Olivut Announces Closing of Private Placement of Common Shares and Exploration Update

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TORONTO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) comprised of 7,462,500 common shares (the “Common Shares”) for proceeds of $597,000 at a price of $0.08 per Common Share. The Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue.

Olivut will use the proceeds of the Private Placement for exploration and general corporate purposes.

Closing of the Private Placement is subject to final approval from the TSX Venture Exchange.

Two insiders participated in the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Ms. Leni Keough, President and Chief Executive Officer and a director of the Company, purchased 625,000 Common Shares and owns or controls 9,928,928 common shares or approximately 12.1% of the total common shares issued and outstanding after completion of the Private Placement. Mr. Pierre Lassonde, an insider of the Company, purchased 500,000 Common Shares and owns or controls 8,597,000 common shares or approximately 10.4% of the total common shares issued and outstanding after the completion of the Private Placement. The Private Placement was unanimously approved by the directors of the Company, with Ms. Keough disclosing her interest and abstaining from voting with respect thereto. The Private Placement was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Common Shares issued to or the consideration paid by such persons exceeded 25% of the Company’s market capitalization.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the “Seahorse Project”), both projects being located in Canada’s Northwest Territories.

Olivut is pleased to report that a summer field program was undertaken during August and September 2024 to conduct staking within the Seahorse Project permit boundaries and to sample in the vicinity of the main Seahorse Project target. The program included collection of a mini bulk sample from the beach sands for caustic fusion analysis for potential recovery of additional diamonds. In addition, general reconnaissance work to aid future work program planning was also carried out.