New Break Announces $550,000 Non-Brokered Private Placement Offering of Flow-Through Shares

New Break Announces $550,000 Non-Brokered Private Placement Offering of Flow-Through Shares

New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) ("New Break" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement offering of up to 2,500,000 flow-through common shares ("FT Shares") at a price of $0.22 per FT Share, for gross proceeds of up to $550,000 (the "Offering").

Each FT Share will qualify as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Act")). The gross proceeds from the sale of the FT Shares will be used for Canadian Exploration Expenses ("CEE") and will qualify as "flow-through mining expenditures" as defined in the Act. The Company will renounce such CEE to the purchasers of the FT Shares with an effective date of no later than December 31, 2026. The gross proceeds from the Offering will be used in connection with ongoing drilling at the Company's Moray gold project, located approximately 49 km southeast of Timmins, Ontario in the heart of the Ontario Abitibi greenstone belt.

Finder's fees may be payable to qualified individuals (the "Finder") pursuant to which the Finder may receive a finder fee equal to 6% of the gross proceeds received by the Company from purchasers under the Offering who were introduced to the Company by such Finder and finder warrants ("Finder Warrants") entitling the Finder to purchase that number of common shares of the Company equal to 6% of the aggregate number of Flow-Through Shares sold by such Finder under the Offering at a price of $0.22 per common share for a period of twenty-four (24) months from the date of closing of the Offering.

All securities issued pursuant to this Offering are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian Securities Laws. The closing of the Offering is expected to take place within the next two business days (the "Closing") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

About New Break Resources Ltd.

New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km southeast of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Information on New Break is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.newbreakresources.ca.

New Break trades in Canada on the Canadian Securities Exchange (www.thecse.com) under the symbol CSE: NBRK, in the United States on the OTCQB Venture Market (www.otcmarkets.com) under the symbol OTCQB: NBRKF and on the Frankfurt Stock Exchange (www.live.deutsche-boerse.com) under the symbol FSE: O91.

For further information on New Break, please visit www.newbreakresources.ca or contact:

Michael Farrant, President and CFO
Tel : 416-278-4149
E-mail: mfarrant@newbreakresources.ca
William Love, Chief Executive Officer
Tel: 519-272-6312
E-mail : wlove@newbreakresources.ca

 

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No stock exchange, securities regulatory authority, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to receipt of regulatory and stock exchange approvals, the ability to complete the Offering on the terms described or at all, the ability to deploy proceeds as qualifying Canadian Exploration Expenses, grants of equity-based compensation, renouncement of flow-through exploration expenses, property agreements, timing and content of upcoming work programs, geological interpretations, receipt of property titles, an inability to predict and counteract the effects global events on the business of the Company, including but not limited to the effects on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties, including factors beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's financial statements and management's discussion and analysis (the "Filings"), such Filings available upon request.

Not for dissemination in the United States of America or through U.S. newswire services.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321911

News Provided by TMX Newsfile via QuoteMedia

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