- Cartier Iron Corporation (CFE) has entered into an agreement with Cormark Securities to act as an agent in connection with a fully marketed private placement offering
- The marketed private placement offering will generate gross proceeds of up to $4,000,008
- The offering consists of 11,111,200 units and up to 25,000,000 flow-through units
- Cartier Iron has granted Cormark an option to purchase up to an additional 15 per cent of the total number of units sold in the offering
- The offering is scheduled to close on or about July 5, 2021
- Cartier Iron is an exploration and development company
- Cartier Iron Corporation (CFE) is up 19.05 per cent, trading at C$0.125 per share at 2:30 pm ET
Cartier Iron Corporation (CFE) has entered into an agreement with Cormark Securities to act as an agent in connection with a private placement offering.
Cormark has agreed to act as an agent in connection with a fully marketed private placement offering of up to 11,111,200 units at $0.09 per unit for gross proceeds of up to $1,000,008 and up to 25,000,000 flow-through units at$0.12 per unit for gross proceeds of up to $3,000,000.
Each unit will consist of one common share and one purchase warrant. Each Flow-Through Unit will consist of one flow-through share and one warrant. Each warrant will entitle the holder to acquire one share at an exercise price of $0.14 for a period of 36 months following the closing of the offering.
Cartier Iron has granted Cormark an option to purchase additional units, in an aggregate amount not to exceed 15 per cent of the units sold pursuant to the offering, on the same terms and at the same price as the units offered under the placement.
The net proceeds from the sale of the units will be used for exploration expenditures and for working capital and general corporate purposes.
The proceeds of the sale of the flow-through units will be used for qualified “Canadian exploration expenses”.
The offering is scheduled to close on or about July 5, 2021, and is subject to the receipt of all necessary regulatory and other approvals including the approval of the Canadian Securities Exchange.
Cartier Iron is an exploration and development company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador.
The company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.
Cartier Iron Corporation (CFE) is up 19.05 per cent, trading at C$0.125 per share at 2:30 pm ET.