VANCOUVER, BC /ACCESSWIRE/August 26, 2022/ Core Assets Corp. (“Core Assets“or the”Company“) (CSE: CC) (Frankfurt: 5RJ WKN: A2QCCU) (ISIN: CA 21871U 10 5) (OTCQB: CCOOF) is pleased to announce that it has completed its previously announced non-brokered private placement offering, which was oversubscribed by 263,107 units (the “Offer“). Pursuant to the Offer, the Company has issued a total of 2,722,123 units (each, a “Unity“) at a price of $0.61 per unit for gross proceeds of $1,660,495.03.

Each unit is made up of one common share (each, a “To share“) in the capital of the Company and one-half transferable stock warrant (each, a “To guarantee“). Each warrant entitles its holder to purchase one additional share (each, a “Warrant Action“) for a period of two years from the closing date (the “Closing Date“) at an exercise price of $0.85 per warrant share.

All securities issued under the Offering are subject to a four month hold as required by applicable securities laws.

Proceeds from the offering are expected to be used for further exploration programs on the Company’s Blue property and for general working capital purposes.

Jody Bellefleur, the Company’s Chief Financial Officer, received 8,500 Units in connection with the offering. Consequently, Ms. Bellefleur’s subscription constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The insider offering was exempt from the valuation requirement of NI 61-101 under the exemption contained in section 5.5(b) since the shares of the Company are not listed on a specified market and the minority shareholder approval requirements of NI 61-101 under the exemption provided in section 5.7(a) of NI 61-101 in that the fair market value of the consideration for the securities issued to related parties did not exceed 25% of the market capitalization of the Company.

None of the securities sold under the Offer will be registered in the United States Securities Act of 1933, as amended, and none of these securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Core Assets Corp.

Core Assets Corp. is a Canadian-based mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The Company currently holds a 100% interest in the Blue property, which covers an area of ​​111,648.8 ha (~1,116 km²). The project is located in the Atlin Mining District, a well-known gold mining camp located on unceded territory of the Taku River Tlingit First Nation and Carcross/Tagish First Nation. The Blue Property hosts a major structural feature known as the Llewellyn Fault Zone (“LFZ”). This structure is approximately 140 km long and extends from the Tally-Ho Shear Zone in the Yukon, south through the Blue Property to the Alaskan Panhandle Juneau Ice Sheet in the United States. Core Assets believes that the South Atlin Lake area and the LFZ have been neglected since the last major exploration campaigns in the 1980s. The LFZ plays an important role in the mineralization of near surface metal occurrences across the Blue property. The past 50 years have seen substantial advances in the understanding of replacement porphyry, skarn and carbonate deposits, both globally and within British Columbia’s Golden Triangle. The Company has taken advantage of this information on the Blue property to adapt an already proven exploration model and believes that this could facilitate a major discovery. Core Assets is excited to become a leading explorer in the Atlin mining district, where its team believes there are significant opportunities for new discoveries and development in the area.

On behalf of the Board of Directors
CORE ASSETS CORP.

Nicholas Rodway
President and CEO
Tel: 604.681.1568

FORWARD-LOOKING STATEMENTS

Statements contained herein that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this press release include, but are not limited to, the intended use of proceeds from the offering and any statements regarding the company’s future activities, properties and exploration objectives; that the structural feature of the LFZ on the Blue property plays an important role in the mineralization of near surface metal occurrences across the property; and that the Blue property has substantial discovery and development opportunities. It is important to note that the Company’s actual business results and exploration results could differ materially from those contained in these forward-looking statements. The risks and uncertainties include that: the Company may use the proceeds of the Offering differently than disclosed herein; other permits may not be granted in a timely manner or at all; mining concessions may prove unworthy of additional expenditure; there may not be an economic mineral resource; methods we believe to be effective may not turn out to be in practice or as we claim; economic, competitive, governmental, environmental and technological factors may affect the Company’s business, markets, products and prices; the Company’s specific plans and timing for drilling, field work and other plans may change; the Company may not have access to or be able to develop minerals due to cost factors, type of terrain or availability of equipment and technology; and the Company may also not raise sufficient funds to carry out its plans. The new strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. Other risk factors are discussed in the section entitled “Risk Factors” of the Company’s MD&A for its recently completed financial year, which is available under the Company’s SEDAR profile at www.sedar.com. Except as required by law, we will not update these risk factors forward-looking statements.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

THE SOURCE: Core Assets Corp.

See the source version on accesswire.com:
https://www.accesswire.com/713651/Core-Assets-Closes-Private-Placement-of-C1660495