VANCOUVER, British Columbia, Aug. 28, 2020 (GLOBE NEWSWIRE) — Far Resources Ltd. (CSE:FAT) (FSE:FOR) (OTC:FRRSF) is pleased to announce that it has closed a non-brokered private placement of $419,712.50 for 7,461,556 units at a price of $0.05625 per unit (the “Units”) in accordance with the price protection filed with the Canadian Securities Exchange on July 14th, 2020. Each Unit consists of one common share (the “Shares”) and two two-year share purchase warrants, warrants A and B (the “Warrants”). Warrant A entitles the holder to purchase one additional common share, exercisable at a price of $0.075 per share for the first twenty four months from the date of issue and Warrant B entitles the holder to purchase one additional common share, exercisable at a price of $0.10 per share also for a period of twenty four months from the date of issuance. All securities issued under the private placement are subject to a mandatory hold period of four months plus one day following the closing of the private placement.
There are no finders’ fees with respect to the private placement.
The proceeds of this private placement will be used for general working capital and property development.
Management is not aware of any material facts or material changes with respect to the Company that have not be generally disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS,
President and CEO
FAR Resources is a gold and silver exploration company focuses in New Mexico. The Company owns the Winston Project there, a historic mining property with potential for bonanza-grade silver and gold. The property is steeped in history and historic samples, full data tables available at www.farresources.com/investors/. FAR Resources also is a Canadian battery and technology metals exploration and development Company with lithium exploration projects in Canada and the USA. In Canada, FAR is advancing its Zoro Lithium Project, located in the mining-friendly Snow Lake region of Manitoba and containing numerous known lithium deposits. The Company also holds a 60% stake in the Hidden Lake Lithium Project in Northwest Territories.
More information is available at Far’s website: www.farresources.com.
BattMat Technologies Inc. is dedicated to capitalizing on the advancement of battery focused technologies and applications, including systems for distributed power, marine power and energy storage. More information is available at BattMat’s website: www.battmat.com.
About Electric Blue Power
Electric Blue Power, LLC operates the all-electric vessel Electric Blue Yacht and is development the VAB Controller® and other related designs of inventor Lee Wheelbarger.
President and CEO
Far Resources Ltd.
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this news releas e and accepts no responsibility for the adequacy or accuracy hereof.
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.