Vancouver British Columbia – Cipher Resources Inc. (the “Company” or “Cipher”) is pleased to announce it has engaged Endeavor Financial Limited (Cayman) (“Endeavour” or “Endeavour Financial”) to assist the Company with its ongoing financing and business development plans, including a non-brokered private placement, through the issuance of up to 35,000,000 units of the Company (the “Units“) at a price of CAD$0.10 per Unit, for total gross proceeds of CAD$3,500,000 (the “Offering“).
Each Unit consists of one common share (“Common Share“) and one common share purchase warrant (“Warrant“). Each Warrant is exercisable into one common share (“Warrant Share“) at a price of CAD$0.15 per Warrant Share, for a period of 36 months following the closing date of the Offering,
The proceeds of the Offering will be used for working capital and ongoing project evaluation expenses. Finders’ fees may be payable to parties who introduce the Company to subscribers, in accordance with the policies of the TSX Venture Exchange. Any shares issued under the Offering will be subject to a four month hold period. Completion of the Offering and payment of any finders’ fees are subject to TSX Venture Exchange approval.
Elena Tanzola, President of Cipher stated “We are excited to be working with Endeavour Financial as we embark on this important financing. We look forward to a long-term working relationship and their support in our ongoing business endeavours.”
About Cipher Resources Inc.
Cipher Resources Inc. is primarily focused on lower mid-market precious and base metal mining projects, specifically those in production and at a late stage of development and is listed on the TSX Venture Exchange under the symbol CIFR.V.
About Endeavour Financial
Endeavour, founded in 1988, has operated exclusively in the natural resource sector. Since 2003, Endeavour has successfully raised more than US$4 billion in debt financing, over US$500 million in stream financing and nearly US$1 billion in joint ventures or strategic investments for junior/small cap mining companies. Endeavour has also acted as an advisor to more than US$28 billion in M&A related financings.
On Behalf of the Board of CIPHER RESOURCES INC.
Signed: “Elena Tanzola”
Elena Tanzola, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements including, but not limited to, comments regarding completion of a private placement. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.