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AIS Resources Ltd
Symbol AIS
Shares Issued 113,472,909
Close 2020-11-24 C$ 0.075
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A.I.S. Resources increases financing to $1.29-million

2020-11-24 10:54 ET - News Release

Mr. Martyn Element reports

A.I.S. RESOURCES ANNOUNCES FINANCING INCREASE TO UP TO $1,299,900

Due to significant investor demand A.I.S. Resources Ltd. has increased its previously announced financing (see news release of Nov. 17, 2020) from up to $700,000 to up to $1,299,900. The non-brokered private placement will increase to up to 18.57 million units at a price of seven cents per unit for gross proceeds of up to $1,299,900. The proceeds will be used for acquisition and exploration costs and general working capital purposes.

Each unit consists of one common share and one transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 12 months from the closing date of the offering at a price of 10 cents per common share provided that if the closing price of the common shares of the company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than 15 cents for a period of 15 consecutive trading days, the company will have the right to accelerate the expiry of the warrants to a date that is not less than 10 business days from the date notice is given. The company may pay finder's fees of up to 8 per cent cash and 8 per cent finders warrants on a portion of the placement.

Closing of the private placement is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.

Certain directors and officers are expected to participate in the private placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the private placement nor the consideration to be paid by the insiders will exceed 25 per cent of the company's market capitalization. A material change report will be filed less than 21 days before the closing date of the transactions contemplated by this news release. The company believes this shorter period is reasonable and necessary in the circumstances.

About A.I.S. Resources Ltd.

A.I.S. Resources is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals exploration. A.I.S.'s value-add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of its portfolio. The company is managed by a team of experienced mining and geological professionals, with a record of successful capital markets achievements. In November, 2020, A.I.S. acquired the NSW Yalgogrin gold project JV, the Fosterville-Toolleen gold project and the Kingston gold project in Victoria, Australia.

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