Vancouver, British Columbia--(Newsfile Corp. - June 8, 2026) - First Atlas Resources Corp. (CSE: HHE) (OTC Pink: BTKRF) (FSE: 0NB0) ("First Atlas" or the "Company") is pleased to announce that it has completed its previously announced "bought deal" private placement offering (the "Offering") pursuant to which the Company issued 30,250,428 units of the Company (each, a "Unit") at a price of C$0.07 per Unit for aggregate gross proceeds of C$2,117,529.96 including the partial exercise of the over-allotment option. The Offering was led by Research Capital Corporation as the sole underwriter and sole bookrunner (the "Underwriter").
Each Unit will consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder to purchase one Common Share of the Company at an exercise price of C$0.09 until June 8, 2029.
The Company intends to use the net proceeds from the Offering for general working capital purposes.
The Units were issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (collectively, the "Listed Issuer Financing Exemption"), in all provinces of Canada. The Units issued to purchasers under the Listed Issuer Financing Exemption are not subject to a hold period in Canada in accordance with applicable Canadian securities laws. The Broker Warrants and Advisory Warrants (as both terms are defined herein) are subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring on October 9, 2026. The Offering remains subject to the final approval of the Canadian Securities Exchange.
In connection with the Offering, the Company paid the Underwriter a cash commission of $117,446 and issued to the Underwriter 1,677,800 broker warrants (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Unit at a price of $0.07 per Unit until June 8, 2029. In addition, the Company paid an advisory fee of $25,000 plus tax and issued 350,000 advisory warrants of the Company (the "Advisory Warrants") on the same terms as the Broker Warrants. The Company also paid a finder's fee of $22,779.20 to EMD Financial Inc.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About First Atlas Resources Corp.
First Atlas Resources Corp. (CSE: HHE) (formerly QMET) is a Canadian exploration company focused on the discovery of natural hydrogen resources in Nova Scotia. The Company is advancing a systematic exploration program across the Cobequid Chedabucto structural corridor using modern geological and geophysical targeting methodologies.
For Further Information Please Contact:
Richard Penn
President & Chief Executive Officer
First Atlas Resources Corp.
Tel: (778) 384-8923
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain statements and information that may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are not statements of historical fact and are generally, but not always, identified by the use of words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or statements that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements regarding the receipt of all required approvals in connection with the Offering and the intended use of proceeds from the Offering.
Forward-looking statements are based on management's current expectations, estimates, assumptions and projections as of the date of this news release and are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the possibility that the conditions to closing of the Offering may not be satisfied, the Company's use of proceeds may differ from current expectations, additional financing may be required and may not be available on acceptable terms or at all, the Company may be adversely affected by extensive government regulation, changes in domestic and foreign laws and regulations, and general capital markets volatility that may affect the market price of the Company's securities, regardless of the Company's operating performance.
Although the Company believes that the forward-looking statements contained herein are based on assumptions that are reasonable as of the date of this news release, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Source: First Atlas Resources Corp.
