(TheNewswire)
Toronto, Ontario -- TheNewswire –February 1, 2024 - Loyalist Exploration Limited (CSE:PNGC)("Loyalist" or the "Company") intends toclose a brokered private placement financing of CAD$170,000.00 (the“Private Placement”), consisting of 17,000,000 units priced atCAD$0.01 per unit. Each unit consists of one common share and onecommon share purchase warrant exercisable for five years at $0.05.
The Private Placement will be conducted in relianceupon certain prospectus exemptions. The proceedsof the Private Placement will be used for working capital forgeneral and administrative purposes.
IBK Capital Corp. will act as agent for the financingand will receive (i) a cash commission of 9% of the funds raised, and(ii) the number of broker warrants equal to 10% of the number of unitsissued. Each broker warrant is exercisable into a unit at a price of$0.05 for a period of five years from the closing of the financing.
The securities issued in connection with the PrivatePlacement are subject to a hold period expiring four months and oneday from the issuance of the securities.
About Loyalist ExplorationLimited
Loyalist Exploration Limited is a mineral exploration company focusedon acquiring, exploring, and developing quality mineral properties inCanada. The Company's core values are respect for the Community, theLandowners, the environment and operating a safe workplace for itsemployees. The Company is also committed to best practice standards ofCorporate Governance.
For further information please visitthe Company's website at loyalistexp.ca or contact:
John O’Donnell, Interim Chief Executive Officer
Email: john@odonnell-law.ca
Tel: 1 647-966-3100
Neither theCanadian Securities Exchange nor its Market Regulator (as that term isdefined in the policies of the Canadian Securities Exchange) havereviewed or accept responsibility for the adequacy or accuracy of thisrelease.
This news release contains"forward-looking information" (within the meaning ofapplicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "expect", "plan","intend", "potential", "estimate","propose", "project", "outlook","foresee" or similar words suggesting future outcomes orstatements regarding an outlook.
Although the Company believes thatthe expectations reflected in the forward-looking information orstatements are reasonable, prospective investors in the Company’ssecurities should not place undue reliance on forward-lookingstatements because the Company can provide no assurance that suchexpectations will prove to be correct. Forward-looking information andstatements contained in this news release are as of the date of thisnews release and the Company assumes no obligation to update or revisethis forward-looking information and statements except as required bylaw.
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