A.I.S. Resources Closes Non-Brokered Placement
May 06 2022 - 12:29PM
A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the
“Company” or “AIS”) announces the Company has closed its
non-brokered private placement of 16,240,000 units (“Units“) at a
price of $0.035 per unit for gross proceeds of $568,400 (the
“Private Placement“).
Each Unit consists of one common share and one
transferrable share purchase warrant. Each warrant will entitle the
holder to purchase one additional common share at a price of $0.05
per common share for a period of 12 months from the closing date of
the offering. Insiders participated in the aggregate amount of
$255,300 for 7,294,286 units. The Company shall pay finders fees
totalling $766.50.
Closing of the Private Placement is subject to
final acceptance by the TSX Venture Exchange. All securities issued
in connection with the Private Placement will be subject to a
four-month hold period from the closing date under applicable
Canadian securities laws. The proceeds will be used for exploration
of the Company’s Australian gold projects ($430,000), marketing
($50,000) and for general working capital ($88,400).
Martyn Element, Chairman of the Board stated,
“We are pleased to close this placement. We look forward to
progressing the drill programs at the Bright and Toolleen
Properties.”
BrightFollowing on from the
successful soil sampling program where high levels of arsenic were
assayed which is the major gold pathfinder, plans are in place to
confirm the drill hole targets in the Elgin Reliance reef and mine
area, on the Hillborough track. The next drill program will be in
the Golden Bar area once we receive assay results from hole two.
Further work is being done on the Rose, Thistle & Shamrock mine
for drill pad locations and best approach to drill from Landtax
reef area. A detailed community engagement program is being put in
place prior to any exploration work.
ToolleenAIS is in the process
of applying for drilling permits for 10 RC drill holes to
approximately 100-120m depth each. The geophysics has been reviewed
by a geophysicist to confirm the structure identified in the
gravity survey using different software and interpretation.
Technical information in this news release has
been reviewed and approved by Phillip Thomas, BSc Geol, MBM,
FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the
definitions established by the National Instrument 43-101 and is
President, CEO of A.I.S. Resources Ltd.
About A.I.S. Resources
LimitedA.I.S. Resources Limited is a publicly traded
investment issuer listed on the TSX Venture Exchange focused on
lithium, gold, precious and base metals exploration. AIS’ value add
strategy is to acquire prospective exploration projects and enhance
their value by better defining the mineral resource with a view to
attracting joint venture partners and enhancing the value of our
portfolio. The Company is managed by a team of experienced
geologists and investment bankers, with a track-record of
successful capital markets achievements.
AIS owns 100% of the 28 sq km
Fosterville-Toolleen Gold Project located 9.9km from Kirkland
Lake’s Fosterville gold mine, a 60% interest in the 57sqkm Bright
Gold project (with the right to acquire 100%), a 60% interest in
the 58 sq km New South Wales Yalgogrin Gold Project (with the right
to acquire 100%), and 100% interest in the 167 sq km Kingston Gold
Project in Victoria Australia near Stawell and Navarre. AIS has
further options to acquire three lithium licences in the Pocitos
and Cauchari Salars in Argentina and, also has 20% joint venture
interests with Spey Resources Corp. in lithium brines in Argentina
at the Incahuasi and Pocitos Salars.
On Behalf of the Board of Directors,A.I.S.
Resources Ltd.Phillip Thomas, President & CEO
Corporate ContactFor further information, please
contact:Phillip Thomas, Chief Executive OfficerT: +1-323 5155
164E: pthomas@aisresources.comOr
Martyn Element, ChairmanT:
+1-604-220-6266E: melement@aisresources.comWebsite: www.aisresources.com
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 release.
ADVISORY: This press release contains
forward-looking statements. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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