As part of the second tranche, EV Minerals issued 1,950,000 common shares (each, a 'Common Share') in the capital of the Company (the 'Offering') at a price of
Net proceeds of the Offering will be used for exploration of the Company's
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in
In addition, the Company is pleased to announce that it has settled an aggregate of
All securities issued pursuant to the Offering and the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The Debt Settlement constituted a 'related party transaction' as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ('MI 61-101'), as an insider of the Company was issued an aggregate of 533,400 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. A material change report will be filed not less than 21 days before the closing date of the Debt Settlement, which the Company deems reasonable.
About the
Containing a historical resource of 5.585 million tonnes with grades of 0.21% Ni, 0.11% Cu and 0.03% Co (NI 43-101 non-compliant resource) the deposit was first discovered in 1987, with a major drilling program completed in 1989.
The foregoing historical resource estimates presented above were completed prior to the implementation of the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects; however, given the quality of the historic work completed and the respective mining companies' reputations, the Company believes the historical resource estimates to be both relevant and reliable.
Contact:
Tel: 416-642-1807
Email: nick@grovecorp.ca
About
This news release contains certain 'forward-looking information' within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'would', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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