A Canada-based exploration and development Company Cartier Iron Corporation announced the increment in the numbers of non-brokered private placement to 18,000,000 Units at $0.07 and the proceeds of $1,260,000. Earlier it was 15,000,000 units at $0.07. This increment is being held on its previously announced Private Placement on September 2, 2020.
Each Unit is stated as equal to one Cartier Iron’s common share and a Common Share purchase warrant. Holders of Warrants will be able to purchase one Common Share against each Warrant at a price of $0.10 per share for a 36 months period after the closing of company’s Private Placement. Palisades Goldcorp Ltd. is the leading orderer in this Private Placement by Cartier Iron. Palisades Goldcorp is a Canadian new resource focused merchant bank.
Cartier Iron will use the net proceeds from the Private Placement for the financing of exploration situated at the Big Easy gold property and as the working capital. Big Easy gold property is located in Avalon Zone of eastern Newfoundland’s Burin Peninsula epithermal gold best.
The Private Placement will comppleted after getting all required approvals by the regulatory. The Company’s Insiders are participating in the Private Placement. Pursuant to the Private Placement, all securities issued comes with the applicable statutory four-month hold period.