Cartier Resources Inc.
TSX VENTURE : ECR

Cartier Resources Inc.

May 19, 2010 11:20 ET

Cartier Resources Inc. Announces Closing of a $745,000 Financing

VAL-D'OR, QUEBEC--(Marketwire - May 19, 2010) - Cartier Resources Inc. ("Cartier") (TSX VENTURE:ECR) is pleased to announce that it has completed the closing of a public offering in Quebec for a total amount of $745,000.05 through a short form offering document in accordance with Policy 4.6 of the TSX Venture Exchange (the "Offering"). The Offering consists of the issuance of 1,250,000 flow-through common shares at a price of $0.44 per share for a total of $550,000 and 557,143 units at a price of $0.35 per unit for a total of $195,000.05.

Each unit is comprised of one common share and one common share purchase warrant, each warrant entitling the holder to subscribe for one (1) common share at a price of $0.45 for a period of two (2) years following the closing date.

Thus, an aggregate of 1,807,143 shares (including 1,250,000 flow-through common shares and 557,143 common shares) were issued, along with 557,143 share purchase warrants. There are 285,714 common shares which are subject to a four (4) month statutory hold period.

Industrial Alliance Securities Inc. (the "Agent") acted as agent for the Offering. Cartier paid the Agent a fee equal to 8.5% of the gross proceeds from the sale of the flow-through common shares and the units.

In addition, the Agent received non transferable compensation options entitling it to subscribe for such number of common shares of Cartier equal to 5% of the total number of shares sold pursuant to the Offering, exercisable in whole or in part at a price of $0.35 per common share.

The proceeds of the Offering, 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 MacCormack property, and for general working capital.

The TSX Venture Exchange does not assume any responsibility for the adequacy or accuracy of this press release.

Contact Information

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