AFR NuVenture Resources Inc. Announces completion of its Non-Brokered Private Placement

Executive Summary

• AFR NuVenture Resources Inc. closed a non‑brokered private placement of 7,500,000 units at $0.02 per unit, generating $150,000 in gross proceeds.
• Proceeds are earmarked for preliminary exploration on the Mary Ann’s Lake Cu/Ag project ($70k) and the Massey Ni/Cu project ($25k), with the remainder allocated to general working capital ($55k).
• Company insiders purchased 2,525,000 units ($50,500), constituting a related‑party transaction that complies with MI 61‑101 exemptions.

Key Details

• Units sold: 7,5 million (each unit = 1 common share + 1 warrant)
• Price per unit: $0.02 → Gross proceeds: $150,000
• Warrant terms: Exercise price $0.05 per share; exercisable for five years.
• Use of proceeds:
• Mary Ann’s Lake Cu/Ag Project – $70,000
• Massey Ni/Cu Project – $25,000
• General administrative & working capital – $55,000
• Insider participation: Officers and directors bought 2,525,000 units for $50,500.
• Related‑party transaction compliance: Exempt under MI 61‑101 subsections 5.5(a) and 5.7(a); insider purchase ≤ 25% of fair market value.
• Holding period: Securities subject to a lock‑up expiring four months and one day after the closing date.
• Regulatory clearance: TSX Venture Exchange did not object to the closing.

Notable Quotes

“I am extremely pleased that the Company is now able to move forward with its exploration plans on its two exciting projects in Cape Breton, Nova Scotia, and the legendary Timmins Mining Camp in Ontario.” – John O’Donnell, Chairman & CEO.