Calgary, Alberta--(Newsfile Corp. - April 24, 2025) - North Peak Resources Ltd. (TSXV: NPR) (the "Company") is pleased to announce it has closed the second and final tranche ("Tranche 2") of its previously announced non-brokered private placement (the "Private Placement").
The Company issued 416,667 equity units (each a "Unit") at a price of C$0.60 per Unit for gross proceeds of C$250,000 under Tranche 2, bringing the total Private Placement to 9,031,666 Units for aggregate gross proceeds of C$5,418,999. For further information about the Private Placement and the earlier closing, please refer to the Company's press release of April 21, 2025.
Each Unit is comprised of one (1) common share of the Company ("Common Share") and one-half of one (1/2) Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant entitles the holder to acquire one (1) Common Share for a period of 18 months from the date of issuance of the Warrant (subject to acceleration) (the "Expiry Date"), at an exercise price of C$0.90 per share.
The Warrants are subject to an acceleration provision whereby, if the Common Shares trade at or above a volume-weighted average price of C$1.50 for a period of 20 consecutive trading days, the Company has the right to accelerate the Expiry Date of all or part of the outstanding Warrants issued pursuant to the Private Placement to a date that is not less than 30 days from the notice of such acceleration that is provided by way of press release by the Company.
The securities issued in connection with Tranche 2 are subject to a four-month hold period, in accordance with applicable securities laws.
The Company intends to use the proceeds from the Private Placement to continue to explore and develop its mining assets, the continued development of its business and for general and administrative expenses.
Subject to the final review by the TSX Venture Exchange and in connection with Tranche 2, the Company has agreed to pay cash finder's fees (7%) to Haywood Securities Inc. (C$17,500.01) in respect of the aggregate sales to subscribers under Tranche 2 that were introduced by them.
In addition, the Company has agreed to issue finder's warrants (7%) to Haywood Securities Inc. (warrants to purchase 29,167 Common Shares) in respect of the number of Units sold by the Company under Tranche 2 that were introduced by them. These warrants are non-transferable, have an exercise price of C$0.60 per share and expire 18 months from the date of issuance.
About North Peak Resources
The Company is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol "NPR". The Company is focused on acquiring historic sites, with low cost producing gold and other metals properties, with near term production potential and 8+ year mine life in the northern hemisphere.
The Company has acquired an initial 80% interest in the Prospect Mountain Mine complex in Eureka, Nevada (see the Company's May 4 and 23, 2023 and August 25, 2023 press releases).
The Company can give no assurances at this time that its properties and interests will fulfil the Company's business development goals described herein. Trading in the securities of the Company should be considered highly speculative.
This press release is not an offer of the Company's securities for sale in the United States. The Company's securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the United States. The Company's securities have not been and will not be registered under the U.S. Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to final TSX Venture Exchange approval for the Private Placement, the anticipated use of proceeds of the Private Placement, timing and completion of any exploration on the Company's properties, estimates of mineralization from drilling, sampling and geophysical surveys, geological information projected from drilling and sampling results and the potential quantities and grades of the target zones, the potential for minerals and/or mineral resources and reserves, intentions, beliefs, and current expectations of the Prospect Mountain Mine complex and the Company, including with respect to the future business activities and operating performance of the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services, future operating costs, and the historical basis for current estimates of potential quantities and grades of target zones, as well as those risk factors discussed or referred to in the Company's Management's Discussion and Analysis for the year ended December 31, 2024 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS
