Cairo Resources Announces Closing of Private Placement

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Vancouver, British Columbia–(Newsfile Corp. – July 16, 2020) –  Cairo Resources Inc. (TSXV: QAI.H) (the Company or Cairo“), a Capital Pool Company listed on the NEX Board of the TSX Venture Exchange (the “Exchange“), announces that it has completed its non-brokered private placement of 3,375,000 common shares at a price of C$0.16 per common share for gross proceeds of C$540,000 (the “Offering”).

The Company will apply the net proceeds of the Offering to pursue a Qualifying Transaction and for general working capital purposes.

The Company paid commissions to eligible finders under the Offering totaling C$30,300. All securities issued or issuable under the Offering are subject to a four-month hold period expiring on November 17, 2020 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.

Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the Exchange.

About Cairo

The Company is a Capital Pool Company presently listed on the NEX board of the Exchange. The Company has 5,256,473 common shares issued and outstanding and no convertible securities.

For further information please contact Darryl Cardey at (604) 638-8063.

ON BEHALF OF THE BOARD

(signed) “Darryl Cardey

Darryl Cardey

President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59966