Power Group Seeks Finance Alternatives and Proposed Consolidation
Power Group Seeks Finance Alternatives and Proposed
Consolidation
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA
Toronto, ON., June 30, 2020 – Power Group Projects Corp. (“Power Group” or the “Company”)
(TSXV: PGP) announces that since the new board of directors and management took over
operations of the Company, the focus has been on preparing the audited annual financial statements
for the year ended January 30, 2020 which were grossly overlooked an d unattended to by the
previous board of directors and management, amongst other commitments. Furthermore, the new
team is continuing to rationalize the Company’s cobalt exploration projects in Ontario as well as
its strategy going forward.
The new team is tackling all of the above while operating on nominal funds and resources at this
time while also exploring various alternatives of financing for the Company and business strategy.
The Company acknowledges the current market conditions and challenges both in the cobalt space
and due to the global pandemic.
In addition, the Company intends to consolidate the issued and outstanding common shares of the
Company on a basis of up to 10 (old) for 1 (new) basis, as it explores several options to attract new
financing.
The Company continues to work on the filing of its audited annual financial statements which it
intends to file no later than July 14, 2020.
ON BEHALF OF THE BOARD OF DIRECTORS
Aleem Nathwani
Chief Executive Officer and Chairman
(604) 290-7073
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT:
The information contained herein contains "forward -looking statements" within the meaning of applicable secu rities legislation.
Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and
estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, pla ns, projections,
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objectives, assumptions or future events or performance are not statements of historical fact and may be "forward -looking
statements.
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Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ
from those reflected in the forward -looking statements, including, without limitation: risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks
associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental
regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the
uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of
mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs
and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations;
and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Compa ny's
disclosure record. Should one or more of these ri sks and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward -looking statements. Investors are cautioned against
attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results
could differ materially from the Company's expectations or projections.