Far Resources Closes Acquisition of 100% of Zoro Lithium Property, Snow Lake, Manitoba; Announces Financing
May 17, 2017 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it has completed its accelerated acquisition of the Zoro1 mineral claim as announced on May 9, 2017 in consideration for 6,000,000 common shares of the Company at a deemed price of $0.10 per share (the “Payment Shares”) and a non-interest bearing promissory note for $100,000 payable in 12 months.
The 6,000,000 Payment Shares are subject to a statutory hold period of four months and one day; 1,666,667 Payment Shares are subject to an additional voluntary hold period expiring eight months after closing and an additional 1,666,667 Payment shares are subject to a further voluntary hold period expiring 12 months after closing.
Keith Anderson commented, “By accelerating our purchase of the Zoro1 mineral claim we are moving forward with our corporate mission to unlock the potential of historic mining camps. In particular, we believe that our Zoro Lithium project is an exciting opportunity for Far Resources as the market for alternative energy continues to grow. We plan to capitalize on this trend toward greener energy to the benefit of all our stakeholders.”
The Company also announces that it will conduct a financing to raise up to $300,000 (the “Financing”). The Financing will consist of up to 3,333,334 units (the “Units”) at a price of $0.09 per Unit. Each Unit will consist of one common share (each a “Share”) and one half (1/2) of one common share purchase warrant (the “Warrants”). Each whole Warrant will be exercisable by the holder into one Share of the Company at a price of $0.15 per Share for a period of one year from close of financing. All securities issued pursuant to this Financing will be subject to a 4-month and one day hold period from the date of closing. The proceeds of the Financing will be used to advance the Company’s strategic plan including additional exploration of the Zoro Lithium property and for general working capital purposes. The Company may offer a finders’ fee in connection with the Financing. All amounts quoted in this news release are in Canadian dollars.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources currently has two mineral projects in place. The Zoro Lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second project is the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.