07 Feb Far Resources Appoints Vice President, Corporate Development and Issues Securities
February 7, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) announces that Mr. Toby Mayo, a Director of the Company, has accepted the position of Vice President, Corporate Development, in addition to his role as Director. Keith Anderson, President and CEO of Far Resources, commented, “We are very pleased that Toby is taking on an expanded role within the organization. With the addition of Hidden Lake, the ongoing work at Zoro and the spin out on the horizon, we anticipate a busy year and we are pleased to add such a dedicated and talented member to the management team.”
The Company also announces that it has granted 250,000 options to acquire common shares in the equity of the Company to certain insiders of the Company (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.59 per option share, expiring 5 years from date of grant. The Company has also renewed its ongoing consulting arrangement with one of its directors, who has agreed to be paid in Common shares of the Company. The Company will issue up to a total of 120,000 shares over a 12-month term, at a deemed price of $0.59 per share, payable monthly at the rate of 10,000 shares per month.
The Company has also renewed a consulting agreement with a member of its corporate communications team, whereby the Company will pay $5000 per month to its consultant payable half in cash and half in Common shares. The Common shares will be issued at the end of each month in which services are provided at a deemed price that is equal to the closing price of the shares as of the first day of the month in which services were provided.
The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
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 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
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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 (including our planned exploration for the Winston Project and the Zoro Lithium Property) 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.