Record Resources Closes $1.9 Million Offering to Advance Strategic Growth Initiatives in Gabon, Africa

Executive Summary

• Record Resources Inc. completed a brokered private placement of 23,333,332 units at $0.06 per unit, raising approximately $1.9 million in gross proceeds.
• Proceeds are earmarked for strategic growth in Gabon, Africa, as well as working capital and general corporate purposes related to existing oil development and exploration assets.
• The offering included common shares, share purchase warrants (exercise price $0.09), broker warrants, and advisory warrants; the company also paid a cash commission of $133,527.99 and an advisory fee of $11,000.

Key Details

• Offering Structure: 23,333,332 units each consisting of one common share + ½ warrant; total gross proceeds ≈ $1,900,000.
• Pricing: Offering price of $0.06 per unit (including full exercise of the agent’s option).
• Warrant Terms: Each warrant allows purchase of one common share at $0.09, exercisable any time up to June 23 2028; exercisable 60 days after the date of issuance.
• Use of Proceeds: Funding for strategic growth plans in Gabon, Africa; working capital; general corporate purposes tied to oil development and high‑impact exploration assets.
• Units Distribution:
• 15,000,000 units issued under the LIFE Offering (exempt from hold period).
• 8,333,332 units subject to a statutory hold period expiring April 24 2026.
• Broker & Advisory Compensation:
• Cash commission paid to Research Capital Corporation: $133,527.99.
• Issuance of 2,225,467 non‑transferable broker warrants (exercise price equal to offering price, exercisable until June 23 2028).
• Advisory fee: $11,000; issuance of 307,866 advisory warrants on the same terms as broker warrants.
• Insider Participation: Directors and officers purchased 683,332 units for gross proceeds of $41,000, subject to a hold period expiring April 22 2026; treated as a related‑party transaction exempt from certain MI 61‑101 requirements.
• Agent & Bookrunner: Research Capital Corporation acted as sole agent and bookrunner.

Notable Quotes

(No executive quotes were provided in the release.)