Olivut Resources Ltd. (TSXV:OLV) announced a non-brokered private placement of 5,000,000 common shares at a price of CAD 0.8 for gross proceeds of CAD 400,000 on December 22, 2020. The common shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months from closing. The transaction is included participation from insider Pierre Lassonde for 1,250,000 Common Shares and owns or controls 8,097,000 common shares or approximately 12.9% of the total common shares issued and outstanding after the transaction. The shares issued to Lassonde is less than 25% of the market capitalization of the Company. The transaction was approved by TSX Venture Exchange and unanimously by the board of directors. TSX Venture Exchange has accepted filing documentation with respect to the transaction which included participation from 3 placees.