• TSX-V:ECR 0.08 (0)
  • Volume 254650

Press releases

November 10, 2010

Cartier Announces Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United States.

Val-d’Or, Canada, November 10, 2010 – Cartier Resources Inc. (TSX Venture Exchange Symbol: ECR) (the “Company”) announces that it has entered into an agreement, on a “best efforts” basis, to proceed with a private placement for gross proceeds of up to $3.25 million (the “Offering”). The Offering consists of the issuance of a maximum of 2,500,000 flow-through common shares (the “Flow-Through Shares”) at a price of $0.50 per Flow-Through Share for maximum gross proceeds of $1.25 million and a maximum of 5,263,158 units (the “Units”) at a price of $0.38 per Unit for maximum gross proceeds of $2 million. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant, each warrant entitling the holder to subscribe for one (1) common share at a price of $0.50 per share for a period of two (2) years following the closing of the Offering. The Company has entered into an agreement with Windermere Capital (Canada) Inc. to act as agent for and on behalf of the Company.

The proceeds of the Offering combined, with existing working capital, will be used by Cartier to conduct exploration programs in 2010 and for general working capital.

At the closing of the Offering, the Agent shall receive a commission paid in cash equal to 8% of the gross proceeds raised under the Offering. In addition, the Agent shall receive non transferable warrants exercisable for a period of two (2) years from the date of closing to acquire such number of common shares of the Company as is equal to 8% of the aggregate number of Flow-Through Shares and Units issued under the Offering.

The offering is scheduled to close on or about December 1, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The common shares of Cartier Resources Inc. are listed on the TSX Venture Exchange under the symbol “ECR”.

For further information: please contact:

Philippe Cloutier
President and CEO
Cartier Resources Inc.
Telephone: (819) 874-1331
Toll free: 877 874-1331
Fax: (819) 874-3113


Neither the TSX Venture Exchange or 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.