Cross River Raises $2.65 Million in Private Placement Financing
Cross River Raises $2.65 Million in Private
Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2021) -
Cross River Ventures Corp.
(CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R)
(the "
Company
") announces that it has closed a non-
brokered private placement offering (the "
Offering
") of flow-through (each, a "
FT Unit
") and non-flow-
through units (each, an "
NFT Unit
") of the Company.
In connection with closing of the Offering, the
Company issued 11,275,730 FT Units at a price of $0.14 per FT Unit and 8,625,400 NFT Units at a
price of $0.125 per NFT Unit for aggregate gross proceeds of $2,656,777.
Each FT Unit and NFT Unit consists of one common share of the Company, and one-half-of-one
common share purchase warrant (each, a "
Warrant
").
Each whole Warrant is exercisable to acquire an
additional common share of the Company at a price of $0.20 until December 15, 2024.
The gross proceeds received by the Company from the sale of the FT Units will be used to incur eligible
"Canadian exploration expenses" ("
CEE
") that are "flow-through mining expenditures" (as such term is
defined in the
Income Tax Act
(Canada) (the "
Tax Act
")) related to the Company's mining projects.
In connection with the Offering, the Company paid finders' fees of $67,483 issued 697,950 Warrants and
214,200 common shares to certain arms-length parties who assisted in introducing subscribers to the
initial tranche.
All securities issued under the Offering are subject to a statutory hold period until April 16,
2022.
About Cross River Ventures Corp.
Cross River is a gold exploration company focused on the development of top tier exploration properties
located in emerging Greenstone Districts of NW Ontario, Canada.
The Company controls a 28,000-ha,
multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone
belts. Cross River's common shares trade under the symbol "CRVC" on the CSE.
On behalf of the Board of Directors of
CROSS RIVER VENTURES CORP.
Alex Klenman
CEO
604-227-6610
John Fraser
President
604-227-6610
www.crossriverventures.com
Cautionary Note Regarding Forward-looking Information
This news release may contain forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management discussion and analysis section of our
interim and most recent annual financial statement or other reports and filings with the Canadian
Securities Exchange and applicable Canadian securities regulations. We do not assume any obligation
to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of
the securities in the United States. The securities 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 may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
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