MONTREAL, March 5, 2020 /CNW Telbec/ - SRG Mining
Inc. (TSXV: SRG) ("SRG" or the "Company") is pleased to
announce the closing of the first tranche of a non-brokered private
placement (the "Private Placement"). The Company has issued a
total of 3,894,000 units (the "Units") of SRG at a price of
$0.50 per Unit for gross proceeds of
CAD$1,947,000.
Based on current market demand and ongoing discussions with
investors, the Company expects to close on a second tranche of the
Private Placement , in an amount to be determined, within the next
30 days.
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.