Investissements St-Pierre inc.

June 04, 2007 11:50 ET

Investissements St-Pierre Inc. Annonces the Closing a Private Placement of $4,000,000 and its Qualifying Transaction


Investissements St-Pierre Inc. ("St-Pierre"), a capital pool company (TSX VENTURE:INP.P) wishes to announce the closing of a $4,000,000 private placement and the completion of the Qualifying Transaction for the purposes of Policy 2.4 of the TSX Venture Exchange Inc. (the "Exchange").

The Qualifying Transaction, consists of the acquisition of seven (7) mining exploration properties totalling 396 mining claims situated in the Abitibi Greenstone Belt, in North-West Quebec, of which the major one is the Kinojevis property. The activities of the resulting issuer shall consist of mining exploration. Following this transaction the company has changed it's name to Cartier Resources inc.

Concurrently, the Compagny completed a private placement of 8,000,000 units at $0.50 for a total of $4,000,000. 6,700,000 units were brokered jointly by Desjardins Securities Inc. ("Desjardins") and Pacific International Securities Inc. ("Pacific"), 900,00 units were brokered by a U.S.-based Global Resource Investments Ltd. and 400,000 units were placed directly by the company without the assistance of a brokerage firm. Each unit consists of one (1) common share and one-half (1/2) share purchase warrant. A whole share purchase warrant may be exercised at $0.70 per share for a period of 24 months from the closing of this financing. The units of this private placement are subject to a four month hold period expiring on Octobre 1st 2007.

Immediately after completeing the Qualifying Transaction, the folowing individuals were appointed as directors of the company :

- Philippe Cloutier

- Jean Descarreaux

- Mario Jacob

- Jean Carriere

- Daniel Masse

As well, Immediately after completeing the Qualifying Transaction, the folowing individuals were appointed as managers of the company :

- Philippe Cloutier, President and Chief Executive Officer;

- Jean Descarreaux, Chairman of the Board;

- Jean-Yves Laliberte, Treasuror and Chief Financial Oficer;

- Mario Jacob, Secretary

Stock option plan

The board of directors have approved a stock option plan. Under the plan, a total of 800,000 stock options are granted to directors and employees. 500,000 shares were granted to directors and 300,000 were granted to employees, this grant is a portion of the entire alottement voted by the directors and approved by shareholders on April 11th 2007.

Under the plan, the holder of an option has the right to purchase unissued Shares granted at a price 0f $0.54 per share up to a date no later than May 31st 2012. Options granted to directors can be exercised on the date of issuance, whereas options granted to employees will be subject to a vesting period spanning four years with 25% of the options exercisable at each anniversary.

The Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Cartier Resources Inc.
    Philippe Cloutier
    President and CEO
    819-874-3113 (FAX)