Cameo Resources Corp. has closed a private placement of 666,667 units at a price of 75 cents per unit for proceeds of $500,000. Each unit consists of one common share in the capital of the Company and one transferable warrant, with each full warrant entitling the holder to purchase one additional common share at a price of $1.00 per common share for a period of five years. Net proceeds from the Financing will be used to advance the Company’s exploration projects in Canada and for general working capital purposes. Securities issued under the Financing will be subject to a four-month hold period pursuant to applicable securities laws of Canada.
“Cameo Resources is happy to now be funded to explore our WRL lithium project located around Nemaska. Lithium projects continue to garner significant attention from both the domestic and international marketplaces,” stated Akash Patel, President of Cameo Resources.
Cameo Resources is also pleased to announce the approval of the Company’s submitted Form 211 by FINRA. Effective February 21, Glendale Securities will facilitate the quotation of Cameo’s common shares on all applicable OTC marketplaces. Glendale’s market making capabilities will act as a catalyst to enhance transparency and overall visibility for US-based investors.
The Company also announces that it has issued 800,000 options to consultants of the Company, with each option exercisable at $1.00 for five years from the date of grant and vesting immediately. The option grant is subject to the provisions of the Company’s stock option plan, the policies of the TSX Venture Exchange and applicable securities laws.