Absolutely Critical Resources Corp. Completes Private Placement
News related to:Absolutely Critical Resources Corp · 2 min read
Absolutely Critical Resources Corp. (ABC) has announced the completion of a non-brokered private placement, raising $150,000 through the issuance of 10,000,000 common shares at a price of $0.015 per unit. The proceeds from this offering will be allocated to various projects and initiatives within the company, including the Massey Nickel/Copper Project, where the funds will be used to drill high-priority targets and make an option payment. Additionally, the funds will be used to prepare a NI 43-101 technical report for the Mary Ann's Lake Project, as well as covering general administrative expenses and working capital needs.
The private placement was fully subscribed, with insiders participating in $48,600 of the offering. The participation of insiders does not exceed 25% of the fair market value of the company's market capitalization, thus meeting the requirements under Multilateral Instrument 61-101. The securities issued in connection with the offering are subject to a four-month and one-day hold period.
The proceeds from the private placement will be used to fund the Massey Nickel/Copper Project, where the funds will be used to drill high-priority targets and make an option payment. Additionally, the funds will be used to prepare a NI 43-101 technical report for the Mary Ann's Lake Project, as well as covering general administrative expenses and working capital needs. The insider participation in the offering does not exceed 25% of the fair market value of the company's market capitalization, thus meeting the requirements under Multilateral Instrument 61-101.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
The securities issued in connection with the private placement are subject to a four-month and one-day hold period. The company assumes no responsibility for the adequacy or accuracy of this release.