Yorbeau closes first tranche of private placement
Montreal, March 11, 2016 - Yorbeau Resources Inc. (TSX: YRB.A) (the “Company”) is pleased to announce that the Company has closed a non-brokered private placement financing of $500,000 representing the first tranche of an equity financing of up to $750,000. Under this first tranche, the Company issued a total of 7,142,859 units at a price of $0.07 per unit for gross proceeds of $500,000. Each unit consists of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder thereof to purchase one Common Share at a price of $0.10 for a period of two years, provided that if the closing price of the Common Shares on the Toronto Stock Exchange is equal to or greater than $0.25 for 20 consecutive trading days, the Company will be entitled to accelerate the expiry date of the Warrants to a date ending 30 days from the date notice of such acceleration is given to the warrantholders.
Proceeds from the private placement will be used to provide working capital to the Company.
About Yorbeau Resources Inc.
The Company’s 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports that include resource estimates. The Company has recently expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec and Ontario that also feature infrastructure favourable for mining development.
More information on the Company may be found on the Company’s website at www.yorbeauresources.com.
For further information, please contact:
Gérald Riverin, Ph D., P. Geo
Yorbeau Resources Inc.
G. Bodnar Jr.
Yorbeau Resources Inc.
Toll free in North America: 1-855-384-2202
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives 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.