Walcott Announces Private Placement and Corporate Update
WALCOTT RESOURCES LTD.
1315 Moody Avenue
North Vancouver, British Columbia
V7L 3T5
WALCOTT ANNOUNCES PRIVATE PLACEMENT
AND CORPORATE UPDATE
JULY 9, 2020 Canadian Securities Exchange
Exchange Trading Symbol: WAL
Vancouver, British Columbia – Walcott Resources Ltd. (CSE:WAL) (the "Company" or "Walcott") is pleased to
announce that it has arranged a non-brokered private placement financing of up to 4,000,000 units at a price
of $0.10 per unit for gross proceeds of up to $400,000. Each unit consists of one common share of the
Company and one half of one non-transferable share purchase warrant. Each full warrant is exercisable to
purchase one additional common share of the Company for a period of two years from the date of closing of
the private placement at an exercise price of $0.15 per warrant.
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 $0.22 per share during any
20-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.
Proceeds from the private placement will be used for exploration activities on the Cobalt Hill copper -gold-
cobalt property and for general working capital purposes. The offeri ng is expected to close on or before July
17, 2020 and, should the private placement be oversubscribed, the Company reserves the right to accept
additional funds, subject to regulatory approval.
The Company may pay a finder's fee to certain third parties i n connection with the proceeds received by the
Company by the sale of units to the subscribers, other than insiders, introduced to the Company by such third
parties.
The planned private placement and finder's fees are subject to Canadian Securities Exchang e approval. All
shares issued pursuant to the offering and exercise of warrants will be subject to a four -month plus one day
hold period from the closing date.
Cobalt Hill Option Agreement Amendment
The Company advises that it has amended the terms of the property option agreement by reducing the
amount of the payment due August 5, 2020 from $80,000 to $15,000, with the balance of $65,000 being
payable on or before December 31, 2020.
Board Resignation and Appointment
In addition, the Company announces it ha s accepted the resignation of Tracy Mabone from her roles as CFO,
Corporate Secretary and Director of the board. Ms. Mabone has played an instrumental role in the Company’s
development and we wish her well as she moves on to focus on other business interes ts.
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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 industr y. 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.
About Walcott Resources Ltd.
Walcott is a British Columbia based Company involved in the acquisition and exploration of mineral properties
in Canada. The Company holds an option to acquire a 100% undivided interest, subject to a 1.5% NSR on all
base, rare earth elements and precious metals, in the Cobalt Hill copper-gold-cobalt property (the "Property"),
consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail
Creek Mining Division in the Province of British Columbia, Canada. The Company’s objective is to explore and
develop the Property.
On behalf of the board of directors,
Marshall Farris, Chief Executive Officer
Email: [email protected]
This press release includes " forward-looking information" that is subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not
limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use
of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned
that any such statements are not guarantees of future events and that actual events or developments may differ materially
from those projected in the forward- looking statements. Such forward-looking statements represent management's best
judgment based on information currently available.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have
not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person 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 any common shares in the United States, or in any other
jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.