Mr. Nick Rodway reports
CORE ASSETS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Core Assets Corp. has arranged a non-brokered private placement of 11 million units at a price of 5.5 cents per unit for gross proceeds of $605,000. Each unit will comprises one common share in the capital of the company and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share in the capital of the company for a period of two years from the closing date at an exercise price of 25 cents per warrant share.
The company also announces a non-brokered private placement consisting of up to four million shares, issued on a flow-through basis pursuant to the Income Tax Act (Canada), at eight cents per share for gross proceeds of up to $320,000.
All securities issued in connection with the offering and the flow-through offering will be subject to a four-month hold mandated by securities rules, and in addition, will be subject to a 12-month hold from the closing date as a term of the offering. Therefore, the securities issued in the offering and the flow-through offering will not be tradeable until one year after the closing date.
Proceeds from the offering and the flow-through offering will be used for exploration programs at the company's Atlin mining district Blue property project and for working capital. Insiders of the company may participate in the offering and the flow-through offering. Finder's fees may be payable in connection with the offering and the flow-through offering in accordance with the policies of the Canadian Securities Exchange.
About Core Assets Corp.
Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in B.C., Canada. The company currently holds the Blue property, which covers a land area of 14,814.86 hecatares (148.15 square kilometres). The project lies within the Atlin mining district, which is a well-known gold camp. The property hosts a major structural feature known as the Llewellyn fault zone. This structure is approximately 140 km in length and runs from the Yukon border down through the property to the Alaskan Panhandle Juneau ice sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1970s. The LFZ plays an important role in mineralization of near-surface mineral occurrences across the property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn and carbonate replacement type deposits, both globally and in B.C.'s Golden Triangle. The company has leveraged this information at the Blue property to develop an exploration model and believes this could facilitate a mineral discovery. Core Assets is excited to become one of Atlin mining district's premier explorers where its team believes there are substantial opportunities for new discoveries and development.
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