May 10, 2016
CARTIER ANNOUNCES THE CLOSING OF TWO PRIVATE PLACEMENTS FOR A TOTAL OF $450,000
Val-d’Or, Canada, May 10, 2016 – Cartier Resources Inc. (TSX Venture Exchange: ECR) (“Cartier”) is pleased to announce the closing of two private placements without intermediate.
- The first private placement is a non-flow-through private placement with accredited investors, an officer and a friend and consists of 45 units for an amount of $45,000.
- The second private placement is a flow-through private placement with accredited investors, directors, friends and business associates and consists of 405 units for an amount of $405,000.
Each unit of the non-flow-through private placement, at a price of $1,000 per unit, is comprised of 10,000 common shares at a price of $0.10 per share and 10,000 common share purchase warrants. Each warrant entitles the holder to subscribe for one (1) common share at a price of $0.13 for a period of 24 months following the closing date. Thus, an aggregate of 450,000 common shares and 450,000 warrants were issued, of which 200,000 common shares and 200,000 warrants were issued to one officer of Cartier.
Under the flow-through private placement, each unit, at a price of $1,000 per unit, is comprised of 8,000 flow-through common shares at a price of $0.125 per share. Thus, Cartier has issued 3,240,000 flow-through shares at a price of $0.125 per share for an amount of $405,000, of which 200,000 flow-through shares ($25,000) were issued to three directors of Cartier.
The securities issued under both private placements are subject to a four (4) month and one (1) day statutory hold period.
The proceeds of both placements will be used by Cartier to conduct exploration.
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”.
– 30 –
For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.