KORE Mining Accelerates Warrant Expiry Date Forecasting C$12.5 Million Cash ON Hand
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TSXV - KORE OTCQB - KOREF
KORE MINING ACCELERATES WARRANT EXPIRY DATE FORECASTING
C$12.5 MILLION CASH ON HAND
Vancouver, BC July 13 , 2020 - KORE Mining Ltd. (TSXV: KORE | OTCQB: KOREF) (“ KORE” or the “ Company”)
announces that the Company has elected to exercise its right under the warrant indenture (the “ Warrant
Indenture”) governing the common share purchase warrants of KORE issued on October 30, 2018 (the “ Warrants”)
to accelerate the expiry date of the Warr ants. Approximately 1.4 million Warrants are currently outstanding and
are subject to the acceleration.
KORE forecasts it will have pro forma cash on hand of C$12.5 million assuming full exercise of the remaining 1.4
million Warrants, and the expected net proceeds from the closing of the recent Eric Sprott C$7.5 million financing
announced June 29, 2020.
Scott Trebilcock, KORE CEO commented, “KORE is pleased with recent share price performance but has a long way
to go to see peer valuation for our District scale gold assets. The recent financing with Eric Sprott enables KORE to
drill aggressively and take bold steps across our portfolio. I am happy to see founding shareholders rewarded for
their investment by exercising their Warrants and we look forward to generating similar returns to our current
generation of shareholders.”
Under the terms of the Warrant Indenture, the Company is permitted to accelerate the expiry date if the trading
price of the Company's common shares listed on the TSX -V is at or above C$1.00 for ten consecutive trading days
(the "Acceleration Event "). KORE is please d to confirm that an Acceleration Event occurred as of July 13, 2020.
Accordingly, the Company has chosen to accelerate the expiry date of the Warrants to August 12, 2020. Holders may
exercise the Warrants before 4:00 p.m. EST on August 12, 2020 by observing the process as set out in the applicable
Warrant Indenture.
Please contact your broker, the Warrant a gent under the Warrant Indenture , being Computershare, at 1-800-564-
6253or KORE at [email protected] with any questions about the Warrant exercise process. A copy of the
Warrant Indenture can be found under the Company’s profile on SEDAR at www.sedar.com.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British
Columbia. KORE is supported by strategic investors Eric Sprott and Macquarie who, together with the management
and Board own 6 6% of the basic shares outstanding. F urther information on KORE and its assets can be found on
the Company’s website at www.koremining.com and at www.sedar.com , or by contacting us as
[email protected] or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
”Scott Trebilcock”
Chief Executive Officer
(888) 407-5450
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.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward- looking statements relating to the future operations of the Company and other statements
that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate",
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"expects" and similar expressions. All statements other than statements of historical fact, included in this release, including,
without limitation, statements regarding the future plans and objectives and the expected cash proceeds from equity issuance s
and the expected amount of proceeds from the exercise of the Warrants of the Company are forward-looking statements. Such
forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking
information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future results, performance or achievements expressed or
implied by the forward-looking information. For further information on the Company’s Imperial Project, please see the Company’s
NI 43-101 Technical Report dated effective April 6, 2020 and issued on May 19, 2020 entitled “Preliminary Economic Assessment
- Technical Report, Imperial Gold Project, California, USA” filed on the Company’s website and also available under the Company’s
issuer profile on www.sedar.com.
Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors
relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards
and risks normally encountered in the exploration, development and production of minerals, uncertainties regarding estimating
mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating
to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices
and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered
at the rates estimated; risks related to title to the Company’s properties, the ability of the Company to access necessary resources,
access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks
related to the stage of the Company’s development, risks regarding the ability of the Company and its management to manage
growth; and potential conflicts of interest.
In addition to t he above summary, additional risks and uncertainties are described in the “Risks” section of the Company’s
management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the
Company’s issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a result of new information, future events or results, ex cept as
may be required by applicable securities laws. There can be no assurance that forward- looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further
exploration will allow improving the classification of the Indicated or Inferred mineral resource. Mineral resources are not mineral
reserves and do not have demonstrated economic viability.