Cartier Resources Inc.
TSX VENTURE : ECR

Cartier Resources Inc.

December 14, 2010 15:59 ET

Cartier Resources Inc. Announces Closing of a $2,992,540 Financing

VAL-D'OR, QUEBEC--(Marketwire - Dec. 14, 2010) - Cartier Ressources Inc. ("Cartier") (TSX VENTURE:ECR) is pleased to announce that it has completed the closing of a private placement for a total amount of $2,992,540 consisting of the issuance of 1,970,000 flow-through common shares at a price of $0.50 per share for a total of $985,000 and 5,283,000 units at a price of $0.38 per unit for a total of $2,007,540.

Each unit is comprised of one (1) common share and one (1) common share purchase warrant, each warrant entitling the holder to subscribe for one (1) common share at a price of $0.50 for a period of two (2) years following the closing date.

Thus, an aggregate of 7,253,000 shares (including 1,970,000 flow-through common shares and 5,283,000 common shares) were issued at closing, along with 5,283,000 share purchase warrants. The securities issued under the private placement are subject to a four (4) month and one (1) day statutory hold period.

In conjunction with the private placement, Cartier paid finder's fees equivalent to 8% of the gross proceeds of the sale of flow-through shares and units as well as a number of non-transferable warrants equal to 8% of the aggregate number of flow-through shares and units issued. These warrants are exercisable for a period of two (2) years from the closing date at a price of $0.38 per share.

The proceeds of the private placement, combined with existing working capital, will be used by Cartier to conduct exploration programs during the next 12 months on its properties, mainly on its Dollier, Xstrata Option and Cadillac Extension properties, and for general working capital.

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

Contact Information

  • Cartier Resources Inc.
    Philippe Cloutier
    President and CEO
    819-874-1331 Toll free: 1-877-874-1331
    819-874-3113 (FAX)