Montreal Quebec, July 02, 2020 (GLOBE NEWSWIRE) -- Montreal, Quebec, July 2, 2020 - SRG Mining Inc. (SRG.V) (“SRG” or the “Company) is pleased to announce the closing of a non-brokered private placement (the “Private Placement”). The Company has issued a total of 2,000,000 units (the “Units”) of SRG at a price of $0.50 per Unit for gross proceeds of CAD$1,000,000.
“During these unique and unprecedented financial times caused by the ongoing COVID-19 pandemic, the Company decided to capitalize on strong market support to strengthen its financial position to help it advance its Lola graphite project” declared Benoit La Salle, Executive Chairman of the Company.
Each Unit is comprised of one common share of the Company (a “Share”) and one non‑transferable share purchase warrant. Each whole warrant (a “Warrant”) will entitle the holders to purchase for a period of 36 months from the date of closing (the “Expiry Date”), one additional common share of the Company (a “Warrant Share”) at an exercise price of $1.00 per Warrant Share.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
Finders’ fees of 6% of units raised totalling 60,000 shares were issued to certain finders. No commissions are payable. Net proceeds from the Private Placement will be used to continue the development of the Lola graphite project and general working capital requirements.
About SRG Mining
SRG Mining is a Canadian-based mining company focused on developing the Lola graphite deposit located in the Republic of Guinea, West Africa. SRG is committed to operating in a socially, environmentally, and ethically responsible manner.
For additional information, please visit SRG’s website at www.srgmining.com.
Benoit La Salle, FCPA FCA
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “firm”, “anticipated”, “potential”, “will”, “continue”, “demonstrate”, “deliver”, “believe”, or variations of such words and phrases or state that certain actions, events or results "may", "could", "would" or "might". Forward-looking information is 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 information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits and mine plans for the Company’s mining operations; (v) the risk associated with establishing title to mineral properties and assets including permitting, development, operations and production from the Company’s operations being consistent with expectations and projections; (vi) fluctuations in commodity prices, finding offtake takers and potential clients or enforcing such agreements against same and other risks and factors described or referred to in the section entitled "Risk Factors" in the MD&A of the Company and which is available at www.sedar.com, all of which should be reviewed in conjunction with the information found in this news release.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
srg mining inc.