BE Resources Completes $1 Million Private Placement
07 September 2011 - 5:42AM
Marketwired
BE Resources Inc. (TSX VENTURE: BER) ("BE" or the "Company") is
pleased to announce it has completed a private placement of
10,000,000 units of the Company (the "Units") at a price of $0.10
per Unit, for aggregate gross proceeds of $1,000,000. Each Unit is
comprised of one common share in the capital of the Company and
one-half of one common share purchase warrant. Each full warrant
entitles the holder to purchase one common share at an exercise
price of US$0.20 per share for a period of two years, subject to
earlier expiry or adjustment in certain circumstances.
In connection with the sale of the Units, the Company paid a
cash finder's fee equal to $41,000 and issued finder's warrants for
the purchase of up to 656,000 common shares at a price of US$0.11
per share for a period of two years, subject to earlier expiry or
adjustment in certain circumstances.
The proceeds of the private placement will be used by the
Company to fund drilling activities at its Warm Springs property
and for general working capital purposes.
The securities issued under this private placement as well as
the common shares issued on exercise of the warrants and finder's
warrants will be subject to a four month hold period expiring
January 7, 2012 under applicable Canadian securities
legislation.
The securities sold by the Company have not been registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered or sold in the
United States absent registration under the U.S. Securities Act or
an exemption from such registration requirements. The common
shares, warrants and the common shares issuable upon exercise of
the warrants will be "restricted securities" within the meaning of
Rule 144 under the U.S. Securities Act and will remain "restricted
securities" notwithstanding any resale within or outside the United
States unless the sale is completed pursuant to an effective
registration statement under the U.S. Securities Act or in
accordance with Rule 144.
Cautionary Statements
Certain statements contained in this news release may contain
forward-looking information within the meaning of United States and
Canadian securities laws. Such forward-looking information is
identified by words such as "estimates", "intends", "plans",
"expects", "believes", "may" and "will" and include, without
limitation, statements regarding the use of proceeds. There can be
no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others, regulatory hurdles. Reference is
made to the risk factors contained in the Company's annual report
on Form 10-K for the year ended December 31, 2010. Most of these
factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
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 release.
Contacts: BE Resources Inc. Jon Pereira President & CEO
(416) 200-7200
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