A.I.S. Resources Limited

March 21, 2014 15:29 ET

A.I.S. Resources Limited Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwired - March 21, 2014) - A.I.S. RESOURCES LTD. (TSX VENTURE:AIS.H) (the "Corporation") is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 1,500,000 units ("Units") of the Corporation at a price of $0.20 per Unit for aggregate gross proceeds of up to $300,000. Each Unit will be comprised of one common share ("Common Share") of the Corporation and one-half of one Common Share purchase warrant ("Warrant"), with each whole Warrant entitling the holder thereof to acquire one Common Share at a price of $0.50 for a period of one year from the date of closing of the Private Placement. The net proceeds of the Private Placement will be used to finance the investigation and due diligence of potential transactions that result in the reactivation of the Corporation and for general working capital purposes.

The Private Placement is anticipated to close in April 2014; however, completion is subject to certain conditions, including approval of the NEX Board of the TSX Venture Exchange (the "NEX") to the listing of the Common Shares (including the Common Shares underlying the Warrants) on the NEX. The Common Shares and Warrants, including the Common Shares underlying the Warrants, will be subject to a hold period ending four months and a day from the date of closing. In connection with the Private Placement the Corporation may pay a cash commission or finder's fee of up to 10% of the gross proceeds of the Private Placement.

ADVISORY: This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing date of the Private Placement and the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the Private Placement could be delayed if the Corporation is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Private Placement will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Private Placement will not be completed within the anticipated time or at all. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • A.I.S. Resources Limited
    Martyn Element
    President and Chief Executive Officer
    (604) 687-6820