Each FT Share will consist of one flow-through share at a price of
Proceeds from the sale of FT Shares will be used to incur 'Canadian exploration expenses' as defined in subsection 66.1(6) of the Income Tax Act (
Each Unit will consist of one common share ('Common Share') at a price of
The net proceeds of the Offering are intended to fund planned 2024 exploration work on the Company's mineral properties, including incurring Qualifying Expenditures, as applicable, and for general corporate working capital purposes. This includes programs and expenditures to advance the exploration activities towards defining a mineral resource on the Stars property. The Company plans include an expansion-focused targeted Phase 2 diamond drilling campaign to identify potential Copper-Molybdenum on the 100% owned Stars property. In order to achieve these business objectives, the Company will identify drill targets using historical drilling and data from its ground and airborne surveys, and plan and permit a drill program.
The Offering will take place by way of: (i) a private placement pursuant to National Instrument 45-106 - Prospectus Exemptions under Part 5A thereof (the 'LIFE Exemption') to qualified investors in all the provinces of
The Company reserves the right to pay a fee in cash, to eligible finders pursuant to the Offering, in the amount of an 8% cash commission (paid on the aggregate amount of a completed subscription).
Aurwest anticipates that certain directors, officers and other insiders of the Company will acquire FT Shares and/or Units under the Offering. Such participation will be considered to be 'related party transactions' within the meaning of CSE Policies (the 'Policy') and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ('MI 61-101') adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed 25% of the Company's market capitalization (as determined under MI 61-101).
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the '
Contact:
Tel: (403) 585-9875
Email: cmacdonald@aurwestresources.com
Web: www.aurwestresources.com
About
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in
Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as 'forward-looking statements'. Forward looking statements may be identified by words including 'anticipates', 'believes', 'intends', 'estimates', 'expects' and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's proposed private placement, future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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