The Company and Investor intend that the investment will occur by way of non-brokered private placement (the 'Private Placement') anticipated to close in two tranches.
The first tranche of the Private Placement will be comprised of 5,454,545 common shares (each, a 'Share') of the Company at a price of
Closing of the first tranche of the Private Placement is subject to customary closing conditions, including the approval of the
The Shares issued pursuant to the Private Placement will be subject to a four-month hold period from their date of issuance in accordance with applicable Canadian securities laws.
In connection with the Private Placement the Company and the Investor have entered into an investor rights agreement (the 'Investor Rights Agreement'). Pursuant to the terms of the Investor Rights Agreement, upon closing of the second tranche of the Private Placement the Investor will be granted the right to nominate a director to the board of the Company, certain information rights and the right to participate in future financings of the Company in order to maintain its then current percentage interest up to 19.9%, in each case for so long as the Investor maintains a minimum 10% equity interest in the Company. The Investor Rights Agreement further provides that the Company will have the right to place any Shares proposed to be sold by the Investor.
Proceeds from the first tranche of the Private Placement will be used to retire a portion of the loan from
The Company anticipates closing each tranche of the Private Placement promptly following receipt of the necessary Exchange and regulatory approvals.
About Singapore J&Y Investment PTE. LTD.
Singapore J&Y Investment PTE.LTD. ('J&Y') is a
In the mining sector, J&Y pays attention to non-ferrous metal mining projects at various stages, and particularly in the upgrading and development of mining projects on important metallogenic belts in
About Pegmont
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Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding the closing of each tranche of the Private Placement; the anticipated timing of the closing of the first and second tranches of the Private Placement; Exchange approval and the timing thereof; approval by the
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the receipt of all Exchange and regulatory approvals necessary to complete the Private Placement, that the Company is able to obtain any government or other regulatory approvals, assumptions relating to commodities prices; that actual results of exploration activities are consistent with management's expectations, that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated and that the assumptions underlying mineral resource estimates are valid. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. However, the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including without limitation: that all closing conditions are not met; Exchange and regulatory approvals are not received or are not received on the anticipated timelines; operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate; the limitations and assumptions within drilling, engineering and socioeconomic studies relied upon in preparing the PEA and market risks. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
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