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A.I.S. Resources completes private placement
A.I.S. Resources Limited, listed on the TSX Venture Exchange, has announced the successful completion of a non-brokered private placement. The company issued 2,700,000 shares at a price of $0.03 per share, generating gross proceeds of $81,000. A.I.S. Resources will not pursue any additional tranches of this private placement.
Allocation of funds
The capital raised from this placement is designated for various operational expenses, including audit fees and general office costs.
Importantly, no payments will be made to non-arm’s length parties, and there will be no fees paid for investor relations services. The completion of this private placement is contingent upon final approval from the TSX Venture Exchange. All securities involved in this transaction will be subject to a four-month hold period in accordance with Canadian securities regulations.
Corporate updates and developments
A.I.S. Resources has announced significant updates regarding its business operations. The company completed a sale of 25% of its stake in Buda Juice LLC, generating USD $500,000 from the transaction. This strategic move reflects A.I.S. Resources’ commitment to optimizing its investment portfolio and enhancing its operational focus.
Reinstatement application with TSX Venture Exchange
In a related development, A.I.S. Resources submitted an application for reinstatement of trading on the TSX Venture Exchange following the revocation of a cease-trade order. This order was issued due to the company’s previous failure to file required documents. The British Columbia Securities Commission lifted the order, clearing the way for the company’s trading activities.
A.I.S. Resources recognizes the patience of its shareholders during this critical transition period. The company is currently undergoing a review by the Exchange regarding its reinstatement application. A.I.S. Resources is committed to providing transparent updates throughout this ongoing process.
Financial obligations and corporate governance
In line with its commitment to transparency, A.I.S. Resources has disclosed several financial obligations. The company retracted plans for an additional private placement that was under consideration. Additionally, a promissory note was issued to Panopus Plc, amounting to $139,149. This unsecured note incurs interest at a rate of 10% per annum and is repayable within five business days upon demand.
The proceeds from this loan were allocated for the acquisition of the Bright property. A.I.S. Resources has repaid $50,000 of the principal on this loan.
About A.I.S. Resources Limited
A.I.S. Resources Limited focuses on identifying opportunities within the natural resources sector. The company aims to create value through strategic acquisitions of early-stage projects and by providing essential technical and financial support for their development. The leadership team consists of experienced professionals, including engineers, geologists, and finance experts, who bring extensive knowledge of capital markets.
On behalf of A.I.S. Resources Limited
Martyn Element
Chairman
Contact information
For additional inquiries, please contact:
Martyn Element, Chairman of the Board
T: +1-604-220-6266
E: [email protected]
Website: www.aisresources.com
Important notice: This release includes forward-looking statements about future events and conditions. A.I.S. Resources believes these expectations are reasonable; however, they are subject to risks and uncertainties that could lead to actual outcomes differing materially. The company will not update any forward-looking statements unless required by applicable laws.
