Far Resources Closes First Tranche of Private Placement

 

Not for dissemination in the US or to US wire services.


Far Resources Closes First Tranche of Private Placement

 

March 1, 2016 - VANCOUVER, BRITISH COLUMBIA:   Far Resources Ltd. (CSE:FAT) ("Far Resources" or  "the   Company") is pleased to announce the closing of the first tranche of the private placement financing announced on February 5, 2016 and updated on February 19, 2016 (the “Financing”).  The Company has raised $30,000 of the $60,000 financing amount (the “First Tranche”) and expects to close the final tranche shortly.  The Company will issue an aggregate total of 1,000,000 units (the “Units”) in the equity of the Company at a price of $0.03 per Unit.  Each Unit consists of one common share (each a “Share”) and one half of one common share purchase warrant (the “Warrants”).  Each whole Warrant will be exercisable into one Share of the Company at a price of $0.10 per Share for a period of one year from date of closing.  

All securities issued pursuant to this Financing will be subject to a 4-month and one day hold period from the date of closing.  The Company has sought and obtained relief from the CSE’s minimum price rule for the Financing. Closing of the Financing is subject to regulatory approval.

The proceeds of the Financing will be used for general working capital purposes.  The Company intends to offer a finders’ fee payable in cash and/or warrants in connection with the Financing. 

 

About the Company

Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. 

 

ON BEHALF OF THE BOARD OF DIRECTORS OF

FAR RESOURCES LTD.

 

“Keith C. Anderson”

President

 

The Canadian Securities Exchange has neither approved nor disapproved the contents of this

news release and accepts no responsibility for the adequacy or accuracy hereof.

 

This news release contains forward-looking statements, which relate to future events or future performance 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 and the accompanying graphic links 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.

This news release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States and does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.