Esrey Announces Initial Closing of Private Placement
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
Further to its news release of March 15, 2018, Esrey Resources Ltd.
”) announces the closing of the first
tranche of its previously announced private placement. The
Company issued 12,725,000 units at $0.20 per unit for proceeds of $
2,545,000 (the “Initial Closing
securities issued in the Initial Closing will be subject to a hold
period expiring July 30, 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 Initial Closing (July 30, 2018), 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 Initial Closing 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
CEOFor more information, please contact:
Investor Relations: 1-778-373-0103 Email:
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.