Cariboo Rose Resources Announces Private Placement
Vancouver, November 7, 2024 - Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose" or the "Company ") announces that it intends to raise up to $540,000 by way of the following non-brokered private placements (the "Placement"): -
up to $300,000 by way of a unit private placement at a price of $0.04 per unit, with each unit to consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.06 for a period of 42 months from closing; and
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up to $240,000 by way of a flow-through share private placement at a price of $0.06 per flow-through share.
The Placement will be non-brokered; however, the Company may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange ("TSX-V"). The Placement is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including TSX-V acceptance.
Certain insiders of the Company may participate, with full particulars of such participation to be included in the news release announcing the closing of the Placement.
The securities issued pursuant to this Placement will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
The proceeds will be used by the Company to conduct an exploration program at its Lightning Strike exploration project in British Columbia and for general working capital.
Lightning Strike Project
The Lightning Strike Project is a 100% owned, 4,073-hectare, shale hosted gold-silver project modelled on the Spanish Mountain Gold Project located in similar rocks 95 kilometers to the northwest. Shale hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world. Over $550,000 has been spent on the property since 2019. Notable drill hole intercepts include:
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3.42 g/t gold and 228.1 g/t silver over 5.0 meters
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0.62 g/t gold and 7.2 g/t silver over 38.0 meters
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0.77 g/t gold over 20.0 meters, and
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19.30 g/t gold over 1.5 meters.
An exploration permit to drill, valid until April 28, 2029, was granted in 2024.
In addition to the Lightning Strike Project, the Company currently owns five additional Gold-Copper-Silver projects, all of which are located in British Columbia and possess large deposit attributes with large acreage tenures. Additional information on all properties is available in a September 18, 2024 news release and at the Company website http://www.cariboorose.com
This news release has been reviewed and approved by Mr. J.W. Morton, P. Geo., who is the Qualified Person within the context of NI 43-101 and takes responsibility for it.
For more information, please visit the Company's website at http://www.cariboorose.com.
J.W Morton
President and CEO
Contact: (604) 681-7913 or Toll Free: 888-656-6611
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.
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