Serengeti Announces Oversubscription and Closing of its Non- Brokered Hard Dollar Private Placement, Receipt of $1.08 Million METC Refund and Attendance at VRIC Conference
NR: 2020-01
Serengeti Announces Oversubscription and Closing of its Non-
Brokered Hard Dollar Private Placement, Receipt of $1.08 Million METC
Refund and Attendance at VRIC Conference
Vancouver, B.C., January 16, 2020 . Serengeti Resources Inc. (SI R: T SX-V). Further to the Company’s news
release of December 1 8, 2019 wherein it was announced that the Company had arranged a non -brokered private
placement to raise gross proceeds of up to CDN $ 500,000 (the “ Financing”), the Company reports that due to
overwhelming interest, it increased the offering to $ 695,443. The Financing has now closed and the Company has
issued a total of 3,863,572 units at a price of $0. 18 per unit.
Each unit consists of one common share and one half of one share purchase warra nt ( a “Warrant”). Each whole
Warrant entitles the holder to purchase one additional common share of the Company at a price of $0. 26 for a period of
two years following closing of the Financing.
Finders’ fees totaling $ 6,004 in cash and 33,360 share purchase warrants (“Finder Warrants”) were paid in respect of
certain subscriptions incidental to the financing in accordance with the policies of the TSX Venture Exchange . The
Finder Warrants are exercisable at a price of $0.26 for a period of two years from the date of issuance.
The securities issued by the Company in the Financing are subject to a statutory hold period which expires on May 17,
2020. Proceeds raised in the Financing will be used for ongoing general corporate and administrative expenses as
well as for non-flow through eligible project expenses.
Serengeti also announces the receipt of a $1.08 million Mineral Exploration Tax Credit (“METC”) refund which was due
to Kwanika Copper Corp. (“KCC”), regarding expenditures made on KCC’s Kwanika Pr operty in 2018. KCC is
contractually obliged to turn over any METC recovered on the initial $7 million of expenditures on the Kwanika Property
to Serengeti, which includes the current refund which has been transferred to Serengeti’s account.
As announc ed S eptember 4, 2019, the Company had arranged a Convertible Loan financing with various private
investors (“Lenders”) for an aggregate loan amount of $700,000 and s ecurity for the Loan was the METC refund.
Lenders had the right to convert all or any port ion of their principal amount into common shares of the Company at a
price of $0.32 per share, by delivering a completed conversion notice to the Company, however none of the Lenders
elected conversion . T he Company will arrange for repayment of the Conver tible Loans, plus interest and an early
repayment fee of 6 months interest on the principal amounts advanced, less any interest payments made prior to the
date of repayment.
Vancouver Resources Investment Conference
Serengeti cordially invites you to vis it us at Booth #1100 at the Vancouver Resource Investment Conference (“VRIC”)
to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Sunday, January 19 th
through Monday, January 20 th. Serengeti’s President & CEO, David W. Moo re is also presenting in Workshop 1 at
1:40 to 2:00pm on Monday January 20, on “A Balanced Copper-Gold Portfolio: Kwanika and Beyond”
For more information or to register for the conference, please visit:
https://cambridgehouse.com/vanocuver-resource-investment-conference
ON BEHALF OF THE BOARD
David W. Moore, P. Geo.
President, CEO and Director
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track
record of explo ration success. The Company is currently advancing its majority-owned, advanced Kwanika copper -
Serengeti Resources Inc.
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gold project and exploring its extensive portfolio of properties in north -central British Columbia. A number of these
other projects are available for option o r jo int venture and additional information can be found on the Company’s
website at www.serengetiresources.com .
Cautionary Statement
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements
other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and ot her future
plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and future events and actual results could differ materially from those anticipated in s uch
statements. Important factors that could cause a ctual results to differ materially from our expectations as well as a comprehensive list
of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agenc ies to
whose policies we are bound. Forwa rd-looking statements are based on the estimates and opinions of management on the date the
statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates
change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
For further information, please contact:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: [email protected] / Website: www.serengetiresources.com