Century Global Announces Closing of Oversubscribed Rights Offering
LEGAL_41789918.3
For Immediate Release TSX: CNT
CENTURY GLOBAL ANNOUNCES CLOSING OF OVERSUBSCRIBED RIGHTS OFFERING
July 1 9, 2023, Toronto (Canada) – Century Global Commodities Corporation (TSX: CNT ) (the
“Company” or “ Century”) is pleased to announce that on July 14, 2023, the Company closed its
previously announced rights offering which expired on July 7, 2023 (the “ Rights Offering”). At closing,
the Company issued 19,700,914 common shares of the Company (the “ Shares”) to rights holders at a
price of $0.02 per Share for total gross proceeds of $394,018.28.
The Company received subscriptions for 4,337,033 Shares pursuant to the basic subscription privilege
and 30,124,319 Shares pursuant to the ad ditional subscription privilege, resulting in 100% of the Rights
being subscribed, with an oversubscription of 75%. The additional subscriptions were pro rated within
the 15,363,881 Shares remaining after the basic subscription privilege, and the excess subscription funds
were returned to subscribers. The total number of issued and outstanding Shares upon completion of
the Rights Offering will be 118,205,485. As the Rights Offering was oversubscribed, no Shares were
purchased under the standby guaranty agreement among the Company, Sandy Chim and Thriving
Century Limited.
To the knowledge of the Company, after reason able inquiry insiders of the Company subscribed for an
aggregate of 3,762,281 Shares through the exercise of their basic subscription privilege in the Rights
Offering and purchased an additional aggregate amount of 10,671,261 Shares through their additional
subscription privilege in the Rights Offering, representing total subscription proceeds of $288,670.84. To
the knowledge of the Company, after reasonable inquiry, no person became a new shareholder holding
more than 10% of the Shares upon closing of the Rights Offering.
The participation in the Rights Offering by certain “related parties” of the Company, namely, directors,
officers and 10% shareholders of Company, constitutes a “related party transa ction”, as such ter ms are
defined by Multilateral Instrument 61 -101 - Protection of Minority Security Holders in Special
Transactions (“MI 61 -101”). The Company is relying on an exemption from the formal valuation and
minority approval requirements of MI 6 1-101 as the fair m arket value of the participation in the Rights
Offering does not exceed 25% of the market capitalization of the Company.
There were no selling fees or commissions paid in connection with the Rights Offering distribution. The
net proceeds of the Rights Offering will be used in the manner disclosed in the rights offering circular of
the Company dated May 31, 2023, a copy of which is available on the Company’s SEDAR profile at
www.sedar.com.
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ABOUT CENTURY
Century Global Commodities Corporation (TSX:CNT) is primarily a resource exploration and development
company with a large portfolio of multi -billion tonne iron ore projects in Canada, mostly discovered by
its own exploration team. It has other non-ferrous metals properties under exploration as well as a well-
established food distribution business (Century Food) in Hong Kong.
The Joyce Lake Direct Shipping Iron Ore Project
Joyce Lake, our most advanced project, is an open pit direct shipping iron ore project in Newfoundland
and Labrador, close to the town of Schefferville, Québec which is serviced by a rail link directly to ocean
shipping iron ore ports at Sept -Îles. The Project has completed an updated feasibility study in 2022 and
is undergoing environmental assessment. Joyce Lake is held in a special purpose vehicle, Joyce Direct
Iron Inc. (“JDI”), in which Century owns 91.6%.
Century Food
Century Food is a subsidiary operation of the Company which started a few years ago and is a value -
adding marketing and distribution business of quality f ood products source d from such regions as
Europe and Australia and sold in the Hong Kong and Macau markets.
For further information please contact:
Sandy Chim, President & CEO
Century Global Commodities Corporation
416-977-3188
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS “FORWARD -LOOKING INFORMATION” WITHIN THE MEANING OF
CANADIAN SECURITIES LEGISLATION. THE FORWARD -LOOKING INFORMATION CONTAINED IN THIS
PRESS RELEASE REPRESENTS THE EXPECTATIONS OF C ENTURY AS OF THE DA TE OF THIS PRESS RELEASE
AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD -LOOKING INFORMATION
INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, THE COMPLETION OF THE RIGHTS
OFFERING AND USE OF PROCEEDS OF THE RIGHT S OFFERING, CENTURY’S OWNERSHIP AND PLANS FOR
SPIN-0UT, LISTING, FINANCING AND DEVELOPMENT OF THE JOYCE LAKE DSO IRON ORE PROJECT,
INCLUDING (I) ESTIMATES AS TO RESOURCES AND RESERVES FOR THE PROJECT, (II) ESTIMATES AS TO
THE CAPITAL COSTS, OPERATING COSTS , PRODUCTION RATES, MINE LIFE, NET PRESENT VALUE AND
RATES OF RETURN FOR THE PROJECT, (III) PROJECTIONS AS TO THE TIME FRAME FOR THE ADDITIONAL
WORK REQUIRED TO COMPLY WITH THE PROVINCIAL ENVIRONMENTAL IMPACT ASSESSMENT
GUIDELINES; (IV) THE ABILITY OF JDI TO CONCLUDE BENEFIT AGREEMENTS WITH FIRST NATIONS AND
THE GOVERNMENT OF NEWFOUNDLAND AND LABRADOR; (V) THE TIMELINE FOR COMPLETION OF THE
EIS PROCESS BY JDI; (VI) THE ABILITY OF JDI TO MEET ALL FEDERAL AND PROVISIONAL EIS
REQUIREMENTS AND TO ULTIMATELY SECURE THE REQUIRED ENVIRONMENTAL PERMITTING; AND (VII)
THE ABILITY OF JDI TO LIST ITS COMMON SHARES ON AN EXCHANGE, OF WHICH THERE IS NO
ASSURANCE. FORWARD -LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS,
ASSUMPTIONS, ESTIMATES AND ANALYSES THA T, WHILE CONSIDERED REASONABLE BY CENTURY AT
THE DATE THE FORWARD -LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO
SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL
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RESULTS AND EVENTS TO BE MATERIALLY DIFFERE NT FROM THOSE EXPRE SSED OR IMP LIED BY THE
FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS
THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY
THE FORWARD -LOOKING INFORMATION MAY INCLU DE, BUT ARE NOT LIM ITED TO, RIS KS GENERALLY
ASSOCIATED WITH CENTURY’S BUSINESS, AS DESCRIBED IN CENTURY’S ANNUAL INFORMATION FORM
FOR THE YEAR ENDED MARCH 31, 2023. INVESTOR SHOULD ALSO REVIEW THE JOYCE LAKE DSO IRON
ORE PROJECT FEASIBILITY STUDY IN DETAIL IN ORDER TO FULLY UNDERSTAND THE RISKS AFFECTING THE
PROJECT AND THE ESTIMATES INCLUDED IN THE PROJECT. READERS SHOULD NOT PLACE UNDUE
IMPORTANCE ON FORWARD -LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DO ES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH
APPLICABLE LAWS.