ELVN Closed Second and Final Tranche of Financing
Date: December 22, 2022
News Release: 22-05
Not for dissemination in the United States or through U.S. newswires
1111 EXPLORATION CORP. CLOSED SECOND AND FINAL TRANCHE OF FINANCING
VANCOUVER, B.C. – December 22, 2022 - 1111 Exploration Corp. (ELVN - CSE) is pleased
to announce it has closed the second and final tranche of its previously announced financing of a
minimum of $300,000 to a maximum of $600,000 of non-flow through shares (the “NFT Shares”)
and $125,000 of flow-through shares (the “FT Shares”) of the Company (the “Offering”).
The second tranche comprised of 1,960,800 NFT Shares at a price of $0.05 each for gross proceeds
of $98,040.
Aggregate gross proceeds raised were $446,580 (which includes the first tranche closing of FT
Shares of $145,040 , and NFT Shares of $203,500) . Accordingly, the Company issued 7,843,800
common shares in aggregate between the first and second tranches, comprising 1,813,000 FT
Shares at a price of $0.08 each, and 6,030,800 NFT Shares at a price of $0.05 each.
All securities issued under the Offering will be subject to a statutory hold period of four months and
one day from the issuance of the shares.
The Company paid a n aggregate total of $7,200 in finders’ fees along with issuing 24,000 finders
warrants associated with the Offering.
The gross proceeds from the sale of the FT Shares will be used to incur eligible Canadian Exploration
Expenses ("CEE") at the Company’s optioned Pinnacle Porphyry property in south-western B.C. The
Company will renounce CEE with an effective date of December 31, 2022. The proceeds raised from
the non-flow-through component will also be used for exploration work and general working capital.
The participation of one off icer in the Offering constitutes a "related party transaction" within the
meaning of Multilateral Instrument 61 -101 - Protection of Minority Security Holders in Special
Transactions ("MI 61 -101") and the policies of the CSE. The Company is relying upon the
exemptions from the formal valuation and minority shareholder approval requirements pursuant to
sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that, at the time the Offering
was agreed to, neither the fair market value of the subje ct matter of, nor the fair market value of
the consideration for, the transaction insofar as it involves interested parties (within the meaning
of MI 61-101) in the Offering, exceeds 25% of the Company's market capitalization calculated in
accordance with MI 61-101.
About 1111 Exploration Corp.:
1111 Exploration Corp. is a Canadian mineral exploration company focused on creating shareholder
value through exploration, acquisition, and development of mineral projects.
On behalf of the Board of Directors
Scott Young
Director
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For further information, please call:
Scott Young
604-377-5781
Neither CSE Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy
of this release.
This news release may include forward -looking statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to be considered forward looking. Although the
Company believes the expectations expressed in such forward -looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments
may differ materially from those in forward -looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate and, therefore, readers are advised to
rely on their own evaluation of such unce rtainties. We do not assume any obligation to update any forward -
looking statements except as required under the applicable laws.