Nubian Closes Over-Subscribed Private Placement
Nubian Closes Over-Subscribed Private
Placement
TORONTO
,
June 30, 2020
/CNW/ - Nubian Resources Ltd. (TSX-V: NBR) ("Nubian" or the
"Company") announces that, further to its press releases of
May 28
and
June 25, 2020
, the
Company has closed the private placement financing (the "Private Placement") oversubscribed with
the issuance of 11,763,542 units at a price of
$0.15
per unit for gross proceeds of
$1,764,531
.
Each unit is comprised of one common share and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant") of the Company, with each Warrant
entitling the holder to purchase one common share of the Company at a price of
$0.20
for a period
of 24 months after the closing date, provided, however that, if, at any time following the expiry of the
statutory four month hold period, the closing price of the common shares on the TSX Venture
Exchange is greater than
$0.50
for 20 or more consecutive trading days, the Warrants will be
accelerated and the Warrants will expire on the 20
th
business day following the date of such notice.
In connection with the Private Placement, the Company paid finder's fees of
$54,660
cash and
issued 364,400 compensation warrants in accordance with the policies of the TSX Venture
Exchange.
Martin Walter
, President and CEO of Nubian stated, "We are very pleased with the interest received
and the upsizing of the financing. The Company is progressing well with the due diligence and
finalizing definitive documents for its acquisition of the Yandoit Gold Project. Once completed, the
Company will be in a position to test the grade and continuity of quartz reefs that have the potential
to host gold along strike and below current mine workings that sit within a 5 kilometre untested
structural corridor."
Final closing of the Private Placement is subject to approval of the TSX Venture Exchange. The
securities issued under the Private Placement, and any common shares that may be issuable on
exercise of Warrants, are subject to a statutory hold period expiring four months and one day from
the date of issuance.
ABOUT NUBIAN
Nubian Resources Ltd. is a public traded precious and base metals exploration company listed on
the TSX Venture Exchange. The Company is managed by a team of experienced mining and
geological professionals. Nubian's main asset is the Esquilache Silver-Zinc Project located within the
Tintaya porphyry copper belt of southern Peru. In
May 2020
, Nubian entered into an agreement to
acquire and develop the Yandoit Gold Project in central
Victoria
, Australia.
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to identify forward-looking information
and are based on Nubian's current belief or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or projections set out in forward-looking
information. Those assumptions and factors are based on information currently available to Nubian.
Although such statements are based on reasonable assumptions of Nubian's management, there can
be no assurance that any conclusions or forecasts will prove to be accurate.
Forward-looking information contained in this news release is based on certain factors and
assumptions regarding, among other things, the Company's acquisition of the Yandoit Gold Project
and other similar matters. While Nubian considers these assumptions to be reasonable based on
information currently available to them, they may prove to be incorrect. Forward looking information
involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits, including risks relating to changes in
project parameters as plans continue to be redefined, risks relating to variations in grade or
recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply
of minerals, risks related to the COVID-19 pandemic and current global financial conditions,
increased competition, access and supply risks, reliance on key personnel, operational risks
regulatory risks, including risks relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks, title and environmental risks and risks relating to delay or
failure to satisfy the closing conditions to the Yandoit Gold Project acquisition and the Private
Placement.
The forward-looking information contained in this release is made as of the date hereof, and Nubian
is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained herein, investors should not place
undue reliance on forward-looking information. The foregoing statements expressly qualify any
forward-looking information contained herein.
SOURCE
Nubian Resources Ltd.
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http://www.newswire.ca/en/releases/archive/June2020/30/c9121.html
%SEDAR: 00024798E
For further information:
Please contact Martin Walter, Chief Executive Officer, Nubian Resources
Ltd., at +1-416-389-5692 or [email protected].
CO: Nubian Resources Ltd.
CNW 11:11e 30-JUN-20