Vancouver, British Columbia--(Newsfile Corp. - August 18, 2017) - Fjordland Exploration Inc. (TSXV: FEX) reports that a portion of the non-brokered private placement announced on July 24, 2017 has closed and 6,410,000 Units at a price of $0.10 per Unit (the "Units") and 1,280,000 Flow-Through Units at a price of $0.125 (the "FT Units") have been issued for gross proceeds of $801,000.
Each Unit and FT Unit consists of one common share and one-half of one transferable share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.20 per common share until February 18, 2019. The expiry date of each whole Warrant is subject to acceleration such that, should the volume weighted average price of the common shares of the Company exceed exceed $0.40 for ten consecutive trading days, the Company may notify the holder in writing that the Warrants and Finder Warrants will expire 20 trading days from receipt of such notice unless exercised by the holder before such date.
Finder's fees were paid as follows: $5,000 to Moore Geological Inc. and 20,000 Finder Warrants to David Moore; $12,000 and 60,000 Finder Warrants to Haywood Securities Inc. The Finder Warrants have the same terms as the Warrants.
Common shares issued in connection with this private placement and all common shares issuable upon exercise of Warrants and Finder Warrants, are subject to a four month hold period and may not be traded until September 18, 2017.
About Fjordland Exploration Inc.
Fjordland Exploration Inc. is a mineral exploration company that is focused on the discovery of large scale potentially economic deposits located in Canada. For further information visit Fjordland's website at www.fjordlandex.com
On behalf of the Board of Directors,
"Richard C. Atkinson"
Richard C. Atkinson, P.Eng.
President & CEO
Some statements in this news release may contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Source: Newsfile Corp.