Cartier Closes Private Placement Funds

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VAL D’OR, Quebec, Nov. 15, 2024 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company”) announces that it has closed a private placement (the “Private Placement”) for total proceeds of $487,432. A total of 4,431,202 units (“Units”) of Cartier were issued at a price of $0.11 per Unit. Each unit consisted of one (1) Cartier common share (“Common Share”) and one (1) Common Share warrant allowing the holder to subscribe for one (1) Common Share at a price of $0.16 for thirty times. -six (36) months following the closing date of the Private Placement.

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Proceeds from the Private Placement are expected to be used for Cartier’s G&A.

Company insiders participated in the Private Placement and subscribed for a total of 1,070,638 units for proceeds of $117,770. Such participation in a Private Placement is a “related party activity” as defined in Regulation 61-101 regarding the protection of minority security holders from special dealing (“Regulation 61-101”). A Private Placement is exempt from the statutory valuation and minority shareholder approval requirements of Regulation 61-101 as long as the fair market value of the securities offered to insiders or the consideration for these securities by insiders does not exceed 25% of the Company’s market capitalization.

Securities issued under the Private Placement will be subject to a statutory period of four (4) months. The Private Placement remains subject to the final approval of the TSX Venture Exchange.

About Cartier

Cartier Resources Inc., founded in 2006, is an exploration company based in Val-d’Or. Cartier’s projects are all located in Quebec, which is consistently ranked among the best mining areas in the world. Cartier is advancing the development of its flagship Cadillac Project, which includes the Chimo Mine and East Cadillac properties and its other projects. Cartier has significant corporate and institutional backing, notably Agnico Eagle, O3 Mining and Quebec investment funds.

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Warning Statement
Certain statements contained in this press release include forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are based on many beliefs, assumptions, and opinions of management at the date the statements are made and are subject to many risks and uncertainties that could cause actual results and future events to differ materially from those expected or projected. The company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, unless required by law.

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.