Canada Carbon Closes Non-Brokered Private Placement
May 11th, 2018, Vancouver, BC, Canada – Canada Carbon Inc. (the “Company”) (TSX-V: CCB) announces it has closed a non-brokered private placement (the “Private Placement”) in which it issued 2,800,000 units at $0.08 per unit for gross proceeds of $224,000. Each unit is comprised of one common share and one common share purchase warrant exercisable at $0.11 for three years to one subscriber.
The proceeds from the private placement will be used to bolster the Companies treasury for the legal proceedings that are underway.
Executive Chairman and CEO, R. Bruce Duncan asserted, “The Board of Directors and Senior Officers of Canada Carbon are fully committed to reinstating and completing the Miller Project permitting process. All non-essential expenses, including salaries, are being deferred in order to focus all available financial resources on defending the Company and its shareholders’ rights to develop the environmentally benign Miller marble quarry and graphite mine.”
Finder’s fees of $13,440 cash were paid in connection with the financing. In accordance with applicable securities legislation, all securities issued in the Private Placement are subject to a statutory hold period of four months and one day.
CANADA CARBON INC.
CEO and Director
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).