Cartier Resources arranges $2.94m private placement

   Cartier Resources Inc.{TSX.V: ECR}

Has entered into an agreement with Desjardins Securities Inc. under which the agent has agreed to sell, on a marketed private placement basis, 11,428,571 flow-through common shares of the company at a price of 21 cents per initial tranche A flow-through share.

A further 1,940,667 flow-through common shares which the company understands may be donated by the initial purchasers to charity of the company at a price of 28 cents per initial tranche B flow-through share for total gross proceeds of $2,943,387.

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2019-10-02 19:22 ET – News Release

Mr. Philippe Cloutier reports

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CARTIER LAUNCHES PRIVATE PLACEMENT FOR TOTAL PROCEEDS OF $3M CDN

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Cartier Resources Inc. has entered into an agreement with Desjardins Securities Inc. under which the agent has agreed to sell, on a marketed private placement basis, 11,428,571 flow-through common shares of the company at a price of 21 cents per initial tranche A flow-through share and a further 1,940,667 flow-through common shares which the company understands may be donated by the initial purchasers to charity of the company at a price of 28 cents per initial tranche B flow-through share for total gross proceeds of $2,943,387.

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The company has also granted to the agent an option, exercisable at any time up to 48 hours prior to the time set for the closing of the offering, to place up to an additional 15 per cent of the initial flow-through shares of the company at the same price per initial tranche A flow-through share or initial tranche B flow-through share as applicable under the offering. The option can be exercised in any proportion of initial tranche A flow-through shares and initial tranche B flow-through shares as the agent requires. Any securities issued as a result of the exercise of the option, together with the initial flow-through shares, will be referred to as the offered flow-through shares.

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The gross proceeds of the offered flow-through shares sold under the offering will be used to explore the company’s Chimo mine project. The company will agree that an amount equal to the gross proceeds received by the company will be used before 2021 to incur expenses which qualify as Canadian exploration expenses (CEE) and flow-through mining expenditures (each as defined in the Income Tax Act (Canada) and referred to as a qualifying expenditures) related to the exploration program of the company. The company will renounce to initial purchasers of the offered flow-through shares such qualifying expenditures with an effective date of no later than Dec. 31, 2019.

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The offered flow-through shares will be offered for sale by the agent in each of the provinces and territories of Canada.

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Closing is expected to occur on or about Oct. 31, 2019, or other such dates as the company and Desjardins Securities Inc. may agree. Closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The offered flow-through shares sold under the offering will be subject to a four-month hold period under applicable securities law in Canada.

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About Cartier Resources Inc.

Cartier Resources was founded in 2006 and is based out of Val d’Or, Que. Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral-rich geology, attractive tax environment and pro-mining government.

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The corporation has a strong cash position with over $5.5-million in the bank and important corporate and institutional investors, including Agnico Eagle Mines, JP Morgan U.K. and the Quebec investment funds.

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