Esrey Announces Completion of Private Placement
April 11 2018 - 9:27AM
Further to its news releases of March 15, 2018 and April 2, 2018,
Esrey Resources Ltd. (the “
Company”) (TSXV:ESR)
announces the final closing of its previously announced private
placement (the “
Offering”). The Company
issued a further 7,270,000 units at $0.20 per unit for proceeds of
$1,454,000 (the “
Final Closing”). In total,
the Company issued 19,995,000 units for gross proceeds of
$3,999,000. In addition, the Company issued a finder’s fee of
158,100 units on a portion of the Final Closing. The
securities issued in the Final Closing will be subject to a hold
period expiring August 11, 2018.
Each unit is comprised of one common share and
one share purchase warrant (a “Warrant”).
Each Warrant gives the holder the right to acquire a further common
share of the Company at a price of $0.40 for a term of 5
years. The expiry of the Warrants may however be accelerated
at the election of the Company in circumstances where, at any time
following 4 months from the issuance of the Warrants, the closing
price of the Company’s shares on the TSX Venture Exchange is equal
to or greater than $0.75 for 20 consecutive trading days. In
such case, the Company may give notice to the holders of the
Warrants that the Warrants will expire 30 days following such
notice.
The net proceeds of the Offering will be used
for further development of the Company’s zinc projects in the
Balkans and for general working capital.
On behalf of the Board of Directors,
David Cohen Chairman of the Board Interim President and
CEO
For more information, please contact: Investor
Relations: 1-778-373-0103 Email: info@esreyresources.com
Neither 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 release.
This press release contains certain
forward-looking statements within the meaning of Canadian
securities laws. All statements other than statements of historical
fact are forward-looking statements. Undue reliance should not be
placed on forward-looking statements, which are inherently
uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties that contribute to the
possibility that the future events or circumstances contemplated by
the forward-looking statements will not in fact be realized. Actual
results could differ, and the difference may be material and
adverse to the Company and its shareholders.
The forward-looking statements contained in this
press release are made as of the date thereof and the Company does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, except as required by
applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.