Cloudbreak Resources Increases Size of Financing


Cloudbreak Resources Ltd. has increased the current private placement offering from a maximum of five million units to six million units at a purchase price of 6.5 cents per unit for total gross proceeds of up to $390,000. As previously announced, each unit will continue to comprise one common share and one warrant with each warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of five years from closing.

The company will also increase the private placement of 15 million flow-through units to 17 million flow-through units at a purchase price of 6.5 cents per flow-through unit for total gross proceeds of up to $1,105,000. Each flow-through unit will continue to comprise one common share issued on a flow-through basis and one warrant entitling the holder to purchase one common share at a price of 10 cents per share for a period of two years from closing.

The moneys from the sale of the units will be used for general working capital and for further development of the company’s Canadian properties. The moneys from the sale of the flow-through units will be used for the company’s exploration activities on its Canadian mineral properties.

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