Nubian Provides Update on Private Placement
Nubian Provides Update on Private Placement
TORONTO
,
June 25, 2020
/CNW/ - Nubian Resources Ltd. (TSX-V: NBR) ("Nubian" or the
"Company") announces that, further to its press release of
May 28, 2020
, the Company's previously
announced private placement financing (the "Private Placement") has been oversubscribed. The
Company now intends to complete the Private Placement by issuing and selling 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 will pay finder's fees of
$52,860
cash and issue 352,400 compensation warrants in
accordance with the policies of the TSX Venture Exchange.
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, will be 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. In particular, this release contains forward looking
information relating to, among other things, statements with respect to the potential completion of
the Private Placement and the terms and conditions of the Private Placement. 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,
the Private Placement, 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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%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 17:05e 25-JUN-20