Vancouver, British Columbia – August 19, 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 3,000,000 units (“Units“) for gross proceeds of $300,000 pursuant to its previously announced non-brokered private placement (the “Private Placement“). Each Unit was issued at a price of $0.10 and is comprised of one common share (“Common Share“) of the Corporation 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 $0.20 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 $0.30 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 net proceeds of the Private Placement will be used to finance the acquisition and exploration of the Company’s Fiedmont, Lac Volant and Lac Manitou properties and for general working capital purposes.
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 been accepted for filing by the TSX Venture Exchange.
AIS is also pleased to announce it has received final acceptance from the TSX Venture Exchange for its acquisition of the Fiedmont lithium and Lac Volant and Lac Manitou cobalt properties.
About the Fiedmont Property
The Fiedmont Property encompasses 2,063 hectares (5,097 acres), and is located proximal to the past producing Quebec Lithium Mine, covering the same geologic contact and potential extensions to the trend of other lithium occurrences to the northwest.
About the Lac Volant and Lac Manitou Properties
The Lac Manitou Property includes three claim blocks totalling 4,731 hectares (11,691 acres). The property covers the Tortuga Showing which includes surface rock sampling of Ni-Cu bearing sulphides, with one sample returning 0.35% Co.
The Lac Volant Property includes three claim blocks totalling 1,200 hectares (2,967 acres). The property covers several known un-tested conductors within the immediate vicinity of the Lac Volant Showing. The Lac Volant Showing was discovered as a result of exploration in the 1990’s. Drilling of the area in 1997 returned 2.51% Ni, 1.23% Cu, and 0.13% Co over 5.5 metres.
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company’s properties
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About A.I.S. Resources
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.
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.