Vancouver, British Columbia–(Newsfile Corp. – December 9, 2021) –( ) (“Vendetta” or the “Company“) is pleased to announce that Singapore J&Y Investment Pte. Ltd. (the “Investor“) has agreed to make an investment in Vendetta for a total of $4,772,000. 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 $0.055 per Share, for gross proceeds of $300,000. The second tranche of the Private Placement will be comprised of 54,206,060 Shares at a price of $0.0825 per Share, for gross proceeds of $4,472,000. In aggregate, the Private Placement will be comprised of a total of 59,660,605 Shares for gross proceeds of $4,772,000. Following closing of the Private Placement the Investor will hold approximately 19.89% of the issued and outstanding Shares of the Company.
Closing of the first tranche of the Private Placement is subject to customary closing conditions, including the approval of the TSX Venture Exchange (the “Exchange“). Closing of the second tranche of the Private Placement will be subject to customary closing conditions, including Exchange approval, approval by the Australian Foreign Investment Review Board and the Investor’s satisfactory completion of due diligence. The Company anticipates that these approvals could take up to 90 days.
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 Nebari Holdings LLC. Proceeds from the second tranche of the Private Placement will be used to retire a portion of the loan from Nebari Holdings LLC, advancement of the Pegmont project as well as for general working capital purposes.
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 Singapore based private investment firm operating in the mining and financial sectors, partnering with companies to build strong, successful, innovative and sustainable businesses that strive to produce superior returns to all stakeholders.
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 Oceania, North America, South America. In the financial sector, J&Y focuses on the investment of high-quality assets in the fields of ecological protection and sustainability.
Vendetta’s 100% owned Pegmont Lead Zinc Project is situated in the Mount Isa – McArthur Mineral Province, Queensland, Australia which hosts one of the world’s richest endowments of lead-zinc-silver mineralization, including several significant lead-zinc-silver mines.
For full details of the current Mineral Resource and results of the Preliminary Economic Assessment (“PEA”) please refer to the technical report entitled “Pegmont Mineral Resource Update and PEA” with an effective date of 21 January 2019, available under the Company’s website and on SEDAR.
The current Pegmont Mineral Resource Estimate is summarised below,
Indicated 5,758 Kt @ 6.5% Pb, 2.6% Zn, 11 g/t Ag
Inferred 8,277 Kt @ 5.1% Pb, 2.8% Zn, 8 g/t Ag
- Prepared by independent qualified persons (QPs) J.M. Shannon P.Geo, M. Angus MAIG, D Nussipakynova P.Geo, G. Methven P.Eng, P. Lebleu P.Eng, of AMC and B Mulvihill MAusIMM (CP Met) of GR Engineering Services, and has an effective date of 21 January 2019.
- CIM Definition Standards (2014) were used to report the Mineral Resources.
- Cut-off grade applied to the open pit Mineral Resources is 3% Pb+Zn and that applied to the underground is 5% Pb+Zn.
- Based on the following metal prices: US$0.95/lb for Pb, US$1.05/lb for Zn, and US$16.5/oz for Ag.
- Exchange rate of US$0.75:A$1.0
- Metallurgical recoveries vary by zone and material type as follows:
- Lead to Lead concentrate: from 80.6% to 91.3% for transition and 88.0% to 92.7% for sulphide.
- Zinc to Zinc concentrate: from 19.3% to 75.2% for transition and 61.8% to 78.5% for sulphide.
- Using drilling results up to 15 April 2018.
- Mineral Resource tonnages have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
The PEA outlined a 10-year mine plan that generates a strong economic return with a (base case) pre-tax IRR of 32% (after tax 24%) and NPV8% of A$201M (A$124M after tax) using long term consensus metal prices of US$0.94/lb lead, US$1.09/lb zinc and US$16.50/oz silver. The PEA indicated a strong sensitivity to metal prices and US$:A$ exchange rate with a pre-tax IRR of 37% (after tax 27%) and NPV8% of A$249M (A$158M after tax), using metal prices as of January 22, 2019 of US$0.91/lb lead, US$1.18/lb zinc and US$15.31/oz silver and US$:A$ of $0.71.
The PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.
