Mr. Akash Patel reports
CAMEO RESOURCES CORP. RECEIVES TSX VENTURE EXCHANGE APPROVAL FOR WRL PROJECT AND ANNOUNCES FINANCING
Cameo Resources Corp. has received TSX Venture Exchange approval for its option agreement with Clean Commodities Corp. to earn an 80-per-cent interest in the WRL project in Northern Quebec over a four-year period, subject to certain terms and conditions. Under the terms of the option agreement, now that TSX Venture Exchange approval has been received, the company has issued 500,000 common shares to Clean Commodities.
The company also announced that it has filed an updated National Instrument 43-101 technical report for the WRL project. The technical report was prepared in accordance with the requirements of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Darren Smith, PGeol, a qualified person by the standards of National Instrument 43-101, authored the technical report. He is independent of both the company and Clean Commodities. A copy of the technical report is available under the company's profile on SEDAR, as well as on the company's website. The technical report supports the disclosure respecting the WRL project made by the company in its news releases dated Nov. 30, 2017, Dec. 18, 2017, and Jan. 3, 2018, and there are no material differences between that disclosure and the technical report.
The technical information in the technical report and this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and was reviewed and approved by Darren Smith, a qualified person and independent of Cameo Resources.
The company also announced that it intends to conduct a non-brokered private placement to raise gross proceeds of up to $500,000 by way of issuance of up to 666,667 units at a price of 75 cents per unit. Each unit will consist of one common share and one common share purchase warrant, each warrant exercisable for an additional common share at a price of $1 for five years. Net proceeds from the financing will be used to advance the company's exploration projects in Canada and for general working capital purposes. Securities issued under the financing will be subject to a four-month hold period pursuant to applicable securities laws of Canada.
The company may pay cash finder's fees on subscriptions under the financing equal to 7 per cent of the gross proceeds raised.
About Cameo Resources Corp.
Cameo Resources is focused on enhancing shareholder value through astute acquisition of exceptional projects in perceived undervalued situations. The company is continuing to seek out viable opportunities.
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