Project One Resources Ltd. Raises $400,000 in Initial Public Offering
11.06.2019 | Newsfile
Vancouver, June 11, 2019 - Project One Resources Ltd. (CSE: PJO) ("Project One" or the "Company") is pleased to announce that it has completed its initial public offering (the "Offering") of common shares through its agent, Haywood Securities Inc. (the "Agent"). The Offering consisted of 4,000,000 common shares at a price of $0.10 per common share. The Company realized gross proceeds from the Offering of $400,000.The Company's common shares were listed on the Canadian Securities Exchange (the "CSE") effective June 10, 2019, and it is anticipated that the common shares will begin trading on the CSE under the symbol "PJO" on June 12, 2019.
In consideration for the Agent's services provided in connection with the Offering, the Company paid a cash commission of 10% of the proceeds of the Offering and a corporate finance fee. The Company also issued 380,000 compensation options to purchase common shares of the Company (the "Agent's Compensation Options"), each Agent's Compensation Option exercisable to purchase one common share for a price of $0.10 per common share until June 11, 2021. The Company's CEO, an insider, participated in the Offering, acquiring 200,000 shares.
Proceeds of the Offering will be applied to finance exploration work on the Company's Aura property and for working capital.
ABOUT THE COMPANY
The Company holds a 100% interest in five contiguous mineral claims comprising 2,705 hectares (approximately) known as the Aura property located in the New Westminster Mining Division in southwestern British Columbia, approximately 150 km east of Vancouver. The property is close to two recently operated mines and several high profile exploration properties.
For further information, investors and shareholders are invited to visit the Company's website at www.p1r.ca or call the Company's President and Chief Executive Officer at 604-825-2995.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ronald Shenton"
Ronald Shenton, President and Chief Executive Officer
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the trading of the Company's common shares on the Canadian Securities Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.