TORONTO, ONTARIO--(Marketwired - June 30, 2014) - Cartier Iron Corporation (CSE:CFE) ("Cartier Iron"), reports that it is amending the terms of the non-brokered private placement (the "Private Placement") announced on June 24, 2014. Cartier Iron will be offering up to 7,500,000 units ("Units") of Cartier Iron at a price of $0.20 per Unit for gross proceeds of up to $1,500,000, rather than 7,500,000 common shares ("Common Shares") at $0.20 per Common Share as originally announced.
Each Unit is comprised of one Common Share and one half of one warrant (each one whole warrant a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of Cartier Iron at a price of $0.40 per share at any time on or before the earlier of: (i) the expiration of an 18-month term following the Closing Date, and (ii) 10 business days after the Acceleration Notice, as defined below (or such longer period of time as the Corporation may allow in such Acceleration Notice, such earlier date being the "Expiry Date"). If the average closing price of the Cartier Iron Common Shares on the Canadian Securities Exchange is greater than $0.50 per share for a period of 20 consecutive business days (following the expiry of the 4-month "hold period", following the Closing Date), the Warrants will expire unless they are exercised within ten (10) business days (or such longer period of time as Cartier Iron may provide) after Cartier Iron gives notice by issuing a press release and depositing a notice in the mail to each such warrantholder (the "Acceleration Notice") to accelerate the Expiry Date to the date set out in such press release and notice sent by mail.
The net proceeds of the Private Placement will be used to finance ongoing exploration at Cartier Iron's optioned Penguin Lake Project and for general working capital purposes.
About Cartier Iron Corporation
Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in the province of Quebec. Cartier Iron's projects include the optioned Gagnon Holdings in the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the Nunavik Region of northern Quebec. Cartier Iron announced on December 19, 2013 that the Penguin Lake deposit, which underlies part of the Round Lake claim group (one of Cartier Iron's optioned Gagnon Holdings), hosts an in-pit Inferred Resource of 531 million tonnes grading 33% Total Iron at a 15% cut-off grade. Cartier Iron also announced on March 24, 2014 that it has engaged BBA Inc. to complete a Preliminary Economic Assessment of the Penguin Lake Project.
For additional information on Cartier Iron, please visit our website at www.cartieriron.com.
The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cartier Iron Corporation
President & Director
Cartier Iron Corporation
Source: Cartier Iron Corporation