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Press Release

Carrie Arran Resources Announces Proposed Private Placement With Insider Participation


Posted on: 14 Mar 18

TORONTO, March 14, 2018 (GLOBE NEWSWIRE) -- Carrie Arran Resources Inc. (the “Corporation”) is pleased to announce a proposed non-brokered private placement (the “Private Placement”) of up to 600,000 common shares (“Shares”) at $0.05 per Share for gross proceeds of up to $30,000.

The following officers and directors of the Corporation (collectively, the “Insiders”) are expected to participate in the Private Placement through the purchase of an aggregate of 80,000 Shares representing 1.0% of the Corporation’s issued and outstanding Shares following closing of the Private Placement:

Name and Position with the CorporationNo. of Shares held (and %) prior to Private Placement

 
No. of Shares issued under the Private Placement (and %)No. of Shares held (and %) following completion of Private Placement
    
John McBride
Director and Officer
1,226,500
(15.8%)
40,000
(0.5%)
1,266,500
(15.1%)
    
Thomas Pladsen
Director
1,071,206
(13.8%)
40,000
(0.5%)
1,111,206
(13.3%)
    
Total:2,297,706
(29.6%)
80,000
(1.0%)
2,377,706
(28.4%)

The cash proceeds received by the Corporation from the sale of the Shares will be used for the costs and fees associated with this Private Placement and for general corporate overhead expenses including repaying current debt. The balance sheet of the Corporation will be improved which the Corporation anticipates may facilitate future financings or other transactions.

All of the securities to be issued pursuant to this Private Placement will be subject to a four month hold period.

The Private Placement, in part, will be a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as Insiders are purchasing Shares. A formal valuation is not required under MI 61-101 because the Corporation is not listed on any of the stock exchanges specified in MI 61-101. Minority shareholder approval is also not required because the Corporation is relying upon the financial hardship exemption. At a duly constituted board meeting of the Corporation, all directors in attendance determined that the Corporation was in serious financial difficulty, the Private Placement would improve its financial position and the terms of the Private Placement were reasonable in the circumstances. Two directors proposed to participate in the Private Placement and, having declared and disclosed their interest, did not vote on the matter. The sole independent director in attendance arrived at the same conclusions and approved the Private Placement.

Given the critical timing set forth above, and the uncertainty as to whether Insiders would participate in the Private Placement, and to what extent, and the demands of creditors, the Corporation has not had the opportunity to announce this related party transaction 21 days in advance of closing. Closing is anticipated to occur on or about March 31, 2018.

For further information please contact John McBride, Chief Executive Officer, at telephone: 416-577-8829 or email: johndmcb@gmail.com.

This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the proposed financing, use of proceeds or future financings. This forward-looking information is subject to a variety of risks and uncertainties beyond the Corporation’s ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Corporation believes that the assumptions inherent in the forward- looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

GlobeNewswire
globenewswire.com

Last updated on: 15/03/2018

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