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

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES 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 ...