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MONTREAL, Dec. 21, 2018 /CNW/ - Yorbeau Resources Inc.
(TSX: YRB) (the "Company" or "Yorbeau") is pleased to announce that it has completed a private placement (the
"Private Placement") by issuing 18,410,000 Class A common shares at a price of $0.05 per
share for gross proceeds of $920,500.00. The Company paid a finder's fee and a brokerage commission
totaling 7% with respect to a portion of the Private Placement representing $750,000.00.
The Company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian
exploration expenses on its properties.
Three insiders subscribed for a total of 1,450,000 Class A common shares having an aggregate subscription price of
$72,500.00. As insiders of the Company participated in the Private Placement, it is deemed to be a
"related party transaction" as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Private Placement is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A
common shares distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market
capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Private Placement
as participation of the insiders had not been confirmed at that time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold
within the United States or to, or for the account or benefit of U.S. persons (as defined in
Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
About Yorbeau Resources Inc.
The Rouyn Property, wholly-owned by the Company, contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor
situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from substantial
underground infrastructure and have been the subject of technical reports that include resource estimates and that were filed in
accordance with Regulation 43?101 – Standards of Disclosure for Mineral Projects. In 2015, the Company expanded
its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of
Quebec and Ontario that feature an infrastructure favourable
for mining development. The newly acquired base metal properties include the Scott Project, which bears important mineral
resources (see the press release dated March 30, 2017) and on which a positive Preliminary Economic
Assessment was recently completed.
For additional information on the Company, consult its website at www.yorbeauresources.com.
Forward-looking statements: Except for statement of historical fact, all statements in this news release,
including, without limitation, statements regarding the use of proceeds of the Private Placement are forward-looking statements
which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results
and future events could differ materially from those anticipated in such statements. Yorbeau disclaims any obligation to update
such forward-looking statements, other than as required by applicable securities laws.
SOURCE Yorbeau Resources Inc.
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