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UNITED STATES/
TORONTO, Nov. 15,
2023 /CNW/ - Spitfyre Capital Inc. (the
"Corporation" or "Spitfyre") (TSXV: FYRE.P) is
pleased to announce that as a result of strong investor demand, it
has increased its previously announced private placement financing
("Private Placement") and amendments to the terms of the
Private Placement. Further to the Corporation's news release on
October 5, 2023, the Corporation has
amended the terms of the Private Placement to increase the size of
the Private Placement and remove the over-allotment option granted
to iA Private Wealth Inc. and Canaccord Genuity Corp. (the
"Agents").
Pursuant to the amended terms, the Corporation, along with
NeoTerrex Corporation ("NeoTerrex") will issue subscription
receipts of NeoTerrex and/or Spitfyre (the "CS Subscription
Receipts") at $0.25 per CS
Subscription Receipt and flow-through subscription receipts of
NeoTerrex (the "FT Subscription Receipts") at $0.30 per FT Subscription Receipt (together, the
"Subscription Receipts") for aggregate gross proceeds of a
minimum of $2,000,000 and a maximum
of $4,000,000. The Agents will no
longer have the option to increase the size of the Private
Placement. All other terms of the Subscription Receipts and Private
Placement remain the same as previously disclosed. The Private
Placement is expected to close on or around November 21, 2023.
It is intended that the net proceeds from the Private Placement
will be used for the exploration and development of NeoTerrex's
Mount Discovery Project, claim renewal and maintenance cost, the
identification and evaluation of future potential acquisitions of
rare earth and lithium projects, the exploration and evaluation of
NeoTerrex's other rare earths and lithium projects and general
working capital following completion of the qualifying transaction
between Spitfyre and NeoTerrex (the "Qualifying
Transaction").
Forward-Looking Information
Cautionary Statement
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws which may include, but are not limited to,
statements with respect to the Private Placement, the anticipated
proceeds from the Private Placement, the expected use of proceeds,
the Corporation's ability to complete the Private Placement, the
anticipated timeline to complete the Private Placement, the
completion of the Qualifying Transaction and approval of the TSX-V.
Although the Corporation believes that the assumptions underlying
these statements are reasonable, actual future results may differ
materially. In particular, statements pertaining to the terms and
completion of the Private Placement constitute forward-looking
information. Such forward-looking information is often, but not
always, identified by the use of words and phrases such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved. Various assumptions or factors are typically applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking information. Those assumptions and factors are
based on information currently available to the Corporation.
Forward looking information involves known and unknown risks,
uncertainties and other risk factors which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Although the
Corporation has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking information. The
Corporation undertakes no obligation, except as otherwise required
by law, to update these forward-looking statements if management's
beliefs, estimates or opinions, or other factors change.
Spitfyre is a capital pool company governed by the policies of
the TSX-V. The principal business of Spitfyre is the identification
and evaluation of assets or businesses with a view to completing a
Qualifying Transaction.
NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX-V) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
SOURCE Spitfyre Capital Inc.