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

Press releases

May 6, 2010

Cartier Resources Inc. Announces a $745,000 Financing

Val-d’Or, Quebec, May 6th, 2009 – Cartier Resources Inc. (“Cartier”) (TSX VENTURE:ECR) is pleased to announce that it intends to carry out a public offering in Quebec to raise up to $745,000 through the sale of flow-through common shares (the “Flow-Through Shares’’) and units (the “Units”) by way of a short form offering document in accordance with Policy 4.6 of the TSX Venture Exchange (the “Offering”). The Offering will be conducted on a commercially reasonable efforts basis.

The Offering consists of the issuance of a maximum of 1,250,000 Flow-Through Shares at a price of $0.44 per Flow-Through Share and a maximum of 557,143 Units. Each Unit is comprised of one (1) common share at a price of $0.35 per 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 $0.45 for a period of two (2) years following the closing date.

Industrial Alliance Securities Inc. (the “Agent”) will act as agent for the Offering. Cartier will pay the Agent a fee equal to 8.5% of the gross proceeds from the sale of Flow-Through Shares and Units sold pursuant to the Offering. In addition, the Agent will receive non transferable compensation options entitling to subscribe for such number of common shares of Cartier equal to 5% of the total number of shares sold pursuant to the Offering, exercisable in whole or in part at a price of $0.35 per Common Share for a period of 12 month from Closing.

The Offering is subject to a number of conditions, including the completion of due diligence, execution of formal documentation and receipt of applicable regulatory approvals.

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.


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

The TSX Venture Exchange does not assume any responsibility for the adequacy or accuracy of this press release.