Boron One Amends LOI Terms with Funding Partner
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BORON ONE HOLDINGS INC.
NEWS RELEASE – for immediate release
Boron One Amends LOI Terms with Funding Partner
April 18, 2023
Victoria, BC /Accesswire/
Boron One Holdings Inc. (“Boron One” or the “Company” ) [TSXV: BONE], an international mineral
exploration and development company, is pleased to report that it has agreed with Osmose Ltd. (“OL”) to
amend certain terms of the Letter of Intent (the “LOI”), which was previously reported by the Company in
a press release dated January 31, 2023. The agreed upon amendment to the LOI reflects the improving
fundamentals of the Company’s Piskanja Boron Project since the parties negotiated the original terms of
the LOI.
The majority of the terms in the LOI remain unchanged, including the terms, conditions, timing and amount
of project level funding to be provided by O L, totaling Euro22,000,000 in two tranches, in return for a 45
percent interest in the Piskanja Boron Project.
The following is the agreed upon amendment to the original LOI:
The Parties hereto agree that OL shall subscribe to:
i. 35,500,000 units of Boron One at a total cost of CAD$4,260,000 (CAD$0.12 per unit) (the “ Unit
Purchase”).
ii. Each unit shall consist of 1 common share and 1 share purchase warrant.
iii. Each warrant is exercisable into one additional share of Boron One at a price of CAD$0.24.
iv. Each warrant shall have a 2-year expiration term from the date of grant.
v. OL may exercise warrants, if and only if, in doing so, OL remains at below 19.9% ownership of
Boron One.
vi. OL shall complete the Unit Purchase on or before close of business (PST) April 30, 2023.
In the event OL fails to complete the Unit Purchase on or before the close of business (PST) April 30,
2023, the terms of the Equity Unit Purchase shall amend as follows:
The Parties hereto agree that OL shall subscribe to:
i. 35,500,000 units of Boron One at the GREATER of EITHER CAD$0.12 per unit OR “X” per unit (the
“Unit Purchase”). [where X= the closing price for Boron One on the TSXV Exchange on the day
prior to when funds, which are sufficient for the Unit Purchase, are confirmed to be sent by OL,
MULTIPLIED by 1.25]
ii. Each unit shall consist of 1 common share and 1 share purchase warrant.
iii. Each warrant is exercisable into one additional share of Boron One at a price of the GREATER
of EITHER CAD$0.24 OR “Y”. [where Y = the price per unit MULTIPLIED by 2]
iv. Each warrant shall have a 2-year expiration term from the date of grant.
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v. OL may exercise warrants, if and only if, in doing so, OL remains at below 19.9% ownership of
Boron One.
Notwithstanding, Boron One is under no obligation to accept Unit Purchase funds from OL after April
30, 2023.
The parties continue to work diligently towards completing the definitive agreement, based upon the terms
found in the LOI. Please refer to the Company’s press release of January 31, 2023 for all the key terms of
the LOI between the parties.
Completion of this transaction is subject to several conditions, including, but not limited to, Exchange
acceptance.
About the Piskanja Boron Project
Piskanja is Boron One Holdings Inc.’s wholly owned boron deposit with a Measured Mineral Resource of
1.39 million tonnes (averaging 35.59% B2O3), an Indicated Mineral Resource of 5.48 million tonnes
(averaging 34.05% B2O3), and an Inferred Mineral Resource of 284.7 thousand tonnes (averaging 39.59%
B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral
Resources and Reserves (CIM Standards), as disclosed in the Company’s report titled, “Technical Report
and Preliminary Economic Assessment For The Piskanja Borate Project, Serbia, June 24, 2022”. The
responsible person for the PEA and the Mineral Resource Estimate contained within, is Prof. Miodrag
Banješević PhD. P.Geo, EurGeol, a Qualified Person in accordance with the CIM Definition Standards on
Mineral Resources and Reserves (CIM Standards), and independent of Boron One Holdings Inc.
On behalf of the Board of Directors,
Tim Daniels
About Boron One Holdings Inc. (formerly known as Erin Ventures Inc.)
Boron One Holdings Inc. is an international mineral exploration and development company with boron
assets in Serbia. Headquartered in Victoria, B.C., Canada, Boron One’s shares are traded on the TSX Venture
Exchange under the symbol " BONE". For detailed in formation please see Boron One's website at
www.boronone.com or the Company's filed documents at www.sedar.com.
For further information, please contact: Boron’s Public Quotations
Blake Fallis, General Manager TSX Venture: BONE
Phone: 1-250- 384-1999 or 1-888-289-3746 Berlin: EKV
[email protected] US: SEC 12G3-2(B) #82-4432ERVFF
www.boronone.com OTCBB: ERVFF
Qualified Persons
Nenad Rakic, EurGeol, Piskanja Project Field Manager, a qualified person as defined by NI 43 -101, ha s
reviewed the technical information that forms the basis for this news release , and ha s approved the
disclosure herein.
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Neither the 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.
For Boron One Holdings Inc. Investors
Certain statements made in this press release that are not based on historical information are forward -looking
statements that involve substantial known and unknown risks and uncertainties. This press release contains express
or implied forward -looking sta tements relating to, among other things, Boron One’s expectations concerning
management's plans, objectives and strategies, including its plans for advancing the Company's Piskanja Project
through to an exploitation license. These statements are neither promises nor guarantees but are subject to a variety
of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ
materially from those contemplated in these forward -looking statements. Existing and prospec tive investors are
cautioned not to place undue reliance on these forward -looking statements, which speak only as of the date hereof.
Factors that could cause actual results to differ materially from any forward -looking statement include, but are not
limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly
from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, 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 and the other risks involved in the mineral exploration
and development industry.
Boron One Holdings Inc. undertakes no obligation to update or revise the information contained in this press release,
whether as a result of new information, future events or circumstances or otherwise except as expressly required by
applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure
documents filed by Boron One with the securities regulatory authorities, available at www.sedar.com. These and
other factors made in public disclosures and filings by the Company should be considered carefully.
Mineral resources are not mineral reserves and do not have demonstrate d economic viability. "Inferred Resources"
have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned
not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded
to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under
Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also
cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.