October 18, 2017 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce it has completed a financing to raise funds to be used for the Company’s communications program (the “Financing”). The Company is committed to furthering exploration at the Zoro Lithium Property and keeping stakeholders informed of its progress. The funds raised pursuant to the Financing are specifically targeted for the communications program, in this way the Company continues to maintain the cash it has on hand for its exploration program. The Financing consists of 338,983 units (the “Units”) at a price of $0.295 where each Unit is comprised of one common share and one half of one common share purchase warrant (the “Warrants”). Each whole Warrant is exercisable into one common share in the equity of the Company (the “Warrant Shares”) at an exercise price of $0.40 per Warrant Share. The Warrants expire one year from date of issuance.
Communications Team
The Company also announces that it is continuing and expanding its current communications strategy to ensure that shareholders and other stakeholders who opt in continue to receive timely reports on the Company’s news and activities as they are publicly announced and that the Company’s website, social media presence, in-house marketing and awareness services and other communications tools are kept up to date. Far Resources is extending the engagement of two of its service providers and adding an additional service provider to expand its reach to stakeholders. As part of its equity for services policy which the Company believes engages its providers by giving them the opportunity to share in the rewards and risks associated with being a shareholder, the Company will pay a portion of the compensation to its team in common shares. It has entered into an agreement with a service provider for services at the rate of $5000 per month, payable monthly in arrears in common shares at an issue price to be based on the closing price of the shares on the last trading day of the month in which the services were performed, except that the shares will not be issued at a price that is less than $0.10 per share. The Company has agreed to pay another service provider a total of $32,000, of which $10,000 will be paid in cash and the remaining $22,000 to be payable in shares at an exercise price of $0.295 per share.
Options
The Company also announces that it has granted 300,000 options to acquire common shares in the equity of the Company to certain consultants (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.295 per option share, expiring 5 years from date of grant.
The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources currently has two mineral projects in place. The Zoro Lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second project is the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
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ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
604-805-5035
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.