CAN is a Canadian-based mining and technology firm with common directors and management as
- This acquisition of Debentures on CAN's part does not constitute a change in control of
Auxico on the part of CAN. - CAN does not intend to seek board additional representation or other management changes.
- CAN has acquired these Debentures strictly for investment purposes.
- CAN has agreed to not convert Debentures into units and/or exercise warrants into common shares if that would put CAN into a position where it would own 20% or more of the common shares of the Company.
This represents a significant transaction for the Company as it further solidifies the relationship with its joint venture partner CAN; the companies continue to collaborate on the development of proprietary metallurgical processes and technology licensing, as well as on the export of monazite (rare earth concentrates) from the
This press release is issued pursuant to National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. As a result of this meaningful acquisition, CAN will hold 12.64% of the issued and outstanding common shares of Auxico. If all the Debentures of CAN are converted into units and subsequently all warrants of CAN are exercised, CAN will own 27.28% of the issued and outstanding common shares of
This acquisition constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101") as Mr.
In accordance with applicable securities laws, CAN may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of
A report respecting this acquisition will be electronically filed with the
Additional information on
ON BEHALF OF THE BOARD OF DIRECTORS
« signed. » « signed. »
Pierre Gauthier
CEO & President, Auxico Resources Canada Inc Chairman,
pg@auxicoresources.com mb@auxicoresources.com
Cell: +1 514 299 0881 Cell: +1 514 296 1641
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains statements that constitute "forward-statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned studies, drill program and the development of the Minastyc or
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets. The reader is referred to the Company's public filings for a more complete discussion of such risk factors, and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.
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