Kootenay Resources Inc. Announces Private Placement Financing and Conditional TSXV Listing Approval
KOOTENAY RESOURCES INC. ANNOUNCES
PRIVATE PLACEMENT FINANCING AND
CONDITIONAL TSXV LISTING APPROVAL
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER, BC
,
March 13, 2024
/CNW/ -
Kootenay Resources Inc. (the "Company"
or "Kootenay")
announces subject to financing it has received conditional Toronto Stock Exchange
Venture ("TSXV") listing approval subject to meeting minimum listing requirements and that it is
conducting private placement of shares and special warrants to complete its listing requirements.
Upon receipt of final listing on the TSXV, the Company's shares will begin trading on the TSXV with
minimum funding of
$482,000
to be raised. Certain funds from the special warrants, related to non-
Canadian investors will be held in escrow until the Company raises the required minimum of
$482,000
Canadian and receives listing approval.
The Private Placement will consist of a combination of non-flow-through and flow-through common
shares totalling gross proceeds of
$500,000
. The financing will consist of a mix of shares and
special warrants at a price of
$0.10
per share and of flow through shares at a price of
$0.15
per
share.
Proceeds received from the Private Placement will be used for the development of the Company's
Moyie Anticline Project, early-stage Nechako portfolio of gold-silver exploration projects and other
resource properties (eligible for "Canadian exploration expenses, which are flow-through mining
expenditures) and general working capital requirements. Please visit the
Kootenay Resources website
to learn more about these projects.
The securities to be issued under the Private Placement will be offered by way of private placement
in each of the provinces of
Canada
, other than
Quebec
, and such other jurisdictions as may be
determined by the Company, in each case, pursuant to applicable exemptions from the prospectus
requirements under applicable securities laws.
In connection with the Private Placement, arms-length finders will receive a cash fee in respect to
their subscribers equal to 6.0% of the gross proceeds.
The shares to be issued under the Offering will have a hold period of four months and one day from
Closing. The securities described herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold within
the United States
except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
Qualified Persons
The Kootenay technical information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for
Mineral Projects) and reviewed and approved on behalf of Kootenay by
James McDonald
, P.Geo,
President, CEO & Director for Kootenay, a Qualified Person.
About Kootenay Resources Inc.
KSR is an exploration company actively engaged in the exploration and discovery mineral projects
in
British Columbia, Canada
. The Company was formed as a spin-out of Kootenay Silver Inc.
(TSXV: KTN) in which prospective Canadian assets were transferred to Kootenay Resources Inc.
The transaction was completed in
October 2021
, Kootenay Silver Inc. currently holds ~5.4 million
common shares of Kootenay Resources Inc.
The Moyie Anticline region of the Purcell basin has long been considered prospective for the
discovery of base metal deposits similar in style to the world-famous Sullivan deposit,
Kimberley,
BC
. In the fall of 2021, Kootenay commissioned a survey comprising, 86 MT stations dispersed
across the Moyie Anticline Project area. In 2023 Kootenay followed up with an additional 47 MT
stations across the project. Subsequent 3D inversions on the combined data set will assist in
directing follow up geophysical and surface campaigns in advance of a highly selective drill
program targeting the highest priority anomalies.
In addition to the Moyie Anticline Project, Kootenay Resources is advancing several early-stage
gold-silver targets in the Nechako region of central
British Columbia
. Currently two properties from
Kootenay's six-project portfolio are under option and being explored by Thompson River Metals
Company, a fully owned subsidiary of Centerra Gold Inc.
On behalf of the board of directors of the
Company
:
James McDonald
,
Director
No Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this news release has been prepared as at
March 12, 2024
. Certain statements
in this news release, referred to herein as "forward-looking statements", constitute "forward-looking
statements" under the provisions of Canadian provincial securities laws. These statements can be
identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that,
while considered reasonable by Kootenay as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and contingencies. Many factors,
known and unknown, could cause actual results to be materially different from those expressed or
implied by such forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date made. Except as otherwise
required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any such statements to reflect any change in Kootenay 's expectations
or any change in events, conditions or circumstances on which any such statement is based. More
particularly, this news release contains statements concerning the anticipated Private Placement.
Accordingly, there is a risk that the Private Placement will not be completely sold, or the Private
Placement will be completed within the anticipated time or at all.
SOURCE
Kootenay Resources Inc.
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For further information:
James McDonald, Director at 403-880-6016; Raj Kang, Director at 604-
601-5650, https://kootenayresources.com/
CO: Kootenay Resources Inc.
CNW 07:30e 13-MAR-24