Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Inflection Resources raised gross proceeds of $4,437,490 through the sale of 13,867,156 units priced at $0.32 per unit
  • The offering was oversubscribed by over $1.4 million
  • Proceeds will be used for further drilling on the company’s exploration projects in Northern New South Wales, the Carron Project in Queensland
  • Finders’ fees of $158,832 cash and 468,225 broker warrants exercisable at $0.32 per share for a one-year term were paid on a portion of the offering
  • Inflection is a gold and copper-gold-focused mineral exploration company
  • Inflection Resources Ltd. (AUCU) is up 15 per cent, trading at C$0.345 per share at 11:30 am ET

Inflection Resources Ltd. (AUCU) has completed a non-brokered private placement.

The offering raised gross proceeds of $4,437,490 through the sale of 13,867,156 units priced at $0.32 per unit.  Each unit consists of one common share and one half of one share purchase warrant, with each whole warrant exercisable into one further common share at a price of $0.50 for a term of two years.

The offering was oversubscribed by over $1.4 million due in part to support received from existing shareholders as well as from new investors including Crescat Capital LLC.

Alistair Waddell, President and CEO of Inflection Resources, commented,
“I would like to thank existing shareholders for their continued support through participation in the offering, and welcome new investors including Crescat.

With the financing now closed, the company is in a strong position to continue our aggressive drill program in New South Wales, Australia, which is testing a large portfolio of 100% owned gold and copper-gold porphyry targets”.

Quinton Hennigh, technical advisor to Crescat Capital remarked, 

“Exploration at Inflection is driven by pure science, exactly the sort of company in which we like to invest.  Inflection’s strategy of exploring for large copper-gold porphyries under cover in a region that hosts a number of world-class deposits combined with a smart technical team makes this a compelling investment.  We look forward to watching closely as Inflection advances their recent geologic discoveries toward economic discoveries.”

Proceeds will be used for further drilling on the company’s exploration projects in Northern New South Wales, the Carron Project in Queensland and for general working capital.

Finders’ fees of $158,832 cash and 468,225 broker warrants exercisable at $0.32 per share for a one-year term were paid on a portion of the offering.  All securities issued are restricted from trading until September 15, 2021.

Company insiders, including RCF Opportunities Fund L.P., purchased a total of 1,536,531 units.  

Inflection is a gold and copper-gold-focused mineral exploration company with projects in Eastern Australia where it is systematically drill testing a large portfolio of projects in New South Wales. 

The company is exploring large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the Lachlan Fold Belt in New South Wales.  The Macquarie Arc is Australia’s premier porphyry gold-copper province being host to Newcrest Mining’s Cadia deposits, the CMOC Northparkes deposits and Evolution Mining’s Cowal deposits plus numerous exploration prospects including Boda, the recent discovery made by Alkane Resources.

Inflection Resources Ltd. (AUCU) is up 15 per cent, trading at C$0.345 per share at 11:30 am ET.

More From The Market Herald

" Ascendant Resources (TSX:ASND) closes non-brokered private placement

Ascendant Resources (ASND) has closed the final tranche of its non-brokered private placement for gross proceeds of $3,512,000.

" Tanzanian Gold Corporation (TSX:TNX) to become TRX Gold Corporation

Tanzanian Gold Corporation (TNX) will change its name to TRX Gold Corporation effective May 27, 2022.

" Nickel North (TSXV:NNX) closes private placement and announces a new flow-through private placement

Nickel North Exploration (NNX) has closed a private placement for gross proceeds of $508,000.

" Foremost Lithium (CSE:FAT) working on battery-grade lithium hydroxide product

Foremost Lithium Resource & Technology (FAT) has contracted XPS Expert Process Solutions to create a ready-to-sell battery-grade lithium hydroxide product.