Each Unit consists of one common share of the Issuer (each, a 'Share') and one common share purchase warrant (each, a 'Warrant') with each Warrant entitling the holder thereof to purchase one additional common share (each, a 'Warrant Share') of the Issuer at a price of
Proceeds of this private placement are earmarked for the drilling and subsequent initial resource estimate on the Eldorado property in addition to advancing work on the Company's
Provenance plans to generate resource estimates on both its White Rock property in
As referenced in a previous news release, the Eldorado project hosts three different historical resource estimates done by reputable engineering firms based. The first was done by
The Company anticipates the maiden resource estimate on its White Rock property over the next few months and is actively in the data collection and planning stage in anticipation of its upcoming drill program at Eldorado following the winter thaw and necessary permitting. This drill program, along with detailed historical data collection, compilation and modeling will be a key driver in producing a current and comprehensive resource estimate for the Eldorado property.
Provenance's CEO,
No finders' fees or commissions were paid in connection with completion of the private placement. All securities issued in connection with the private placement are subject to restrictions on resale until
The above-referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.
About
This news release may contain certain 'Forward-Looking Statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target, 'plan', 'forecast', 'may', 'schedule' and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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