92 Resources Corp. Considers Finland Diamond Property, Announces Working Capital Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2015) - 92 Resources Corp. (TSX VENTURE:NTY) (the "Company") reports it is again conducting due diligence and considering ways to possibly take assignment of certain rights to earn a joint venture interest in mineral claims in Finland, the same property which the Company first described in the Company's press release dated April 21, 2015.
The Company had initially planned to undergo a 1 for 3 share consolidation of its common shares, issue a total of 10,000,000 post-consolidation common shares and raise working capital to expend on the Finland project. The Company decided not to proceed with these transactions, but is considering other potential ways to structure its participation in the project, which the Company considers may be an excellent target property. With a total number of only 20.3 mil shares issued and outstanding, the Company has determined that it will not undergo any share consolidation in connection with the transaction, and will not issue a majority of its common shares to participate in the project, so any agreement reached after renewed negotiations, if they occur, will be quite different than the terminated LOI terms.
Property Information
The project under due diligence occurs within the Karelian Craton, a terrain that occurs under the majority of Eastern Finland and continues into northwestern Russia. The craton consists of Archean rocks (+2.5 billion years old), and is one of the largest such cratons in the world. The Karelian Craton is host to the producing multi-Billion-dollar Grib Diamond Mine, located near the city port of Archangel in Russia.
A map and description of the Karelian Craton can be found at: http://iugs.org/33igc/fileshare/filArkivRoot/coco/FieldGuides/No%2018%20Karelian%20Craton%20transect.pdf
Financing
The Company is also pleased to re-announce that it has arranged a non-brokered private placement (the "Private Placement") of up to 6,000,000 units (the "Units") at a price of $0.05 per Unit to raise gross proceeds of up to $300,000.
Each Unit will consist of one common share of the Company and one half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant will permit the Warrant holder to acquire one additional common share of the Company (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of two years after closing.
Finders' fees may be paid by the Company in conjunction with the completion of the private placement in accordance with TSX Venture Exchange policies.
The Company intends to use the net proceeds from the Private Placement for general working capital, and, if the Finland transaction proceeds, in expenditure on that property.
The Private Placement is subject to acceptance by the TSX Venture Exchange. All the securities issued under the Private Placement will subject to resale restrictions under applicable securities legislation.
About 92 Resources Corp.
92 Resources is an emerging junior exploration company focused on acquiring and advancing strategic & prospective assets to the benefit of its shareholders. The Company's current 100% owned silica/quartz Zim Frac claim group, as well as its Mitchell Lake uranium property, located in the Athabasca Basin, Saskatchewan, are all in good standing and currently being maintained.
On behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval, that we may not be able to raise funds required, that conditions to closing may not be fulfilled, we may not be able to organize and carry out an exploration program, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Contact
92 Resources Corp.
Adrian Lamoureux
Pres. & CEO
778-945-2950
adrian@92resources.com
www.92resources.com
