News
TRES-OR CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
4-January-2021
Vancouver, B.C. - January 4, 2021 - Tres-Or Resources Ltd. ('Tres-Or' or the 'Company') (TSXV: TRS, OTCPK: TRSFF) is pleased to announce that, further to its news release of December 14, 2020, effective December 31, 2020 it has closed the first tranche of its private placement of flow through (the 'FT Units') and common share (the 'CS Units') units. In this closing, the Company issued 1,246,433 FT Units at a price of $0.15 per FT Unit and 1,470,001 CS Units at a price of $0.15 per CS Unit for total gross proceeds of $407,465.20 (the 'Offering').
Each FT Unit consists of one flow-through common share (a 'FT Share') and one-half of one common share purchase warrant. Each whole warrant (a 'Warrant') entitles the holder to purchase one non-flow-through common share of the Company for a period of 24 months from the date of issue at a price of $0.20 per share. The FT Shares entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada). Each CS Unit consists of one non flow-through common share and one-half of one Warrant.
The gross proceeds from the issuance of FT Shares will be used solely for Canadian Exploration Expenses ('CEE') that are 'flow-through mining expenditures' (as such terms are defined in the Income Tax Act (Canada)) on the Company's Guigues Kimberlite Pipe in Quebec. The net proceeds from the sale of the CS Units will be used to fund the Fontana Gold Project property payment and property-related expenses, and for general corporate and working capital purposes.
All securities issued in this first tranche of the Offering are subject to a statutory hold period ending April 30, 2021 in accordance with applicable Canadian securities laws.
About Tres-Or Resources Ltd.
On behalf of the Board of Directors
'Laura Lee Duffett'
Laura Lee Duffett, P.Geo.
President and CEO
For further information
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Tres-Or Resources Ltd. published this content on 04 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2021 18:01:05 UTC