CALGARY, Alberta, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Voyageur Minerals Ltd. (TSXV-VM) (the “Company” or “Voyageur”) is pleased to announce the closing of $188,412 private placement consisting of 2,512,166 equity units. After this issue, the Company will have 53,975,119 shares issued and outstanding. Proceeds will be used for general working capital and to further the Company’s work program on its barite properties. The Company paid finders fees of $18,841.25 cash, and 301,459 broker warrants. Securities issued on this closing shall be subject to resale restrictions to March 1, 2019.
The placement consisted of units priced at $0.075 each, with each unit consisting of one share and one warrant exercisable at $0.15 for two years from closing. The warrants contains an acceleration clause, such that if the shares trade at or more than $0.20 for 10 trading days, the Company has the option to accelerate the expiry date upon 30 days’ notice.
About Voyageur Minerals
Due to the results of the Company’s drilling, and the high grade, of the Francis Creek deposit, the Company has chosen to pursue the barium contrast market.
To enter the barium contrast market the Company recognized that it needs the expertise required for the pharmaceutical market. To achieve this the Company has recently signed a non-binding letter of intent (“LOI”) with Chief Medical Supplies Ltd. (“CMS”) which is a manufacturer, marketer, and distributor of numerous medical & pharmaceutical products to both the agricultural industry and the health industry, to form a joint venture between Voyageur and CMS for the manufacturer and distribution of barium contrast solutions.
Voyageur is a Calgary based company which owns 100% interest in three barium sulfate ("Barite") deposits including two properties suitable in grade for the industrial barite and pharmaceutical market place, and interests in two high grade lithium brine projects in Utah, USA.
Voyageur's business plan is to enter the pharmaceutical market, with the high grade barite deposit discovered at Frances Creek, BC, Canada, while it continues exploration for critical and strategic minerals.
| For further information, please contact: | ||||
| John Rucci | Brent Willis | Steven R. Livingston | ||
| President & CEO | Chief Operating Officer | VP Finance | ||
| (403) 383-8588 | (587) 779-6166 | (403) 471-1659 | ||
| jrucci@voyageurminerals.ca | brent@voyageurminerals.ca | steve@voyageurminerals.ca | ||
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Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the Qualifying Transaction, including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Company’s assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no 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 securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.