MONTREAL, QUEBEC--(Marketwired - Oct. 17, 2016) - Yorbeau Resources Inc. (TSX:YRB.A) (the "Company" or "Yorbeau") is pleased to announce that it has completed the final tranche of its previously announced private placement (see press release dated July 19, 2016) by issuing 850,000 additional flow-through common shares at a price of $0.125 per share for gross proceeds of $106,250. The Company has raised total gross proceeds of $1,281,250 under this financing.
The Company will use the proceeds raised from the issue of the flow-through common shares to incur Canadian exploration expenses on its properties.
About Yorbeau Resources Inc.
The Company's 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports that include resource estimates. Yorbeau and Kinross Gold Corporation ("Kinross") have recently signed a letter of intent providing for the grant to Kinross of an option to acquire a 100% interest in the Company's Rouyn Property (see press release dated June 22, 2016).
The Company has recently expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec and Ontario that also feature infrastructure favourable for mining development. The newly acquired base metal properties include Scott Lake which hosts important mineral resources, and Beschefer where, regionally, exploration interest has been increasing.
More information on the Company may be found on the Company's website at www.yorbeauresources.com.
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.