MONTRÉAL, QUÉBEC--(Marketwired - Nov. 1, 2017) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) announces that it has closed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $247,880.
- 1,244,000 units of the Corporation at a price of $0.05 per unit. Each unit consists of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.08 per common share until November 1, 2020; and
- 2,856,616 Flow-through units ("FT Units") at a price of $0.065 per unit. Each FT Unit consists of one common share (the "FT Share") and one half common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.10 per common share until November 1, 2019. The FT Shares shall qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada).
About Québec and Sphinx
Quebec has established itself as one of the world's most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 28 2017). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec's mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec.
For further information, please consult Sphinx's website.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.
Sphinx Resources Ltd.
President and Chief Executive Officer