New Earth Resources Closes Over Subscribed Flow-Through Private Placement
Executive Summary
- New Earth Resources Corp. closed its previously announced non‑brokered private placement (“FT Offering”), issuing 2,422,112 flow‑through units at $0.45 per unit for gross proceeds of $1,089,950.
- The financing includes 2,422,112 Class A common shares and 1,822,112 FT Unit warrants (full‑share and half‑share warrants) with exercise price $0.60, exercisable until December 22 2028.
- An additional increase to a separate unit offering was announced: up to 2,200,000 units at $0.375 per unit for gross proceeds of up to $825,000, raising the prior cap by $75,000.
Key Details
- FT Offering Structure:
- Total FT Units issued: 2,422,112
- Price per FT Unit: $0.45
- Shares issued: 2,422,112 (one per unit)
- Warrants issued: 1,822,112 (full‑share warrants for 1,222,112 units; half‑share warrants for the remaining 1,200,000 units)
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Warrant exercise price: $0.60 per share, exercisable until Dec 22 2028
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Gross Proceeds: $1,089,950 (pre‑tax, before fees).
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Finder’s Fees & Warrants:
- Cash finder’s fees paid: $76,796
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Finder’s warrants issued: 170,657, each exercisable at $0.45 per share until Dec 22 2028.
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Hold Period: All securities subject to a four‑month hold period expiring April 23 2026 under Canadian securities law.
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Use of Proceeds: To incur eligible Canadian exploration expenses (flow‑through mining expenditures) on the Company’s mineral exploration properties in Canada.
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Additional Unit Offering Increase:
- New maximum units: 2,200,000 (up from 2,000,000)
- Revised gross proceeds cap: $825,000 (up from $750,000)
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Price per unit unchanged at $0.375; all other terms remain the same.
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CEO Comment: “We are very excited to have completed and over‑subscribed this financing, especially as we head into 2026 and the year ahead.” – Lawrence Hay, CEO
Notable Quotes
- “We are very excited to have completed and over‑subscribed this financing, especially as we head into 2026 and the year ahead,” – Lawrence Hay, President & CEO.