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Jervois settles US$100M Bond Offering; purchases ICO Accommodation Camp

Highlights

 

– Jervois’ subsidiary has settled its US$100 million bond offering (the “Bond Offering”) with net proceeds placed into Jervois Mining…

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Highlights

 
  • - Jervois’ subsidiary has settled its US$100 million bond offering (the “Bond Offering”) with net proceeds placed into Jervois Mining USA Limited’s escrow account in exchange for the bonds being issued in accordance with their terms

    - Proceeds from the Bond Offering will be used by Jervois to fund construction of its 100%-owned Idaho Cobalt Operation (“ICO”) in the United States (“U.S.”) and enter production

    - The Bond Offering is repayable in mid-2026 and preserves commercial flexibility through ICO construction by not obliging Jervois to irrevocably commit cobalt supply early

    - Jervois purchases a 100-person accommodation camp for ICO from a local vendor in Boise, Idaho, U.S.

    - The camp will be located at site to significantly reduce road traffic from previously planned levels and improve logistics, safety and productivity

    - Initial commissioning of the camp is anticipated in Q4 2021 to support ICO construction ahead of expected mine commissioning in mid-2022

 

TheNewswire - 21 July 2021 - Jervois Mining Limited (“Jervois” or the “Company”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to confirm the Bond Offering announced on 5 July 2021 has now settled with the net proceeds of the Bond Offering placed into a US dollar denominated escrow account (the “Escrow Account”) of Jervois Mining USA Limited (the “Issuer”) in exchange for the bonds being issued in accordance with their terms.  The bonds are debt instruments only, with no attached equity warrants or equity conversion features. Clarksons Platou Securities acted as Manager for the bond and Jervois’ financial advisor in relation to the bond was Magma Capital Advisory.

 

Jervois will use the net proceeds from the Bond Offering for capital expenditures, operating costs and other costs associated with the construction and commissioning of its 100%-owned Idaho Cobalt Operations (“ICO”) in the United States (“U.S.”).  First production from ICO continues to be expected from mid-2022.

 

The first of two (2) drawdowns of 50% of the Bonds Offering proceeds from the escrow account is anticipated in Q4 2021, following satisfaction of the conditions precedent to withdrawal, as outlined in the company announcement on 5 July 2021, which include inter alia Jervois raising additional equity of at least US$50 million, and spending US$35 million toward the ICO project.  The second drawdown, expected during 2022, is also conditional on Jervois owning at least 51% of the SMP refinery or Jervois executing off-take contracts for ICO cobalt concentrate with third parties for a specified volume and period.  

 

Completion of the Ausenco led bankable feasibility study (“BFS”) for a restart of the São Miguel Paulista (“SMP”) refinery in Brazil, is expected in late Q3 2021, with closing of the agreed acquisition by Jervois of 100% of the facility scheduled before the end of this calendar year.  Terms and conditions of the SMP refinery purchase are outlined in a 29 September 2020 press release, “São Miguel Paulista nickel and cobalt refinery acquisition”.

ICO Accommodation Camp

 

Jervois has also committed to purchase for ICO a 100-person camp and associated service facilities (sleeping quarters, kitchen and dining facilities).  Following final permits related to full operation of the camp, it will support construction and commissioning activities at ICO and then transition into providing year-round accommodation for operations.

Establishing the camp will reduce the travel requirements for the ongoing construction and operations teams, saving time and reducing fatigue risk for vehicle accidents.  

Purchase of the camp supports Jervois’ schedule for expected concentrate production from ICO in mid-2022, making it the only cobalt mine in the U.S. for a commodity identified by the government as a strategic mineral of critical importance.  Cobalt is on a list of critical minerals developed by the Department of the Interior in coordination with other U.S. executive branch agencies pursuant to Executive Order 13817, “A Federal Strategy to Ensure Secure and Reliable Supplies of Critical Minerals” (82 FR 60835) with the list released in May 2018 (83 FR 23295).

 

Full text of the terms and conditions of the Bonds (the “Bond Terms”) have been filed on, and are available on, Jervois’ corporate profile on SEDAR at www.sedar.com.  Jervois has applied to list the Bonds on the Nordic Alternative Bond Market (“ABM”) pursuant to the Bond Terms.

 

On behalf of Jervois Mining Limited

 

Bryce Crocker, CEO

For further information, please contact:

 

Investors and analysts:

James May

Chief Financial Officer

Jervois

jmay@jervoismining.com.au

 

Media:

Nathan Ryan

NWR Communications

nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

Forward-Looking Statements

 

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 used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to timing of commissioning and production at ICO, timing and commissioning of the Camp, timing of drawdown of the Bond funds and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, 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. Jervois 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 affections such statements and information other than as required by applicable laws, rules and regulations.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Copyright (c) 2021 TheNewswire - All rights reserved.

