(TheNewswire)
Vancouver, B.C. - TheNewswire- March 9, 2022 - Crest Resources Inc.(CSE:CRES) (CNSX:CRES.CN) (OTC: CRSTF) (the “Company” or “Crest) is pleased to announcecompletion of a non-brokered private placement of 14,700,000 units ata price of $0.05 per unit for gross proceeds of 735,000 (the“Offering”).
Each unit consists of one common share and one sharepurchase warrant. Each warrant entitles the holder to purchase oneadditional common share of the Company at a price of $0.10 for a termof three years expiring March 9, 2025.
All securities issued are subject to a four month holdperiod expiring July 10, 2022. In addition to the four month holdperiod, at the Company’s direction, the securities will berestricted from resale for a period of thirty (30) months from March9, 2022, provided that such restriction shallexpire if, at any time after July 10, 2022, the 10 day volume weightedaverage price of the common shares of Crest as traded on the CanadianSecurities Exchange is equal to or greater than $0.25, as evidenced bya news release issued by the Company.
The proceeds from the sale of the units will be usedfor general working capital.
Emma Fairhurst (“Fairhurst”), the Company’sChairperson, interim CEO and Director, acquired 8,000,000 units of theCompany. As a result, she now owns, directly and indirectly, 33.59% ofthe outstanding shares of the Company or 43.72% assuming exercise ofall warrants held by Fairhurst and is a “control person” as thatterm is defined under securities legislation.
Fairhurst purchased the units for investment purposes.The Offering and the acceptance of the subscription by Fairhurst wasapproved by unanimous resolution of the board of directors of theCompany. There was no formal valuation of the Company done inconnection with the Offering nor has there been such a formalvaluation in the past 24 months. The Company relied upon theexemptions contained in Section 5.5(b) and 5.7(b) of MultilateralInstrument 61-101 (“MI 61-101”) to avoid the formal valuation andshareholder approval requirements of MI 61-101. For the purposes ofSection 5.5(b), the Company does not have any securities listed on anyof the stock exchanges set out in Section 5.5(b) and for the purposesof Section 5.7(b) the exemption was available as the considerationpaid for the units subscribed for by Fairhurst was less than$2,500,000.
About Crest Resources Inc.
The Company’s principal business activity is theacquisition, exploration and evaluation of mineral property assets inCanada, Australia and Peru and the investment in mineral explorationcompanies and related mining technologies of merit. The Company’sCanadian assets include various land and corporate ownership positionswithin the Exploits Subzone, the newest emerging district-scale goldexploration and mining district in the province of Newfoundland andLabrador, mineral recovery systems with 3RC/Ecomine/Gemina Labs,copper and gold exploration in the Toodoggone with Volatus Capital and v anadium in QueenslandAustralia.
FOR FURTHER INFORMATIONCONTACT:
Christopher Huggins
President and COO
Crest Resources Inc.
Telephone: 778 - 819 - 2709
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
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