VANCOUVER, British Columbia, April 04, 2017 (GLOBE NEWSWIRE) -- eShippers Management Ltd. ("eShippers" or the "Company") (NEX:EPX.H) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement. Under the first tranche of the private placement, a total of 5,422,165 common shares were issued at a price of $0.12 per share for gross proceeds of $650,659.80. It is expected that the second tranche of the private placement for gross proceeds of $234,000 will be completed next week. There were no warrants issued and no finder’s fees paid in connection with the private placement. The net proceeds will be used to reduce corporate debt and to finance the Company's ongoing review of prospective projects in the resource sector. All of the common shares issued under the private placement are subject to a four month resale restriction.
About the Company
The Company is engaged in the acquisition, exploration and development of mineral projects in the resource sector.
Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed use of proceeds from the private placement. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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