Yorbeau Resources Inc: Closes First Tranche of Private Placement
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The Company has agreed to pay a finder's fee on certain subscriptions up to 5% of the gross proceeds raised and issue a number of warrants ("Finder's Warrants") up to 5% of the number of units sold. Each Finder's Warrant will be exercisable for one Common Share at a price of $0.30 and will expire on December 31, 2015, subject to the same terms as the Warrants with respect to the acceleration of the expiry date.
Proceeds from the offering will be used primarily to retire outstanding indebtedness of the Company and to provide working capital.
About Yorbeau Resources Inc.
The Company's 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports.
As previously announced, in May of 2013 Yorbeau entered into an option and joint venture agreement with Gold Fields Sudbury Exploration Corp., a 100% indirect subsidiary of Gold Fields Ltd. ("Gold Fields") relating to the Rouyn Property. Under the agreement Gold Fields has a firm commitment to incur $4 M in expenditures on the Property prior to the end of 2014. For more information on the option and joint venture agreement, see the Company's press releases dated May 22, 2013 and June 26, 2013.
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Contact
David Crevier, President and CEO
Yorbeau Resources Inc.
dcrevier@yorbeauresources.com
514-284-3663
G. Bodnar Jr., Director
Yorbeau Resources Inc.
gbodnar@yorbeauresources.com
514-384-2202
Toll free in North America: 1-855-384-2202
www.yorbeauresources.com