Morien Resources closes $1.6-million offering

Executive Summary

• Morien Resources Corp. has closed its previously announced non-brokered Listed Issuer Financing Exemption (LIFE) offering, raising gross proceeds of $1.6 million.
• The financing was conducted at a price of 18 cents per share, resulting in the issuance of 8,888,889 common shares.
• Proceeds are intended to fund operations for the next four to five years, supporting strategic initiatives including the Donkin mine restart advocacy, the Lazy Head aggregate project, and engagement with Vulcan Materials Company regarding the Black Point quarry project.

Key Details

• Gross Proceeds: $1.6 million.
• Share Price: 18 cents per share.
• Shares Issued: 8,888,889 common shares.
• Insider Participation: Insiders subscribed for an aggregate of 650,753 common shares.
• Transaction Structure: Non-brokered LIFE offering pursuant to National Instrument 45-106 in Canadian provinces/territories (excluding Quebec) and under U.S. Securities Act exemptions.
• Intermediary Fees: $12,240 paid to certain intermediaries.
• Use of Proceeds:
  • Support operations for an estimated four to five years.
  • Advocate for a restart of operations at the Donkin mine.
  • Advance permitting, environmental review, and technical work at the Lazy Head aggregate project (partnership with Carver Companies).
  • Progress early-stage technical and commercial evaluation of a Newfoundland aggregate opportunity with Carver.
  • Remain engaged with Vulcan Materials Company regarding the final investment decision for the Black Point quarry project and the associated $400,000 milestone payment.
• Post-Offering Share Count:
  • Issued and Outstanding: 60,180,889 common shares.
  • Fully Diluted Position: 62,330,889 shares.
• Hold Periods: Common shares issued are not subject to a statutory hold period under Canadian securities laws; however, shares issued to insiders are subject to a four-month hold period under TSX Venture Exchange policies.