Peter Voulgaris, MAIG, MAusIMM, a Director of Vendetta, is a non-independent Qualified Person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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 Australian Foreign Investment Review Board and the timing thereof; the intended use of proceeds from the Private Placement; the anticipated time and capital schedule to production of the Pegmont project; estimated project economics, including but not limited to, mill recoveries, payable metals produced, production rates, payback time, capital and operating and other costs, IRR and mine plan; expected upside from additional exploration; expected capital requirements; and other future events or developments are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”.
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 socio‐economic 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107159
Opawica Files Annual Audited Financial Statements for Recovation of Cease Trade Order
Vancouver, B.C. – TheNewswire – January 28, 2022 – Opawica Explorations Inc. (TSXV:OPW) (FSE: A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”)…
Vancouver, B.C. – TheNewswire – January 28, 2022 – ( ) (FSE: A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”) announces that further to the news releases dated December 30, 2021 and January 14, 2022, it has completed the filing of its annual audited financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended August 31, 2021 (the “Annual Filings”) under its SEDAR profile on www.sedar.com. Therefore, it expects the Company’s Management Cease Trade Order (“MCTO”) in respect of the delayed Annual Filings to be revoked by the securities regulators in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults in due course.
The Company confirms that since the date of the Default Announcement: (i) there has been no material changes to the information set out in the Default Announcement that has not been generally disclosed; (ii) the Company is satisfying and intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The Company would like to thank its shareholders for their patience during this time.
is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers 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 including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire – All rights reserved.
Harte Gold Announces Court Approval of Successful Bidder in Sale and Investment Solicitation Process
Harte Gold Announces Court Approval of Successful Bidder in Sale and Investment Solicitation Process
TORONTO, Jan. 28, 2022
TORONTO, Jan. 28, 2022 /CNW/ – As announced on December 7, 2021, HARTE GOLD CORP. (“Harte Gold” or the “Comp…
Harte Gold Announces Court Approval of Successful Bidder in Sale and Investment Solicitation Process
TORONTO, Jan. 28, 2022
TORONTO, Jan. 28, 2022 /CNW/ – As announced on December 7, 2021, (“Harte Gold” or the “Company“) was granted creditor protection pursuant to an order (the “Initial Order“) granted by the Ontario Superior Court of Justice (Commercial List) (the “Court“) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA“). Pursuant to the Initial Order, FTI Consulting Canada Inc. was appointed as monitor of the Company (in such capacity, the “Monitor“).
As announced on December 20, 2021, the Court granted an order (the “SISP Order“) authorizing the Company to conduct, with the assistance of the Monitor, a sale and investment solicitation process (the “SISP“) in accordance with certain terms and conditions relating thereto (the “SISP Procedures“). As part of the SISP Order, the Court approved the Company’s execution of a subscription agreement (the “Subscription Agreement“) with 1000025833 Ontario Inc. (the “Investor“), a wholly-owned indirect subsidiary of Silver Lake Resources Limited (ASX: SLR) and the use of the Subscription Agreement as a “stalking horse bid” in the context of the SISP, in order to establish the baseline consideration for the Company’s business and assets.
As announced on January 20, 2022, in accordance with the SISP Procedures, an improved bid by the Investor had been designated as the “Successful Bid” and a Qualified Bid submitted by ANR Investments 2 B.V., an Appian affiliate, had been designated the Back-Up Bid.
Harte Gold announces today that, at the Approval Hearing held earlier today, the Court approved the Successful Bid and granted authority to consummate the transactions provided for therein. Closing of the transactions contemplated in the Successful Bid is anticipated to occur in mid-February 2022.
The Successful Bid provides for the payment of substantially all of Harte’s liabilities, other than the Excluded Liabilities, as defined in the Successful Bid. Neither the Successful Bid nor the Back-Up Bid provide any recovery for holders of existing equity interests in the Company.
Capitalized terms not otherwise defined herein have the meanings attributed to them in the SISP Procedures.
Further updates will be provided as appropriate. Copies of the Orders granted in by the Court, as well as any other information regarding the CCAA proceedings, are available on the Monitor’s website at http://cfcanada.fticonsulting.com/harte. A copy of the Successful Bid has been filed as an exhibit to the Company’s motion for the approval of the Successful Bid, which is also available on the Monitor’s website.
