Cartier Resources Inc.
TSX VENTURE : ECR

Cartier Resources Inc.

December 23, 2010 14:43 ET

Cartier Resources Inc. Announces Closing of a $599,989.68 Financing

VAL-D'OR, QUEBEC--(Marketwire - Dec. 23, 2010) - Cartier Resources Inc. ("Cartier") (TSX VENTURE:ECR) is pleased to announce that it has completed the closing of private placements aggregating $599,989.68 consisting of the issuance of 550,000 flow-through common shares at a price of $0.50 per share for a total of $275,000 and 855,236 units at a price of $0.38 per unit for a total of $324,989.68.

Each unit is comprised of one (1) common share and one (1) common share purchase warrant entitling its 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 1,405,236 shares (including 550,000 flow-through common shares and 855,236 common shares) were issued, along with 855,236 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 (i) paid, on the portion of the private placement represented by 550,000 flow-through shares and 460,500 units, cash finders' fees of 8% of the gross proceeds of the sale and issued such number of non-transferable compensation options equal to 8% of the aggregate number of flow-through shares and units issued, i.e. 80,840 compensation options, each being exercisable at an exercise price of $0.38 for a period of two (2) years from the closing date; and (ii) on a portion of the private placement represented by 394,736 units, Cartier paid an engagement fee of 3% of the gross proceeds of the sale.

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)