QURI-Mayu Announces Private Placement of Units and Debt Settlement
QURI-MAYU DEVELOPMENTS LTD.
1
QURI-MAYU ANNOUNCES PRIVATE PLACEMENT OF UNITS
AND DEBT SETTLEMENT
News Release - Vancouver, British Columbia, October 23, 2024 – Quri-Mayu Resources
Developments Ltd. (TSXV: QURI) (the "Company") is pleased to announce a non-brokered private
placement (the "Private Placement") of up to 17,500,000 units (each, a "Unit") at a price of $0.02
per Unit for gross proceeds of up to $350,000.
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 Share (a
"Warrant Share") for a period of thirty-six (36) months from the date of issue at an exercise price
of $0.025 per Warrant Share, 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.
The Private Placement will be made available to subscribers pursuant to the accredited investor
and friends, family and business associate exemptions provided under sections 2.3(1) and 2.5 of
National Instrument 45-106 Prospectus Exemptions.
The Company does not expect to pay finder's fees in connection with the Private Placement.
The Company intends to use the proceeds from the Private Placement for funding 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of any of the securities described herein in any jurisdiction in which such offer,
solicitation or sale would be unlawful. 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 the securities laws of any state of the United States and may not be offered or sold
within the United States (as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state securities laws or pursuant to an
exemption from such registration requirements.
Debt Settlement
Additionally, Quri has entered into debt settlement agreements with arm's length parties
pursuant to which the Company has agreed to issue an aggregate of 4,750,000 Units at a deemed
2
price of $0.02 per Unit, to settle indebtedness of CAD$95,000 (the “Debt Settlement”). Each Unit
consists of one Share and one Warrant exercisable at $0.025 per Warrant Share for a period of
thirty-six (36) months from the date of issue, 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.
The Company determined to satisfy this outstanding indebtedness with Units to preserve its cash
for operations.
All securities to be issued in connection with the Private Placement and the Debt Settlement will
be subject to a four-month and one day hold period from the closing date under applicable
Canadian securities laws, in addition to such other restrictions as may apply under applicable
securities laws of jurisdictions outside Canada.
The Private Placement and the Debt Settlement are subject to all necessary regulatory approvals
including acceptance from the TSX Venture Exchange.
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 ability of the Company to close the Private Placement and the Debt Settlement,
closing dates, use of proceeds, and TSX Venture Exchange approval.
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
3
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 a nticipated in such statements.
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.