Far Resources Closes Private Placement
August 7, 2015 – Vancouver, B.C.: Far Resources Ltd. (CSE:FAT) (“Far” or “the Company”) announces that it has raised an aggregate of CAD$162,000 in connection with a private placement financing (the “Financing”). A total of 3,240,000 units (the “Units”) were issued at a price of $0.05 per Unit. Each Unit consists of one common share (the “Common Shares”) and one-half of one Common Share purchase warrant (the “Warrants”). Each whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.10 for a period of 24 months from closing of the Financing, provided that, in the event that the closing price of the outstanding Common Shares on the Canadian Securities Exchange (the “CSE”) is greater than $0.15 for a period of 20 consecutive trading days at any time following the closing of the Financing, the Company may, at its option accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants and in such case the Warrants will expire on the earlier of: (i) the 30th day after the date on which such notice is given by the Company; and (ii) 24 months from the closing of the Financing.
A finder’s fee, in accordance with the policies of the CSE, will be paid from the proceeds of the proposed Financing. 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 proceeds of the Financing will be used for general working capital purposes.
The Company also wishes to announce that it has appointed Mr. John Gammack to the position of VP Corporate Development. Keith Anderson, CEO, commented, “We are pleased to welcome John to the team, his experience and expertise in corporate development and public relations will help us raise awareness and build shareholder value.”
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 National Stock 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. Specifically, the Option Agreement is subject to numerous conditions and there are no assurances that all conditions will be satisfied or waived or that the acquisition of the Property will be successfully completed on the terms and conditions contemplated herein or at all. 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 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.