Harte Gold holds a 100% interest in the Sugar Zone mine located in White River, Canada. The Sugar Zone Mine entered commercial production in 2019. The Company has further potential through exploration at the Sugar Zone Property, which encompasses 81,287 hectares covering a significant greenstone belt.
Cautionary note regarding forward-looking information:
This news release includes “forward-looking statements”, within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are 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 statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words suggesting future outcomes or statements regarding an outlook. Specific forward-looking statements in this press release include, but are not limited to, closing of the transactions being anticipated to occur in mid-February 2022 and the Company having further potential through exploration at the Sugar Zone Property. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such risks and uncertainties include, but are not limited to, the Strategic Review Process failing to result in a transaction that provides value to the Company’s stakeholders; the Company being unable to secure sufficient financing to complete the Strategic Review Process; the Company being unable to continue as a going concern; the risk that the Company will not have adequate sources of funding to finance the Company’s operations in the near future; the risk that the Company will not be able to obtain sufficient financing for working capital, capital expenditures, debt service requirements, and general corporate or other purposes; the risk that the Company has insufficient assets to meet its liabilities or satisfy its creditors; the Company being able to attract and retain qualified candidates to join the Company’s management team and board of directors, risks associated with the mining industry, including operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, agreements, consents or authorizations required for its operations and activities; and health, safety and environmental risks, the risk of commodity price and foreign exchange rate fluctuations, the ability of Harte Gold to fund the capital and operating expenses necessary to achieve the business objectives of Harte Gold, the uncertainty associated with commercial negotiations and negotiating with contractors and other parties and risks associated with international business activities, as well as other risks and uncertainties which are more fully described in the Company’s Annual Information Form dated March 30, 2021, and in other filings of the Company with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of the Company should not place undue reliance on these forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Lincoln Announces Passing of Director Shing Lee
VANCOUVER, BC / ACCESSWIRE / January 28, 2022 / Lincoln Gold Mining Inc. ("Lincoln" or the "Company") (TSXV:LMG) announces with great sadness the sudden…
VANCOUVER, BC / ACCESSWIRE / January 28, 2022 /(“Lincoln” or the “Company”) ( ) announces with great sadness the sudden passing of Mr. Shing Lee, a director of Lincoln since 2019. In addition to his tenure with the Company, Mr. Lee was a prominent businessman in Hong Kong and Chief Executive Officer of Wuling Motors Holdings Ltd., a publicly listed automotive company in Hong Kong. His commitment, guidance and support will be greatly missed.
Paul Saxton, Chief Executive Officer of the Company commented: “We are deeply saddened by the news of Mr. Lee’s passing. He was a well-liked and much respected colleague and we will greatly miss his friendship, guidance and unwavering support. On behalf of the management and staff, we are grateful for all his contributions to the Company and extend our deepest condolences to his family, friends and colleagues during this incredibly difficult time”.
On behalf of
President and CEO,
Tel: (604) 688-7377
is an advanced-stage gold mine exploration and development company holding a 100% interest in the Pine Grove Gold Project, in the Walker Lane structural zone of western Nevada. The Company has prepared a preliminary economic assessment of the Pine Grove Gold Project pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Lincoln is working with the United States Forest Service to secure the permits necessary to develop the property into a low-cost open pit heap leach operation including a high-grade gravity circuit.
Lincoln continues the development of exploration plans for the newly acquired Shawinigan property in Quebec to evaluate the copper, nickel, and cobalt opportunities at the site. The Company has recently expanded the area of exploration to approximately 50 square kilometers.
Lincoln also owns an interest in a joint venture in respect of the Oro Cruz Gold Property in California. Lincoln’s joint venture partner is advancing the Oro Cruz Gold Property towards further exploration, development, and production.
Lincoln holds its interests in the US projects through its wholly owned subsidiaries, Lincoln Resource Group Corp., and Lincoln Gold US Corporation, both Nevada corporations.
For more information, please contact Paul Saxton, President and CEO of the Company.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
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.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Pine Grove Gold Project, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward- looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Lincoln’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Lincoln does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward- looking statements.
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