New Break Announces Flow-Through
Financing to Raise up to $750,000
Toronto, Ontario, May 9, 2023 --
InvestorsHub NewsWire -- New Break Resources Ltd.
("New Break" or the
"Company") (CSE: NBRK) is
pleased to announce that it intends to complete a non-brokered
private placement offering of up to 5,000,000 flow-through common
shares ("Flow-Through
Shares") at a price of $0.15 per Flow-Through Share, for
gross proceeds of up to $750,000 (the "Offering").
All securities issued under the Offering are subject to a
four-month and one day statutory hold period. The gross
proceeds from the Offering will be used for Canadian Exploration
Expenses and will qualify as "flow-through mining expenditures" as
defined in the Income Tax Act (Canada). More specifically, it
is expected that the proceeds of the Offering will be used to fund
a planned drilling program at the Company's Moray property, located
approximately 49 km south of Timmins, Ontario and 32 km northwest
of the Young-Davidson gold mine, operated by Alamos Gold Inc.
Finder's fees may be payable to qualified individuals (the
"Finder") pursuant to which
the Finder may receive a finder fee equal to 6% of the gross
proceeds received by the Company from purchasers under the Offering
who were introduced to the Company by such Finder and finder
warrants ("Finder
Warrants") entitling the Finder to purchase that number of
common shares of the Company equal to 6% of the aggregate number of
Flow-Through Shares sold by such Finder under the Offering at a
price of $0.15 per common share for a period of twenty-four (24)
months from the date of closing of the Offering.
The closing of the Offering is anticipated to take place on or
about May 31, 2023, or such other date as the Company may agree
(the "Closing"). The
Closing is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals including the approval
of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United States. The securities
offered have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or applicable
exemption from the registration requirements.
About New Break Resources
Ltd.
New Break is a Canadian mineral
exploration company with a dual vision for value
creation.
In northern Ontario, New Break is
focused on its Moray Project, in a well-established mining camp,
within proximity to existing infrastructure, while at the same
time, through our prospective land holdings in Nunavut, we provide
our shareholders with significant exposure to the vast potential
for exploration success in one of the most up and coming regions in
Canada for gold exploration and production. New Break is supported by a highly experienced
team of mining professionals committed to placing a premium on
Environmental, Social and Corporate Governance. Information on New Break is available under
the Company's profile on SEDAR at www.sedar.com
and on the Company's website
at www.newbreakresources.ca.
New Break began trading on the
Canadian Securities Exchange (www.thecse.com)
on September 7, 2022 under the symbol CSE:
NBRK.
For further
information on New Break, please visit
www.newbreakresources.ca or contact:
Michael Farrant, President and Chief Executive Officer
Tel: 416-278-4149
E-mail: mfarrant@newbreakresources.ca
And follow us on Twitter,
LinkedIn
and Facebook
No stock exchange, regulation securities provider, securities
commission or other regulatory authority has approved or
disapproved the information contained in this news release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Except for statements of historic
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities
law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking statements including, but
not limited to receipt of regulatory and stock exchange approvals,
grants of equity-based compensation, renouncement of flow-through
exploration expenses, property agreements, timing and content of
upcoming work programs, geological interpretations, receipt of
property titles, an inability to predict and counteract the effects
global events on the business of the Company, including but not
limited to the effects on the price of commodities, capital market
conditions, restriction on labour and international travel and
supply chains etc. Forward-looking information addresses future
events and conditions and therefore involves inherent risks and
uncertainties, including factors beyond the Company's
control.
Accordingly, readers should not
place undue reliance on forward-looking
information.
The Company undertakes no
obligation to update publicly or otherwise any forward-looking
information, except as may be required by law. Additional information identifying risks and
uncertainties that could affect financial results is contained in
the Company's financial statements and management's discussion and
analysis (the "Filings"), such Filings available upon
request.