QURI-Mayu Announces Closing of Private Placement and Debt Settlement and Resignation of Director
QURI-MAYU DEVELOPMENTS LTD.
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QURI-MAYU ANNOUNCES CLOSING OF PRIVATE PLACEMENT
AND DEBT SETTLEMENT AND RESIGNATION OF DIRECTOR
News Release - Vancouver, British Columbia, January 3, 2025 – Quri-Mayu Developments Ltd.
(TSXV: QURI) (the " Company") is pleased to announce that further to its news releases dated
October 23, 2024 and December 6 , 2024, it has closed a non-brokered private placement (the
"Offering") of 10,775,000 units (each, a "Unit") at a price of $0.02 per Unit for gross proceeds of
$215,500.
Each Unit consists of one common share (a " Share") and one common share purchase warrant
(each, a "Warrant") of the Company. Each Warrant entitles the holder to purchase one S hare (a
"Warrant Share") at a price of $0.05 per Warrant Share for a period of thirty-six (36) months from
the date of issu ance, subject to an acceleration provision in the event the trading price of the
Shares equals or exceeds $0.10 for a period of 10 consecutive days.
In connection with the Offering, the Company will pay finder’s fee s of $720 and 36,000 non -
transferable share purchase warrants (“ Finder Warrants”). Each Finder Warrant is exercisable
into one common share of the Company at a price of $0.05 per share for a period of 36 months
from the date of issuance.
The Company intends to use the net proceeds from the Offering to fund exploration on its AT
property and working capital requirements. There may be circumstances, however, where, for
sound business reasons, a reallocation of funds may be necessary.
The Offering remains subject to final acceptance of the TSX Venture Exchange.
Debt Settlement
Quri also announces the closing of its debt settlement transactions (the “ Debt Settlement ”)
previously announced on October 23, 2024.
The Company issued to arm's length parties an aggregate of 4,750,000 Units at a price of $0.02
per Unit, to settle indebtedness of CAD$95,000. Each Unit consists of one Share and one Warrant
exercisable at $0.0 5 per Warrant Share for a period of thirty -six (36) months from the date of
issuance, subject to an acceleration provision in the event the trading price of the Shares equals
or exceeds $0.10 for a period of 10 consecutive days.
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All securities issued in connection with the Offering and the Debt Settlement are subject to a
four-month and one day hold period, in accordance with applicable Canadian securities laws.
Resignation of a Director
The Company would also like to announce that Ronald Woo will be stepping down as a d irector
of the Company. The Board and management would like to thank Ronald for his contribution to
the Company and wish him all the best in his future endeavors.
About Quri-Mayu Developments Ltd.
Quri-Mayu Developments Ltd. is a resource exploration company that is acquiring and exploring
mineral properties. The Company is a reporting issuer in the province of British Columbia.
On Behalf of the Board of Directors
QURI-MAYU DEVELOPMENTS LTD.
Kevin Smith
Chief Executive Officer
Telephone: 604-309-6340
Cautionary Statements Regarding Forward Looking Information
This news release includes certain "forward -looking statements" under applicable Canadian
securities legislation. Forward- looking statements include, but are not limited to, statements with
respect to: the use of proceeds, and TSX Venture Exchange final approval of the Offering.
Forward-looking statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable, are subject to known and unknown risks, uncertainties and
other factors which may cause the actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such factors include, but are not limited
to: general business, economic, competitive, political and social uncertainties; delay or failure to
receive board, shareholder or regulatory approvals; the price of gold; and the results of current
exploration. There can be no assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in such statement s.
Accordingly, readers should not place undue reliance on forward- looking statements. The
Company disclaims any intention or obligation to update or revise any forward- looking
statements, whether as a result of new information, future events or otherwise, except as
required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.