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Yobo Closes Unbrokered Private Placement, The Canadian Business Journal

It is not intended for distribution to US newswire services or for dissemination in the US.

MONTREAL, October 3, 2022 (GLOBE NEWSWIRE) — Yorbeau Resources Inc. (TSX: YRB) (“Company” Also “yobo”) is a fully applied private placement (“private placement“) By issuing 25,000,000 shares of Class A Common Stock, (i) 12,500,000 “flow-through” Class A Common Stock at a price of $0.045 per share and (ii) 12,500,000 shares of Class A Common Stock at a price of $0.035 per share. Per share of total earnings of $1,000,000.00 consisting of non-flow-through Class A common shares of stock.

We use the proceeds from the issuance of our flow-through Class A common stock for Canadian exploration expenses on our property and the proceeds from the issuance of our non-flow-through Class A common stock to the general public. Use for corporate purposes.

Five Insiders subscribed for a total of 18,250,000 shares of Class A common stock for an aggregate value of $730,000.00. Because our insiders participated in the private placement, it is considered a “related party transaction” as defined in Multilateral Agreement 61-101.Protection of Minority Shareholders in Special Transactions (“MI61-101”). Private placements are exempt from the formal evaluation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)). Consideration received from stakeholders exceeded 25% of the company’s market capitalization. Because the insider’s participation had not been confirmed at that time, the company did not file a material change report at least 21 days prior to the closing of the private placement.

This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. This security has not been and will not be registered under the U.S. Securities Act of 1933, as amended (“1933 Act“), or the securities laws of any state, in the United States or for the account or benefit of a United States Person (as defined in Regulation S under the 1933 Act), unless there is such registration or applicable exemption. You may not offer or sell any such registration requirements.

About Yobo Resources

Our wholly owned Rouyn property contains four known gold deposits in the 6 km long Augmitto-Astoria corridor located in the western part of the property. We signed a formal contract with him in December 2018. This leaves IAMGOLD with the option to acquire his 100% interest in Rouyn’s assets, with a major drilling program underway. Two of the four deposits, Astoria and Augmitto, benefit from substantial underground infrastructure and are the subject of technical reports, including resource estimates, submitted pursuant to Rule 43-101. In 2015, the Company expanded its exploration properties portfolio by acquiring strategic base metal properties in the promising area of ​​Quebec’s Abitibi Belt, which features infrastructure favorable to mining development. Newly acquired base metals properties include the Scott Project in Chibgamau, which holds significant mineral resources (see press release dated March 30, 2017) and has recently completed a positive preliminary economic evaluation .

For more information, please contact:

G. Bodner Jr.
President, Chief Financial Officer
Yobo Resources Co., Ltd.
[email protected]
Phone: 514-384-2202

North America Toll Free: 1-855-384-2202

Forward-Looking Statements: All statements other than statements of historical fact, including but not limited to statements regarding the use of proceeds from the private placement, in this news release are forward-looking statements that involve risks and uncertainties. There is no guarantee that such statements are 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, except as required by applicable securities laws.

CBJ Newsmaker

Yobo Closes Unbrokered Private Placement, The Canadian Business Journal

Source link Yobo Closes Unbrokered Private Placement, The Canadian Business Journal

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