/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MONTREAL, Nov. 26, 2020 /CNW Telbec/ - Yorbeau Resources
Inc. (TSX: YRB) (the "Company" or "Yorbeau") is
pleased to announce that it has completed a fully-subscribed
private placement (the "Private Placement") by issuing
23,076,923 Class A common shares at a price of $0.065 per share for gross proceeds of
$1,500,000.
The Company will use the proceeds raised from the issue of the
flow-through Class A common shares to incur Canadian exploration
expenses on its properties.
Seven insiders subscribed for a total of 7,124,900 Class A
common shares having an aggregate subscription price of
$463,118. As insiders of the Company
participated in the Private Placement, it is deemed to be a
"related party transaction" as defined under Multilateral
Instrument 61-101—Protection of Minority Security Holders in
Special Transactions ("MI 61–101"). The Private
Placement is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 (pursuant to
subsections 5.5(a) and 5.7(a)) as neither the fair market value of
the Class A common shares distributed to, nor the consideration
received from, interested parties exceeded 25% of the Company's
market capitalization. The Company did not file a material change
report at least 21 days prior to the closing of the Private
Placement as participation of the insiders had not been confirmed
at that time.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or any
state securities laws and may not be offered or sold within
the United States or to, or for
the account or benefit of U.S. persons (as defined in Regulation S
under the 1933 Act) absent such registration or an applicable
exemption from such registration requirements.
The Company paid finder fees in the aggregate amount of
$32,512 with respect to a portion of
the Private Placement.
About Yorbeau Resources Inc.
The Rouyn Property, wholly-owned by the Company, contains four
known gold deposits in the 6-km-long Augmitto-Astoria corridor
situated on the western portion of the property. The Company signed
a definitive agreement in December
2018, whereby IAMGOLD has the option to acquire a 100%
interest in the Rouyn property, and a major drilling program is
underway. Two of the four deposits, Astoria and Augmitto, benefit
from substantial underground infrastructure and have been the
subject of technical reports that include resource estimates and
that were filed in accordance with Regulation 43-101. In 2015, the
Company expanded its exploration property portfolio by acquiring
strategic base metal properties in prospective areas of the Abitibi
Belt of Quebec that feature
infrastructure favourable for mining development. The newly
acquired base metal properties include the Scott Project, which
bears important mineral resources (see the press release dated
March 30, 2017) and on which a
positive Preliminary Economic Assessment was recently
completed.
For additional information on the Company, consult its website
at www.yorbeauresources.com.
Forward-looking statements: Except for
statement of historical fact, all statements in this news release,
including, without limitation, statements regarding the use of
proceeds of the Private Placement are forward-looking statements
which involve risks and uncertainties. There can be no assurance
that such statements will prove to be accurate; actual results and
future events could differ materially from those anticipated in
such statements. Yorbeau disclaims any obligation to update such
forward-looking statements, other than as required by applicable
securities laws.
SOURCE Yorbeau Resources Inc.