Newpath Announces Closing of Flow-Through Financing
Newpath Announces Closing of Flow-Through
Financing
Vancouver, British Columbia--(Newsfile Corp. - December 31, 2024) - Newpath Resources Inc. (CSE:
PATH) (FSE: 0MZ) (OTC PINK: RDYFF) ("
Newpath
" or the "
Company
") announces that the Company
completed a non-brokered flow-through private placement (the "
Offering
"). The Company issued
1,538,461 flow-through shares (each a "
FT Share
" and collectively, the "
FT Shares
") at a price of
$0.0325 per FT Share for total gross proceeds of $50,000.
All FT Shares issued pursuant to the Offering are subject to a four-month hold expiring May 1, 2025,
under applicable securities laws in Canada.
The proceeds raised from the Offering are expected to be used for exploration activities on the
Company's projects.
The Company's CEO and director, Alexander McAulay, subscribed for a total of 307,692 FT Shares
under the Offering. Mr. McAulay's participation in the Offering is a "related-party transaction", as defined
in Multi-Lateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions ("
MI
61-101
"). The Company is relying on the exemptions from the formal valuation requirements contained in
section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in section
5.7(1)(a) of MI 61-101, as the Company is not listed on specified markets and the fair market value of
Mr. McAulay's participation in the Offering does not exceed 25% of the Company's market capitalization,
as determined in accordance with MI 61-101. The Company did not file a material change report in
respect of the related party transaction at least 21 days before the closing of the Offering as the closing
date of the Offering was not immediately known and the Company wished to close on an expedited
basis.
About Newpath Resources Inc.
Newpath is a Canadian exploration company listed on the Canadian Securities Exchange under the
symbol PATH. As of December 2024, Newpath's early-stage Orefield critical metal exploration project is
composed of two claim groups (Alpha/Bravo and Delta), totals approximately 469 square kilometres
west and southwest of Lake Nipigon in Northern Ontario, approximately 50 kilometres northeast of
Thunder Bay. The Company also owns the Northshore gold project located in the Schreiber-Hemlo
greenstone belt.
On Behalf of the Company,
NEWPATH RESOURCES INC.
"
Alexander McAulay
"
Chief Executive Officer
Email:
CEO Direct Line: +1 (604) 365-0425
www.newpathresource.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain certain "forward-looking information". Forward-looking information may
include financial and other projections, as well as statements regarding future plans, objectives, or
economic performance, or the assumption underlying any of the foregoing. In some cases, forward-
looking statements can be identified by terms such as "aim", "aims to", "may", "would", "could", "will",
"will be" "likely", "expected", "anticipated", "proposed", "believe", "intend", "intent", "looking", "plan",
"forecast", "project", "estimate", "outlook", "hope". Forward-looking information included in this news
release includes, but is not limited to, statements with respect to the use of proceeds from the Offering.
Forward-looking information is based upon the assumptions and estimates considered reasonable by
management of the Company as of the date such statements are made. Forward-looking information
involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the
actual results, performance, or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking information.
Risks that may cause the forward-looking information contained herein to be materially different from
the future results, performance or achievements expressed or implied by the forward-looking
information contained herein include, but are not limited to, the receipt of all necessary regulatory and
shareholder approvals if required, key personnel and qualified employees continuing their
involvement with the Company, the competitive conditions of the industries in which the Company
operates, the availability of material projects, capital expenditures and other costs, repayment of debt,
financing and additional capital requirements. As a result, readers are cautioned not to place undue
reliance on any forward-looking information. Any statement containing forward-looking information
speaks only as of the date of this news release and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events or results or otherwise.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/235708