Nubian Finalizes Acquisition of Esquilache Silver-Lead-Zinc Project and Closes First Tranche of $500,000 Private Placement
Nubian Finalizes Acquisition of Esquilache
Silver-Lead-Zinc Project and Closes First
Tranche of $500,000 Private Placement
VANCOUVER
,
July 30, 2018
/CNW/ - Nubian Resources Ltd. ("Nubian" or the "Company") (TSX
VENTURE: NBR) is pleased to announce that the Company has finalized the previously announced
acquisition of the Esquilache silver-lead-zinc project ("Esquilache") from Zinc One Resources Inc.
("Zinc One") through the issuance of 1,638,151 common shares to Compañia Minera Vensix S.A.C.,
a company owned by Zinc One. The closing of the Esquilache acquisition has been approved by the
TSX Venture Exchange ("TSXV").
The Company also announces the results of recent financing activities, with the Company having
received subscriptions for 2,000,000 units at a price of CDN
$0.25
per unit, with each unit
comprising one common share and one-half of a transferable share purchase warrant (a "Warrant"),
and with each whole Warrant exercisable for a period a 24 months at
$0.40
(the "Units", and the
"Private Placement", previously announced on
May 29, 2018
). On
July 24, 2018
, the Company
closed the first tranche of the Private Placement through the issuance of 1,600,000 Units, to raise
gross proceeds of CDN
$400,000
. Insiders of the Company subscribed for 180,000 units
aggregating CDN
$45,000
and finder's fees in the amount of
$6,000
in cash and 24,000 broker
warrants, each such broker warrant exercisable at CDN
$0.25
per broker warrant into Units, were
issued to a registered dealer in relation to one subscriber. In accordance with regulatory
requirements, all securities issued under the Private Placement are subject to a four month and one
day "hold period". The Private Placement is subject to final approval by the TSX Venture Exchange.
All outstanding warrants that were scheduled for expiry on
July 15, 2018
have been exercised by
warrant holders resulting in a further 4,300,000 common shares being issued pursuant to receipt of
$258,000
in cash proceeds.
Proceeds of the Private Placement will be used to undertake a work program on the Esquilache
Project including core drilling, sampling, geological mapping, feasibility studies, metallurgical and
mine permitting and for general corporate purposes. The Esquilache Project includes the historical
Esquilache underground silver mine and adjacent Virgen de Chapi prospect located in the Puno
Department of Southern Peru and features three main mineralized zones (Sepulvada,
Creston
and
Mamacocha). The Project covers more than 1,600 hectares across a set of hills (4,900 meters ASL)
and valleys (4,300 meters ASL) where more than 200 mineralized veins and breccia showings have
been mapped. These veins form "horse tail" shapes and can be traced and sampled at surface.
Nubian filed a
National Instrument
43-101 technical report on the Esquilache Project in
May 2018
.
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.
This news release includes forward looking statements that are subject to assumptions, risks and
uncertainties. Statements in this news release which are not purely historical are forward looking
statements, including without limitation any statements concerning the Company's intentions, plans,
estimates, beliefs or expectations regarding the future. Although the Company believes that any such
intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can
be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate.
The Company cautions readers that all forward looking statements, including without limitation those
relating to the Company's future operations and business prospects, are based on assumptions
none of which can be assured, and are subject to certain risks and uncertainties that could cause
actual events or results to differ materially from those indicated in the forward looking statements.
Readers are advised to rely on their own evaluation of such risks and uncertainties and should not
place undue reliance on forward looking statements. Any forward looking statements are made as of
the date of this news release, and the Company assumes no obligation to update the forward
looking statements, or to update the reasons why actual events or results could or do differ from
those projected in the forward looking statements. The Company assumes no obligations to update
any forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE
Nubian Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/July2018/30/c4836.html
%SEDAR: 00024798E
For further information:
Martin Walter, Chief Executive Officer, Nubian Resources Ltd, at 416 389
5692 or [email protected].
CO: Nubian Resources Ltd.
CNW 14:09e 30-JUL-18