Today’s News

Ceylon Graphite Corp. Late Filing of Financial Statements and Management Cease Trade Order

VANCOUVER, British Columbia, July 30, 2021 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE:…

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VANCOUVER, British Columbia, July 30, 2021 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces that it has encountered delays in completing its audited financial statements for the year ended March 31, 2021 because Ceylon and its various Sri Lankan subsidiaries all share a fiscal year ending March 31, 2021 and these entities have encountered COVID-19 related delays in preparing their respective financial statements. As a result, the Company has applied for, and has been granted, a Management Cease Trade Order (“MCTO”) by the British Columbia Securities Commission. Because of the delays, the Company will file its annual audited financial statements, management’s discussion and analysis, and CEO and CFO certificates (collectively, the “2021 Annual Financial Statements”) after the filing deadline of July 29, 2021 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”).

The Company currently expects to file the 2021 Annual Financial Statements on or before September 29, 2021 and will issue a news release announcing completion of such filings at such time. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares; however, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company’s shares.

About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A license for its K1 mine and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.

Further information regarding the Company is available at www.ceylongraphite.com

Don Baxter, Chief Executive Officer

info@ceylongraphite.com

Corporate Communications

1 604-765-8657

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and to develop a mine plan, and to commence establishing mining operations. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Ceylon Graphite, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various Local Government Licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to reach a final acquisition agreement, inaccurate results from the drilling exercises, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, a failure to comply with environmental regulations and a weakening of market and industry reliance on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.


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Today’s News

Norseman Silver Inc. Updates $1,500,000 Non-Brokered Private Placement

Vancouver, British Columbia – TheNewswire – July 30, 2021 – Norseman Silver Inc. (TSXV:NOC) (“Norseman” or the “Company”) would like to amend…

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Vancouver, British Columbia - TheNewswire – July 30, 2021 – Norseman Silver Inc. (TSXV:NOC) (“Norseman” or the “Company”) would like to amend the proposed non-brokered private placement financing (the ''Offering'') announced on July 19, 2021. In the Company’s July 19, 2021 news release, the Company noted that each warrant in the $1,500,000 non-brokered private placement composed of up to 4,545,454.55 units (“Units”) at a price of CAD$0.33 per Unit and entitled the holder to purchase one common share at a price of CAD $0.43 per common share until the date which is twelve (12) months from the date of issuance. The warrant terms have been amended to allow the holder to purchase one common share at a price of CAD $0.43 until the date which is twenty-four (24) months from the date of issuance”.

The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes, as well as drilling on the Silver Vista property and exploration on Norseman’s silver assets in British Columbia and Argentina. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.

On behalf of the Board

Sean Hurd
President & CEO

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

 

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

Amended News Release Belmont Closes $190,501 FT Private Placement

This amended and restated news release reproduces the news release of originally filed on July 22, 2021.

Correction are made to the original news release…

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This amended and restated news release reproduces the news release of originally filed on July 22, 2021.

Correction are made to the original news release such as:

  • -closed the private placement and not the first tranche of the private placement 

 

Vancouver, B.C. Canada – TheNewswire - July 30, 2021 - Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) announces that it has closed the private placement announced on July 12, 2021 for aggregate gross proceeds of $190,501.50 (the “FT Financing”). The FT Financing consists of 2,721,450 Units – (the “FT Units”) of the Company at a price of $0.07 per Share.

 

FT Units:

Subject to approval, the Company will issue 2,721,450 Units.  Each FT Unit consists of one common share of the Company (a “Common Share”) and one transferable NFT share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of two years from the initial closing date of the financing.

 

The use of proceeds of the financing will be used to conduct a 3D-IP Survey which will help delineate specific drill targets for an upcoming drill program on the Come By Chance (“CBC”) copper-gold porphyry project. The proceeds may also be used for other exploration as deemed necessary on its properties located in the Greenwood Mining district of southern British Columbia.

 


Click Image To View Full Size

View Come By Chance Planned IP Grid:  https://bit.ly/2V2A9xB

 

View Come By Chance Video: https://bit.ly/3liQ0ji

 

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance and to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.

 

The Company will be paying finder’s fees (8%) totaling $11, 200.12 in cash and 160,002 brokers warrants to PI Financial Corp.  

 

There are 10 subscribers of which one (1) is an insider (subscribing for 100,000 units-$7,000).

 

Insider participation in this private placement, constitutes a related party transaction pursuant to TSX.V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

 


Click Image To View Full Size

View Belmont Property Map:  https://bit.ly/3eIpcbG

  

The Company’s project portfolio includes:

 

–  Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold mines

 

–  Come By Chance, B.C. – *Betts Copper-Gold mine

 

–  Kibby Basin, Nevada – Lithium

 

–  Lone Star, Washington – *Copper-Gold mine

 

–  Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines

 

–  Crackingstone, Sask – Uranium

 

*  past producing mine

   

ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.  

 

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control.   Actual events or results could differ materially from the Companies forward-looking statements and expectations.  These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2020, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Copyright (c) 2021 TheNewswire - All rights reserved.

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