SRG Mining appoints Mr. Yacouba Saré to the Board of Directors - Announces closing of Private Placement
SRG Mining appoints Mr. Yacouba Saré to the
Board of Directors - Announces closing of
Private Placement
MONTREAL
,
April 2, 2020
/CNW Telbec/ -
SRG Mining Inc.
(TSXV: SRG) ("SRG" or the
"Company") is pleased to provide a market update on its ongoing operations.
First and foremost, as part of the worldwide effort to fight the spread of the COVID-19 pandemic,
SRG is committed to the health and safety of its employees and stakeholders and has taken all
necessary and recommended best practices to respond dynamically and proactively to this threat.
The Company is therefore taking proactive measures to abide by rules and recommendations in the
jurisdictions in which it operates or has personnel. As a result, like many other businesses, SRG has
transitioned to a remote work environment, and is adapting procedures to ensure continued
development of its operations is minimally impacted.
Furthermore, the Company is pleased to announce the appointment of Mr. Yacouba Saré, a senior
executive and nominee of Coris Capital S.A., as an additional director to the board of directors
effective immediately.
Mr. Saré is a senior executive within the Coris Group, a leading financial services firm in
West
Africa
. With over 20 years of experience in the financial sector, Mr. Saré serves as General Director
of Coris Bourse S.A., the management and brokerage arm of the group since 2010. Prior to that,
Mr. Saré served as General Controller of Coris Bank International S.A. and held senior positions in
Banque Agricole and Commerciale du Burkina. Mr. Saré also serves as a lecturer at the Université
de
Ouagadougou
and Université Catholique Saint Thomas D'Acquis.
The Company also announces the resignation of Mr.
Vincent Hogue
and Mr. K.
Abdoulaye
Compaore
from the Board of Directors effective immediately.
"I would like to personally thank Mr. Hogue and Mr. Compaore for their dedication, support and
services. They have both been strong supporters of SRG in their personal and professional
capacities and we are grateful for their services and expertise. I wish them both success in their new
professional endeavor. We would also like to welcome Mr. Saré to the Board as a Coris
representative in replacement of Mr. Compaore and look forward to working closely with him and
benefiting from his significant financial experience in
West Africa
. We are delighted to have Coris as
a significant supporter of SRG and its projects." stated Mr.
Benoit La Salle
, Executive Chairman of
the Board.
Private Placement Closing
The Company confirms the closing of the final tranche of a non-brokered private placement that was
originally announced on
Thursday March 5
and
March 10, 2020
. The Company has issued a total of
4,788,000 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 and one non
transferable share purchase
warrant. Each whole warrant will entitle the holders to purchase for a period of 36 months from the
date of closing, one additional common share of the Company at an exercise price of
$1.00
per
Warrant Share.
The Company reports that Finders' fees of
$45,430
in cash and 198,580 in finders' warrants were
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.
The Company is pleased to announce the closing of a concurrent non-brokered private placement
(the "Private Placement") for the issuance of a total of 180,000 units of SRG at a price of
$0.50
per
Unit for gross proceeds of
CAD$90,000
, all on the same terms and conditions of the Units described
hereinabove.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals, including the final approval of the TSX Venture Exchange. All securities
issuable pursuant to the Private Placement are subject to a four-month hold period from the date of
issuance in accordance with applicable Canadian securities laws.
There were no finders' fees or commissions payable. Net proceeds from the Private Placement will
be used to continue the development of the Lola graphite project and general working capital
requirements.
Convertible Debt Agreement Close
The Company would also like to announce that it has agreed with Sama Resources Inc. ("Sama") to
close the position it had taken under the Convertible Debt Agreement (the "Debt Agreement")
announced on
August 8, 2019
. Under said Debt Agreement, the first draw of
USD$ 1,000,000
was
subject to a 10% interest rate and could be repaid through a conversion of shares at a price of
CAD$ 0.91
per share at the election of Sama. Sama and SRG have agreed to proceed with
repayment of said balance of
USD$ 1,000,000
through a conversion and issuance of 1,557,110
shares to Sama. Pursuant to this issuance Sama will now hold 24,805,377 shares of SRG. The Debt
Agreement will also be henceforth terminated.
The issuance of the shares under the Debt Agreement 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 are subject to a four month hold period from the date of issuance in
accordance with applicable Canadian securities laws.
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 "firm", "anticipated", "potential", "will", "continue",
"demonstrate", "deliver", "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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2020/02/c3071.html
%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 02-APR-20