(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / November 2, 2016 - A.I.S. RESOURCES LIMITED. (TSX - NEX: AIS.H)
(the "Company" or “AIS”) is pleased to announce that it has completed the sale of 2,000,000 Units for gross proceeds of
$500,000 pursuant to its previously announced non-brokered private placement (the "Private
Placement"). Each Unit was issued at a price of $0.25 and is comprised of one common share
("Common Share") of the
Company and one half Common Share purchase warrant ("Warrant"), with
each whole Warrant entitling the holder thereof to acquire one Common Share at a price of $0.40 for a period of one year from the
date of closing of the placement provided that if the closing price of the common shares of the Company
on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn
$0.50 for a period of fifteen (15) consecutive trading days, the Company will have the right to accelerate the expiry of the
warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that
is not less than ten (10) business days from the date notice is given. The Company incurred finders
fees totaling $24,480 cash and 48,960 broker warrants exercisable on the same terms as the placement warrants.
The net proceeds of the Private Placement will be used for general working capital purposes and due
diligence on the Company’s Argentinian lithium properties.
All securities issued under the private placement will be subject to a four month hold period from
the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable
securities laws of jurisdictions outside Canada. The private placement has received conditional acceptance from the TSX Venture
Exchange.
ABOUT AIS
A.I.S Resources Limited a TSX-V listed investment issuer, was established in 1967 and
is managed by seasoned professionals who have a long track record of success in the capital markets. Through their extensive
business network, they identify and develop early stage projects worldwide that have strong potential for growth with the objective
of providing returns for shareholders.
CONTACT
Marc Enright-Morin
President and CEO
(778) 892-5455
memorin@aisresources.com
“ADVISORY: This press release contains forward-looking
statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private
Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable,
undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very nature they involve inherent risks and
uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors
of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other
purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation
undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable securities laws. Neither 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.
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