Beaufield Resources Inc. (“Beaufield” or the “Corporation”) is pleased to announce the closing of a non-brokered private placement pursuant to which the Corporation issued a total of 4,000,000 units (“Units”) at a price of $0.05 per Unit for aggregate gross proceeds to the Corporation of $200,000 (the “Offering”). Each Unit consists of one common share in the capital of the Corporation (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall be exercisable into one additional Common Share at an exercise price of $0.07 for 36 months from the closing of the Offering. Capital Croissance PME II, s.e.c. (« CCPME ») and Société de développement de la Baie-James (« SDBJ ») have subscribed to the Offering.
The Corporation will use the net proceeds of the Offering for an upcoming winter drilling program on its 100% owned Urban property situated in the James Bay territory where several new targets have been discovered on the property in 2015. A recently completed deep penetrating induced polarization survey identified several important geophysical anomalies requiring drill testing (BFD news release, August 1st, 2014). Drill targets will also include areas where new copper-gold-molybdenite mineralization has been recently uncovered. The 1,500m drill program is planned to start in January 2016.
Located at the centre of the camp, Beaufield’s Urban property adjoins Oban Mining’s Windfall property, where a gold deposit continues to be developed. Beaufield’s Urban property also surrounds Bonterra’s Spartacus gold property where drilling is currently ongoing. The area is easily accessible by road and power is readily available nearby.
The Corporation is very pleased that CCPME and SDBJ have agreed to invest in Beaufield’s Quebec based exploration property focussed on the Urban developing area. Beaufield welcomes the confidence of these important investors” stated Jens Hansen, President and CEO of the Corporation.
Securities issued under the Offering will be subject to a four month hold period expiring on February 9, 2016.
The Offering was completed on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, 115,281,519 common shares of Beaufield are issued and outstanding.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and to identify other potential opportunities at the mineral exploration or development stage. The Corporation is actively exploring, well financed with approximately $3 million in cash, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.