High Tide Resources Corp. Closes Non-Brokered Private Placement Offering

High Tide Resources Corp. is pleased to announce the closing of its previously announced non-brokered private placement offering of 7,500,000 common shares at a price of $0.05 per share for aggregate gross proceeds of up to $375,000. The net proceeds from the issue and sale of the common shares will be used for metallurgical testwork of the Labrador West Iron Project and for general corporate and working capital purposes. This offering is subject to the final acceptance of the Canadian Securities Exchange (CSE).

Key Takeaways:

• High Tide Resources Corp. has closed a non-brokered private placement offering of 7,500,000 common shares at $0.05 per share for total proceeds of up to $375,000.
• The net proceeds from the offering will be used for metallurgical testwork of the Labrador West Iron Project and for general corporate purposes.
• Certain directors and insiders of the Company subscribed to the offering for a total of 2,300,000 common shares, making this a related party transaction.
• The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under Multilateral Instrument 61-101.
• The shares issued in the offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended.

Statistics:

• 7,500,000 common shares issued
• $0.05 per share offering price
• Up to $375,000 in gross proceeds
• 2,300,000 common shares subscribed by directors and insiders
• 4-month hold period for common shares

Sources:

• High Tide Resources Corp. news release