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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