New Break Announces Closing of
$500,700 Non-Brokered Flow-Through Financing
Toronto, Ontario, June 1, 2023 --
InvestorsHub NewsWire -- New Break Resources Ltd.
("New Break" or the
"Company") (CSE: NBRK) is
pleased to announce that it closed its previously announced
non-brokered private placement flow-through financing (the
"FT Offering") on May 31,
2023, for proceeds of $500,700. The funds will primarily be
used by New Break to conduct a planned drilling program at its
Moray gold project located in Ontario on the Cadillac Larder-Lake
Fault Zone, approximately 49 km south of Timmins and 32 km
northwest of the Young-Davidson gold mine operated by Alamos Gold
Inc.
The Company issued 3,338,000 common shares that qualify as
"flow-through shares" (within the meaning of subsection 66(15) of
the Income Tax Act
(Canada)) (the "FT Shares")
at a price of $0.15 per FT Share. In connection with the
Offering, the Company paid aggregate finder's fees of $12,915 and
issued an aggregate of 51,000 finder warrants. Each finder
warrant is exercisable into one common share of the Company at a
price of $0.15 for a period of twenty-four (24) months. All
securities issued pursuant to this private placement are subject to
a statutory hold period of four months and one day expiring on
October 1, 2023, in accordance with applicable Canadian Securities
Laws. The completion of the Financing is subject to certain
conditions including, but not limited to, the receipt of all
required regulatory approvals including final approval of the
Canadian Securities Exchange (the "CSE").
The gross proceeds received by the Company from the sale of the FT
Shares will be used to incur eligible "Canadian Exploration
Expenses" ("CEE") that are
"flow-through mining expenditures" (as such term is defined in the
Income Tax Act (Canada)
(the "Tax Act"). The
Company will renounce such CEE to the purchasers of the
Flow-Through Shares with an effective date of no later than
December 31, 2023.
About New Break Resources
Ltd.
New Break is a Canadian mineral
exploration company with a dual vision for value
creation.
In northern Ontario, New Break is
focused on its Moray Project, in a well-established mining camp,
within proximity to existing infrastructure, while at the same
time, through our prospective land holdings in Nunavut, we provide
our shareholders with significant exposure to the vast potential
for exploration success in one of the most up and coming regions in
Canada for gold exploration and production. New Break is supported by a highly experienced
team of mining professionals committed to placing a premium on
Environmental, Social and Corporate Governance. Information on New Break is available under
the Company's profile on SEDAR at www.sedar.com
and on the Company's website
at www.newbreakresources.ca.
New Break began trading on the
Canadian Securities Exchange (www.thecse.com)
on September 7, 2022 under the symbol CSE:
NBRK.
For further
information on New Break, please visit
www.newbreakresources.ca or contact:
Michael Farrant, President and Chief Executive Officer
Tel: 416-278-4149
E-mail: mfarrant@newbreakresources.ca
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No stock exchange, regulation securities provider, securities
commission or other regulatory authority has approved or
disapproved the information contained in this news release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Except for statements of historic
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities
law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking statements including, but
not limited to receipt of regulatory and stock exchange approvals,
grants of equity-based compensation, renouncement of flow-through
exploration expenses, property agreements, timing and content of
upcoming work programs, geological interpretations, receipt of
property titles, an inability to predict and counteract the effects
global events on the business of the Company, including but not
limited to the effects on the price of commodities, capital market
conditions, restriction on labour and international travel and
supply chains etc. Forward-looking information addresses future
events and conditions and therefore involves inherent risks and
uncertainties, including factors beyond the Company's
control.
Accordingly, readers should not
place undue reliance on forward-looking
information.
The Company undertakes no
obligation to update publicly or otherwise any forward-looking
information, except as may be required by law. Additional information identifying risks and
uncertainties that could affect financial results is contained in
the Company's financial statements and management's discussion and
analysis (the "Filings"), such Filings available upon
request.