Stockwatch

LFNT Resources Corp
Symbol	LFNT
Shares Issued	23,150,333
Close 2023-06-27	C$ 0.40
Market Cap	C$ 9,260,133
Recent Sedar Documents

LFNT Resources closes $250,000 private placement

2023-08-22 16:22 ET - News Release

Subject: LFNT Resources Corp. // For Immediate Release Word Document File: '\\swfile\EmailIn\20230822 131540 Attachment LFNT_20230822_NR_PP_Closing.docx' LFNT RESOURCES CORP. ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES Vancouver, BC August 22, 2023 / LFNT Resources Corp. (CSE: LFNT) ("LFNT" or the "Company") further to its news release dated July 27, 2023, is pleased to announce that it has closed the non-brokered private placement offering of common shares to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (the "Tax Act") (the "Flow-Through Shares"). The Company has issued 833,332 Flow-Through Shares at an issue price of $0.30 per Flow-Through Share, for gross proceeds of $250,000 (the "Offering"). The Company intends to use the proceeds from the Offering for the exploration and advancement of the Company's properties in British Columbia and/or Saskatchewan. Proceeds from the sale of Flow-Through Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023 and incurred no later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. There were no finder's fees paid on the gross proceeds in connection with the Offering. 1238723 BC Ltd., a company controlled by Shayne Taker, CEO & Director of the Company, has purchased 175,000 Flow-Through Shares. Mr. Taker's indirect participation in the private placement through 1238723 BC Ltd. is a "related party transaction" within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(c) (Distribution of Securities for Cash) and 5.7(1)(b) (Fair Market Value Not More Than $2,500,000) of MI 61-101 in respect of such participation. The securities were distributed for cash, there is no undisclosed material information by the Company, the fair market value of the securities does not exceed $2,500,000, the Company has at least one independent director and all independent directors of the Company approved the issuance of securities. The securities issued in connection with the Offering are subject to the Canadian Securities Exchange approval and all securities are subject to a statutory hold period until December 23, 2023. After the issuance of the Flow-Through Shares, the Company has a total of 23,150,333 common shares issued and outstanding. About LFNT Resources Corp. LFNT Resources Corp. is a British Columbia-based mineral exploration company focused on the development of assets containing battery, base and precious metals. LFNT holds an option in the heart of British Columbia's renowned Cariboo Mining District on the 1,900-hectare SkyFire Property, which is nestled between Williams Lake and 100 Mile House. Infrastructure and strong labor communities are within reach. The Company also has an option on the 9,759-hectare Sudbury Project in the La Ronge Region of Saskatchewan and may evaluate acquisitions of other mineral exploration assets and opportunities. LFNT's common shares are listed and trading on the Canadian Securities Exchange under trading symbol "LFNT". On Behalf of the Board of Directors LFNT Resources Corp. Shayne Taker Director and Chief Executive Officer Tel: (236) 237-2279 Email: info@LFNT.ca Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include statements with respect to receipt of final approval from the Canadian Securities Exchange and the expected timing of commencement of trading. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company, including, but not limited to: changes in general economic conditions or conditions in the financial and capital markets; uncertainties related to the availability and costs of financing needed in the future; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions and geopolitical risk and social unrest. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.