In This Article:
Vancouver, British Columbia, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company"), is pleased to announce that it intends to complete a non-brokered private placement consisting of units of the Company at a price of $0.175 per unit (the “Unit”) for aggregate gross proceeds of up to C$2,750,000, with each Unit comprised of one common share of the Company (each, a “Share”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”), with each whole Warrant entitling the holder to acquire one (1) Share (each, a “Warrant Share”) at a price of C$0.35 per Warrant Share for a period of twenty-four (24) months, provided that if the volume weighted average trading price of the Shares on the Canadian Securities Exchange (“CSE”) is at a price greater than $0.70 per Share for ten (10) consecutive trading days, then the expiry date of the Warrants shall automatically accelerate and will expire on the date that is thirty (30) days after the date that notice of such acceleration is provided to the Warrant holders by way of press release (the “Offering”).
The Company intends to use the net proceeds raised from the Offering for funding exploration drilling and five hole drill program at the Company's projects, property payments and general working capital.
All securities issued in the Offering will be subject to a statutory four month hold period. Closing of the Offering is subject to receipt of all regulatory approvals, including approval of the CSE. The Offering is expected to close on or about September 12, 2022.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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 "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Company also intends to issue approximately 2,500,000 Shares to various creditors to settle outstanding indebtedness.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II and Pocitos II lithium brine projects, and a 20% interest in the Pocitos I lithium project, all of which are located in the Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.