TSX Venture Exchange: ADY
OTCQB:
ADYRF
FSE: 701GR
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
PORT
MORESBY, Papua New Guinea, April 19,
2024 /CNW/ - Adyton Resources Corporation
(TSXV: ADY) ("Adyton" or the "Company") announces it has
closed its previously announced non-brokered private placement
offering, pursuant to which it has issued 50,000,000 common shares
of the Company ("Shares") at a price of C$0.03 per Share for aggregate gross proceeds of
C$1,500,000 (the "Financing").
The Company intends to use the net proceeds of the Financing for
general corporate purposes, exploration activities, and tenement
holding costs. It is expected the majority of the proceeds will be
used for general corporate purposes with no other specific use
representing 10% or more of the gross proceeds of the Financing"
None of the proceeds from the Financing will be used for payments
to non-arm's length parties of the Company other than normal course
compensation of its officers, directors, employees and consultants
as part of general corporate purposes, or to persons conducting
investor relations activities.
In connection with the Financing, the Company paid finder's fees
consisting of 4,000,000 Shares and 4,000,000 common share purchase
warrants (the "Finder Warrants") to an arm's length finder. Each
Finder Warrant entitles the holder thereof to purchase one Share at
an exercise price of C$0.05 until
April 20, 2026.
All Shares issued under the Financing are subject to a hold
period expiring on August 20, 2024
under applicable Canadian securities laws. All Shares issued under
the Financing are also subject to contractual resale restrictions
with the Company whereby 25% portions of the Shares purchased by
the purchasers under the Financing may be sold, transferred or
otherwise traded only after each of the dates which are 4, 6, 9 and
12 months from closing.
Certain officers, directors and other insiders of the Company
purchased an aggregate of 6,250,000 Shares under the Financing. The
sales of these Shares to the insiders are considered to be "related
party transactions" for the purposes of National Instrument 61-101
– Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company has determined that
exemptions from the various requirements of MI 61-101 and TSX
Venture Exchange Policy 5.9 in reliance on sections 5.5(a) and
5.7(1)(a) of MI 61-101 are available for the issuance of the Shares
to these related parties.
The closing of the Financing is subject to final acceptance of
the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF ADYTON RESOURCES
CORPORATION
Tim Crossley, Chief Executive
Officer
ABOUT ADYTON RESOURCES
CORPORATION
Adyton Resources Corporation is focused on the development of
gold and copper resources in world class mineral jurisdictions. It
currently has a portfolio of highly prospective mineral exploration
projects in Papua New Guinea on
which it is exploring to expand its identified gold Inferred and
Indicated Mineral Resources and expand on its recent significant
copper drill intercepts on the 100% owned Feni Island project. The
Company's mineral exploration projects are located on the Pacific
Ring of Fire on easy to access island locations which hosts several
globally significant copper and gold deposits including the Lihir
gold mine and Panguna copper/gold mine on Bougainville Island,
both neighbouring projects to the Company's Feni Island
project.
For more information about Adyton and its projects, visit
www.adytonresources.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This press release may include "forward-looking statements",
including forecasts, estimates, expectations, and objectives for
future operations that are subject to several assumptions, risks,
and uncertainties, many of which are beyond the control of Adyton.
Forward looking statements and information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "should", "expect", "intend", "estimate", "anticipate",
"believe", "continue", "plans" or similar terminology. The
forward-looking information contained herein is provided for the
purpose of assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking information are based on management of
the parties' reasonable assumptions, estimates, expectations,
analyses and opinions, which are based on such management's
experience and perception of trends, current conditions and
expected developments, and other factors that management believes
are relevant and reasonable in the circumstances, but which may
prove to be incorrect. Such factors, among other things, include:
impacts arising from the global disruption caused by the Covid-19
coronavirus outbreak, changes in general macroeconomic conditions;
changes in securities markets; changes in the price of gold or
certain other commodities; change in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave-ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of and changes in the costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government
authorities); and title to properties. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward-looking statements. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed, and actual future results may vary
materially. Readers are cautioned not to place undue reliance on
forward looking statements or information. Adyton Resources
Corporation undertakes no obligation to update forward-looking
information except as required by applicable law.
SOURCE Adyton Resources Corporation
