SRG Mining Announces Closing of Second Tranche of Private Placement
SRG Mining Announces Closing of
Second Tranche of Private Placement
MONTREAL, March 10, 2020 /CNW Telbec/ - SRG Mining
Inc. (TSXV: SRG) ("SRG" or the "Company") is pleased to announce
the closing of the second tranche of a non-brokered private placement
(the "Private Placement") that was originally announced on Thursday
March 5. Together with the first tranche, the Company has issued a
total of 4,788,000 units (the "Units") of SRG at a price of $0.50 per
Unit for gross proceeds of CAD$2,394,000.
Each Unit is comprised of one common share of the Company (a
"Share") and one non-transferable share purchase warrant. Each
whole warrant (a "Warrant") will entitle the holders to purchase for a
period of 36 months from the date of closing (the "Expiry Date"), one
additional common share of the Company (a "Warrant Share") at an
exercise price of $1.00 per Warrant Share.
The Private Placement is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals, including the final
approval of the TSX Venture Exchange. All securities issuable
pursuant to the Private Placement are subject to a four month hold
period from the date of issuance in accordance with applicable
Canadian securities laws.
Finders' fees of 7% in cash and 7% in warrants, or the equivalent
combination thereof, will be payable to certain finders. No
commissions are payable. Net proceeds from the Private Placement
will be used to continue the development of the Lola graphite project
and general working capital requirements.
ABOUT SRG MINING
SRG Mining is a Canadian-based mining company focused on
developing the Lola graphite deposit located in the Republic of
Guinea, West Africa. SRG is committed to operating in a socially,
environmentally, and ethically responsible manner.
For additional information, please visit SRG's website at
www.srgmining.com.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within the
meaning of Canadian securities legislation. All information contained
herein that is not clearly historical in nature may constitute forward-
looking information. Generally, such forward-looking information can
be identified by the use of forward-looking terminology such as, "will",
"expects", "continue", "believe", or variations of such words and
phrases or state that certain actions, events or results "may", "could",
"would" or "might". Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by
such forward-looking information, including but not limited to: (i)
volatile stock price; (ii) the general global markets and economic
conditions; (iii) the possibility of write-downs and impairments; (iv) the
risk associated with exploration, development and operations of
mineral deposits and mine plans for the Company's mining operations;
(v) the risk associated with establishing title to mineral properties and
assets including permitting, development, operations and production
from the Company's operations being consistent with expectations
and projections; (vi) fluctuations in commodity prices, finding offtake
takers and potential clients or enforcing such agreements against
same and other risks and factors described or referred to in the
section entitled "Risk Factors" in the MD&A of the Company and
which is available at www.sedar.com, all of which should be reviewed
in conjunction with the information found in this news release.
Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such forward-looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such forward-looking information. Such
forward-looking information has been provided for the purpose of
assisting investors in understanding the Company's business,
operations and exploration plans and may not be appropriate for other
purposes. Accordingly, readers should not place undue reliance on
forward-looking information. Forward-looking information is given as of
the date of this press release, and the Company does not undertake
to update such forward-looking information except in accordance with
applicable securities laws.
SOURCE SRG Mining Inc.
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%SEDAR: 00008697E
For further information: Ugo Landry-Tolszczuk, Email:
[email protected]; Benoit La Salle, FCPA FCA,
Email: [email protected]
CO: SRG Mining Inc.
CNW 07:00e 10-MAR-20