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Stock Symbol: FPC:
TSXV
MONTREAL, Dec. 1, 2017 /CNW/ - Falco Resources Ltd.
("Falco" or the "Company") (TSX VENTURE: FPC) is pleased to
announce that, due to increased demand, it has entered into an
amending agreement with a syndicate of agents led by Canaccord
Genuity Corp. and including Desjardins Securities Inc. and Raymond
James Ltd. (collectively the "Agents") to complete a private
placement financing (the "Offering"), on a best efforts basis, of
up to 6,780,000 flow-through common shares ("Flow-Through Shares")
of the Company at an issue price of C$1.18 per Flow-Through Share for proceeds of up
to approximately C$8 million.
The Agents will have the option, but not the obligation,
exercisable in whole or in part at any time up to 48 hours prior to
the closing of the Offering, to increase the size of the Offering
by up to an additional 423,730 in Flow-Through Shares at the
Flow-Through Share issue price.
The proceeds from the issuance of Flow-Through Shares will be
used for Canadian Exploration Expenses (CEE), and will qualify as
"flow-through mining expenditures" under the Income Tax Act
(Canada), and also qualify for the
two 10% enhancements under the Taxation Act (Quebec), which will be renounced to the
subscribers with an effective date no later than December 31, 2017 to the initial purchasers of
Flow-Through Shares in an aggregate amount not less than the
proceeds raised from the issue of the Flow-Through Shares.
The proceeds of the Offering will be used by the Company to
advance exploration works at the Donalda property and the
surrounding Horne 5 Project properties.
The Flow-Through Shares will be offered and sold by way of
private placement exemptions in all provinces and territories of
Canada.
Closing of the Offering is anticipated to occur on or about
December 21, 2017 and is subject to
receipt of applicable regulatory approvals including approval of
the TSX Venture Exchange. The Flow-Through Shares issued
under the Offering will be subject to a four month hold period
which will expire four months plus a day from the date of closing.
The Agents will receive a cash commission of 6% of the proceeds
raised in this private placement.
About Falco
Falco Resources Ltd. is one of the largest mineral claim
holders in the Province of Québec, with extensive land holdings in
the Abitibi Greenstone Belt. Falco owns about 67,000 hectares of
land in the Rouyn-Noranda mining camp, which represents
approximately 70% of the entire camp and includes 13 former gold
and base metal mine sites. Falco's principal asset is the Horne 5
Project located in the former Horne mine that was operated by
Noranda from 1927 to 1976 and produced 11.6 million ounces of gold
and 2.5 billion pounds of copper. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward-looking statements
involve risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from these forward-looking statements include the
reliability of the historical data referenced in this press release
and those risks set out in Falco's public documents, including in
each management discussion and analysis, filed on SEDAR
at www.sedar.com. Although Falco believes that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Falco disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
SOURCE Falco Resources Ltd.