Mr. Alexander McAulay reports
NEWPATH ANNOUNCES CLOSING OF FLOW-THROUGH FINANCING
Newpath Resources Inc., further to its news release on Dec. 20, 2023, has closed its non-brokered flow-through private placement. The company issued 1,045,000 flow-through shares at a price of 11.5 cents per FT share for total gross proceeds of $120,175.
All FT shares issued pursuant to the offering are subject to a four-month hold expiring April 30, 2024, under applicable securities laws in Canada.
The proceeds raised from the offering will be used for exploration activities on the company's Alpha/Bravo and Northshore projects.
The company's chief executive officer and director, Alexander McAulay, subscribed for a total of 175,000 FT shares under the offering. Mr. McAulay's participation in the offering is a related party transaction, as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation requirements contained in Section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101, as the company is not listed on specified markets and the fair market value of Mr. McAulay's participation in the offering does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering as the closing date of the offering was not immediately known and the company wished to close on an expedited basis.
About Newpath Resources Inc.
Newpath is a Canadian exploration company listed on the Canadian Securities Exchange under the symbol PATH. Newpath's early-stage Orefield critical metal exploration project, which is composed of three claim groups (Alpha/Bravo, Charlie and Delta), totals 3,180 claim units covering approximately 67,448 hectares (approximately 674 square kilometres) west and southwest of Lake Nipigon in Northern Ontario. The company also wholly owns the Northshore gold project, located in the Schreiber-Hemlo greenstone belt.
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