(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 17, 2023 - Inflection Resources Ltd. (CSE:AUCU ) ( OTC:AUCUF ) ( FSE:5VJ) (the " Company " or" Inflection ") is pleased to announce that further to its newsrelease of July 26, 2023, the Company has completed a non-brokeredprivate placement (the “Offering”) to raise gross proceeds of$1,776,750 through the sale of 7,107,000 units (the “Units”)priced at $0.25 per Unit. Each Unit consists of one common share andone-half of a share purchase warrant, with each whole warrantexercisable into one further common share at a price of $0.40 for aterm of 18 months.
The proceeds from the Offering will be used forexploration activities on the Company’s Northern New South Walesprojects that are not part of the Farm-in Agreement with AngloGoldAshanti, the Carron project in Queensland Australia and for generalworking capital.
Insiders of the Company purchased a total of 1,675,000Units. The participation by Insiders in the Offering constitutes a“related party transaction” for the purposes of MultilateralInstrument 61-101, Protectionof Minority Security Holders in Special Transactions . The Company is relying upon exemptions from therequirement to obtain a formal valuation and seek minority shareholderapproval for the Offering on the basis that the fair market value ofthe participation by related parties in the Offering is less than 25%of the Company’s current market capitalization.
Cash finder’s fees of $53,700 and 214,800 finder’swarrants exercisable at $0.40 per common share for an 18-month termwere paid on a portion of the Offering. All securities issued arerestricted from trading until December 18, 2023.
About Inflection Resources
Inflection is a technically driven copper-gold and goldfocused mineral exploration company listed on the Canadian SecuritiesExchange under the symbol “AUCU” and on the OTCQB under the symbol“AUCUF” with projects in Australia. The Company has entered intoan exploration agreement with AngloGold Ashanti and has recentlycommenced a drill program in New South Wales anticipated to compriseof approximately 35,000 metres of drilling. For more information,please visit the Company website at www.inflectionresources.com .
On Behalf of the Board ofDirectors
"Alistair Waddell"
President and CEO
For further information, pleasecontact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
Neither the Canadian Securities Exchange nor itsRegulation Services Provider accepts responsibility for the adequacyor accuracy of this release.
Forward-Looking Statements:
This news release includes certain forward-lookingstatements and forward-looking information (together,“forward-looking statements”). All statements other thanstatements of historical fact included in this release, including,without limitation, statements regarding t he Offering, the use of proceedsfrom the Offering , other future plans andobjectives of the Company are forward-looking statements. There can beno assurance that such statements will prove to be accurate and actualresults and future events may vary from thoseanticipated in such statements. Important risk factors that couldcause actual results to differ materially from the Company's plans orexpectations include the risk that actual results and timing ofexploration and development will be different from those expected bymanagement . Readers are cautioned not to placeundue reliance on forward-looking statements. The Company expressly disclaims any intention or obligationto update or revise any forward-looking statements whether as a resultof new information, future events or otherwise, except as otherwiserequired by law.
Copyright (c) 2023 TheNewswire - All rights reserved.