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Quri-Mayu Developments Ltd
Symbol QURI
Shares Issued 44,730,338
Close 2024-10-21 C$ 0.015
Market Cap C$ 670,955
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Quri-Mayu sets up $350K placement, $95K debt settlement

2024-10-23 18:00 ET - News Release

Mr. Kevin Smith reports

QURI-MAYU ANNOUNCES PRIVATE PLACEMENT OF UNITS AND DEBT SETTLEMENT

Quri-Mayu Resources Developments Ltd. has arranged a non-brokered private placement of up to 17.5 million units at a price of two cents per unit for gross proceeds of up to $350,000.

Each unit consists of one common share and one common share purchase warrant of the company. Each warrant entitles the holder to purchase one share for a period of 36 months from the date of issue at an exercise price of 2.5 cents per warrant share, subject to an acceleration provision in the event the trading price of the shares equals or exceeds 10 cents for a period of 10 consecutive days.

The private placement will be made available to subscribers pursuant to the accredited investor and friends, family, and business associate exemptions provided under sections 2.3(1) and 2.5 of National Instrument 45-106 -- Prospectus Exemptions.

The company does not expect to pay finders' fees in connection with the private placement.

The company intends to use the proceeds from the private placement for financing exploration on its AT property and working capital requirements. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.

Debt settlement

Additionally, Quri has entered into debt settlement agreements with arm's-length parties pursuant to which the company has agreed to issue an aggregate of 4.75 million units at a deemed price of two cents per unit, to settle indebtedness of $95,000. Each unit consists of one share and one warrant exercisable at 2.5 cents per warrant share for a period of 36 months from the date of issue, subject to an acceleration provision in the event the trading price of the shares equals or exceeds 10 cents for a period of 10 consecutive days.

The company determined to satisfy this outstanding indebtedness with units to preserve its cash for operations.

All securities to be issued in connection with the private placement and the debt settlement will be subject to a four-month-and-one-day hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The private placement and the debt settlement are subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange.

About Quri-Mayu Developments Ltd.

Quri-Mayu Developments is a resource exploration company that is acquiring and exploring mineral properties. The company is a reporting issuer in the province of British Columbia.

We seek Safe Harbor.

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