15 October 2014
Toronto, October 15, 2014 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) will sadly miss the guidance and friendship of Sargent “Sarge” Berner who gave generously of his time and energy as a Board member since 2007 until his death on September 10th. Sarge, a graduate of the University of British Columbia (“UBC”) (BA and LLB) and the London School of Economics (LLM), was formerly a senior partner of the Vancouver law firm DuMoulin Black LLP where he practiced in the areas of corporate, securities and natural resource law. Sarge also previously taught law at UBC and served as a director of and advisor to a number of other public companies. Sarge was never shy and was always willing to share his knowledge and expertise and provide valuable guidance through strong opinions delivered with his quick, dry wit! He was thoroughly interested in and actively pursued an in-depth understanding of our exploration undertakings. He was continuously supportive of Olivut throughout these tough markets. We will miss him personally as well as professionally.
The Company is pleased to announce that it closed a non-brokered private placement for aggregate gross proceeds of $330,000 (the “Private Placement”). The Private Placement comprised placements of (i) 420,000 flow-through common shares (the “FT Shares”) for proceeds of $105,000 at a price of $0.25 per FT Share (the “FT Placement”), and (ii) 1,125,000 common shares (the “Common Shares”) for proceeds of $225,000 at a price of $0.20 per Common Share (the “Common Share Placement”). The FT Shares and the Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until February 16, 2015.