Mr. Michael Farrant reports
NEW BREAK ANNOUNCES $550,000 NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH SHARES
New Break Resources Ltd. intends to complete a non-brokered private placement offering of up to 2.5 million flow-through (FT) common shares at a price of 22 cents per FT share, for gross proceeds of up to $550,000.
Each FT share will qualify as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)). 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 Dec. 31, 2026. The gross proceeds from the offering will be used in connection with continuing drilling at the company's Moray gold project, located approximately 49 kilometres southeast of Timmins, Ont., in the heart of the Ontario Abitibi greenstone belt.
Finders' fees may be payable to qualified individuals pursuant to which the finders may receive a finders' fees equal to 6 per cent of the gross proceeds received by the company from purchasers under the offering who were introduced to the company by such finders and finders' warrants entitling the finders to purchase that number of common shares of the company equal to 6 per cent of the aggregate number of flow-through shares sold by such finders under the offering at a price of 22 cents per common share for a period of 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 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.
About New Break Resources Ltd.
New Break is a Canadian mineral exploration company focused on its Moray gold project, located 49 kilometres southeast of Timmins, Ont., in a well-established mining camp within proximity to existing infrastructure, and 32 kilometres 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-per-cent carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. 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+ and on the company's website.
New Break trades in Canada on the Canadian Securities Exchange under the symbol NBRK, in the United States on the OTCQB Venture Market under the symbol NBRKF and on the Frankfurt Stock Exchange under the symbol O91.
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