12 Exploration Inc. Announces Completion of Initial Public Offering, Shares to Commence Trading on CSE on May 16, 2019

TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- 12 Exploration Inc. (the "Company") is pleased to announce that it has completed an initial public offering (the "Offering") pursuant to which it has issued an aggregate of 4,000,000 common shares ("Common Shares") at a price of $0.15 per Common Share to raise aggregate gross proceeds of $600,000, all pursuant to a final prospectus dated March 11, 2019 (the "Prospectus"). Industrial Alliance Securities Inc. (the "Agent") acted as agent in the Offering, in connection with which it received a cash commission of $48,000, a corporate finance fee of $10,000 and an aggregate of 320,000 compensation warrants, each such compensation warrant entitling the holder to acquire one Common Share at an exercise price of $0.15 for a period of 24 months. Trading of the Common Shares on the Canadian Securities Exchange (the "CSE") is anticipated to commence at the opening of business on Thursday, May 16, 2019, under the symbol "TWLV".

Upon closing of the Offering, the Company granted 500,000 incentive stock options to its Chief Executive Officer, Chief Financial Officer and directors which are exercisable for a period of five years from the date of the grant at an exercise price of $0.15 per Common Share. Following the completion of the Offering, the Company has 10,010,000 Common Shares issued and outstanding, 4,010,000 of which are subject to escrow restrictions as disclosed in the Prospectus. 

About the Company

The Company is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. The Company currently holds an option to acquire up to an 80% interest in the property known as the Deepwater Project located northeast of Sudbury, Ontario, subject to certain encumbrances and a 2% net smelter return royalty over part of the property.

For further information please contact:
Mr. Eric Klein
Chief Executive Officer.
Tel. (416) 725-7570

Forward Looking Information

This news release contains statements about the Company's expectations regarding the completion of the application for listing and the commencement of trading on the CSE that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the CSE. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listing on the CSE and inability to obtain required regulatory approvals. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.