Northway Resources Corp. (the “Company”) is pleased to announce that it has closed a previously announced private placement of 6,900,000 common shares (each a “Share”) issued at a price of $0.10 per Share, for aggregate gross proceeds of $690,000.
A cash commission equal to $46,200 was paid to Sprott Global Resource Investments Ltd. (“Sprott”). In addition, Sprott received 462,000 non-transferable warrants to acquire up to 462,000 Shares at a price of $0.10 per Share until August 28, 2021.
Exploration Capital Partners 2012 Limited Partnership acquired an aggregate of 6,600,000 of the common shares issued, which securities in the aggregate represent 15.95% of the Company’s issued and outstanding share capital.
The proceeds from the placement will be used for general working capital or other corporate purposes.
All of the securities issuable in the private placement are subject to resale restrictions ending on December 29, 2019.
For more information visit our website www.northwayresources.com
On behalf of the Board of Directors
President and Chief Executive Officer
Telephone: (604) 363-1779
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.