through Units and Units and Changes to Management
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NEWS RELEASE
Margaux Resources Announces Closing of Non-Brokered Private Placement of
Flow-Through Units and Units and Changes to Management
CALGARY, ALBERTA -- (December 20, 2019)
Calgary, Alberta - (Newsfile Corp. – December 20, 2019) - Margaux Resources Ltd. (TSX VENTURE:MRL,
OTCQB:MARFF) ("Margaux" or the "Company") is pleased to announce that further to its press release
dated October 7, 2019, and subject to receiving TSX Venture Exchange (“TSXV”) approval, it has closed its
non-brokered private placement (the ”Offering”) by issuing:
• 555,555 units (“Units”) of the Company at a price of $0.09; and
• 5,410,000 flow-through units (“Flow-Through Units”) at a price of $0.10 per Flow-Through Unit.
The Flow-Through Units were re -priced from $0.11 to $0.10 per Flow-Through Unit to more accurately
reflect the current market price of the Company’s common shares.
Gross proceeds raised under the Offering are $591,000.
Each Unit consists of one common share in the capital of the Company ("Common Share") and one
Common Share purchase warrant ("Common Warrant"). Each Flow-Through Unit consists of one
Common Share issued on a "CEE flow-through" basis pursuant to the Income Tax Act (Canada) and one
Flow-Through purchase warrant ("Flow-Through Warrant"). Each Common Warrant entitles the holder
to acquire one Common Share (each a "Warrant Share") at an exercise price of $0.15 per Warrant Share
and each Flow-Through Warrant entitles the holder to acquire one Warrant Share at an exercise price of
$0.17 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from
the closing date of the Offering, (the "Expiry Time") subject to accelerated expiry, if the 20-day Volume
Weighted Average Price of the Common Shares on the TSXV exceeds $0.25 per Common Share.
In connection with the Offering, the Company paid a finders’ fee to TD Wealth (the “Finder”) consisting
of a cash payment of $19,800, equal to 6% of the aggregate proceeds raised from the sale of Flow-
Through Units to subscribers introduced to the Company by the Finder.
The securities issued pursuant to the Offering are subject to a four month hold period under applicable
securities laws.
As previously announced, the proceeds of the Offering will be used to pursue the Company’s ongoing
exploration and drilling programs and for general working capital.
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Changes to management team
Margaux is pleased to announce that Mr. Kaesy Gladwin has been appointed Vice -President of
Exploration. Mr. Gladwin will be replacing Linda Caron, who has stepped down from the role for personal
reasons.
Mr. Gladwin brings over 15 years of mineral exploration and project management experience to the
Margaux team. In this time he has contributed to resource growth and discoveries at three major orogenic
gold projects in Canada. He brings a strong technical background with focuses on brownfields exploration,
deposit and exploration model development, and target generation.
Tyler Rice commented, “We would like to thank Linda for her many contributions to Margaux, and we
wish her the very best. We are pleased to welcome Kaesy into this new role. His experience will help to
guide the Cassiar Project through exploration and resource development advances in the coming season
and beyond.”
Kaesy Gladwin stated, “I am excited to lead the Margaux exploration team. The Cassiar property is a large
land package with bulk-tonnage and high-grade gold potential, a long mining history, and excellent access.
I look forward to helping to advance this asset for Margaux.”
Linda Caron commented, “It has been rewarding for me to have served as Margaux’s VP of Exploration
for the past few years, to have assembled and worked with a highly credible technic al team, and to have
been involved in the initial stages of the company’s work on the Cassiar Property. I am very pleased that
Kaesy is replacing me in the role of VP of Exploration. He has a strong managerial and technical
background, including structural geology, deposit modelling and exploration of advanced stage orogenic
gold projects. In my opinion, he is an ideal person to lead the next phase of exploration and development
on this exciting property. “
About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company
focused on gold exploration in British Columbia, and is directed by a group of highly successful Canadian
business executives.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's future
plans and the expectations of management that a stated result or condition will occur. Any statement
addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can
differ materially from those anticipated by management at the time of writing due to many factors, the
majority of which are beyond the control of Margaux and its management. In particular, this news release
contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux's
exploration plans and work commitments, the timing and receipt of required approvals, and economic
factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors
should not be construed as exhaustive. These statements speak only as of the date of this release or as of
the date specified in the documents accompanying this release, as the case may be. The Com pany
undertakes no obligation to publicly update or revise any forward -looking statements except as expressly
required by applicable securities laws.
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Neither the 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.
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CONTACT INFORMATION
Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590