Yorbeau Closes Non-Brokered Private Placement
August 07 2024 - 6:44PM
Yorbeau Resources Inc. (TSX: YRB) (the "
Company"
or "
Yorbeau") is pleased to announce that it
has completed a fully-subscribed private placement (the
"
Private Placement") by issuing 20,000,000
"flow-through" Class A common shares at a price of $0.05 per share
for aggregate gross proceeds of $1,000,000.
The Company will use the proceeds raised from
the issue of the flow-through Class A common shares to incur
Canadian exploration expenses on its properties.
Five directors subscribed for a total of
12,110,000 Class A common shares having an aggregate subscription
price of $605,500. As insiders of the Company participated in the
Private Placement, it is deemed to be a "related party transaction"
as defined under Multilateral Instrument 61-101—Protection of
Minority Security Holders in Special Transactions
("MI 61-101"). The Private Placement is
exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 (pursuant to subsections 5.5(a) and
5.7(a)) as neither the fair market value of the Class A common
shares distributed to, nor the consideration received from,
interested parties exceeded 25% of the Company’s market
capitalization. The Company did not file a material change report
at least 21 days prior to the closing of the Private Placement as
participation of the insiders had not been confirmed at that
time.
The Company paid finder fees in the aggregate
amount of $3,540 with respect to a portion of the Private
Placement.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities
laws and may not be offered or sold within the United States or to,
or for the account or benefit of U.S. persons (as defined in
Regulation S under the 1933 Act) absent such registration or an
applicable exemption from such registration requirements.
About Yorbeau Resources Inc.
Yorbeau Resources is a Canadian public company
(TSX: YRB) involved in gold and base metal exploration in Quebec,
Canada. Its properties are in northwestern area of the province
containing many significant deposits on the famed Abitibi
Greenstone Belt, including major gold mines along the Larder
Lake-Cadillac Break and several volcanic centers hosting major
copper-zinc-gold deposits.
Yorbeau is focusing on its Rouyn Gold and Scott
Lake Zinc-Copper projects which have demonstrated the most
immediate and substantial prospects for discovery and eventual mine
development. While Scott is very favorably located in the
Chibougamau mining camp, Rouyn represents a consolidation of
several contiguous properties strategically located on the famously
productive Cadillac Break in the Rouyn-Noranda Mining Camp. Other
holdings of the Company include its interest in the past producing
Joutel Gold Mining Camp and the Beschefer Property adjacent to
SOQUEM’s B-26 deposit in the Selbaie Mine area. For additional
information on the Company, consult its website at
www.yorbeauresources.com.
For further information, please contact:
G. Bodnar Jr. President, Chief Financial OfficerYorbeau
Resources Inc. gbodnar@yorbeauresources.com Tel: 514-384-2202
Toll free in North America: 1-855-384-2202
Forward-looking statements:
Except for statement of historical fact, all statements in this
news release, including, without limitation, statements regarding
the use of proceeds of the Private Placement 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. Yorbeau disclaims any obligation to
update such forward-looking statements, other than as required by
applicable securities laws.
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