Bonterra (BTR:tsxv) drills 2.5 m of 137.4 g/t Au at Gladiator
BonTerra Extends Western Extension of the Gladiator Deposit by 150 m to 600 m with 2.5 m of 137.4 g/t Gold
– Momentum Public Relations – May 18th, 2016
BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the ” Company ” or ” BonTerra “) is pleased to announce that it has successfully extended the length of its Gladiator gold zones by an additional 150 m to a total strike length of 600 m to date. Assays from an additional eight (8) holes from its 2016 Exploration and Drill Program on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project located north of Val d’Or, Quebec have been received from the western extension and are reported below. To date, all of the 19 holes completed in 2016 have been reported from the winter drilling program designed to extend the western limits of the deposits.
Drill hole #19, targeting the lower and westernmost extents of the Gladiator zones, generated a high-grade intersection of 137.4 g/t over 2.5 m with coarse visible gold having been observed in the core. All of the drill holes reported in this press release are located at or within 50 meters of the known western extents of the Gladiator Deposits. For more information, please visit http://bonterraresources.com
Nav Dhaliwal, President and CEO of BonTerra, commented: “Once again our team has pushed the limits of these deposits along strike and to depth in a significant manner. With only the western extension tested to-date, I look forward to beginning our push along strike to the east this summer.”
2016 Drilling Program Update and Highlights:
- -2.5 m of 137.4 g/t Au in Hole BA-16-19 at westernmost and deepest limits of drilling to date in Main Zone, coarse visible gold was observed over a 0.5 m section of the core;-Intersection of 3.5 m of 12.0 g/t Au in Main Zone drilled less than 100 m below surface in Hole BA-16-14;
-Extends Main Zone further to the west with intersection of 3.0 m of 15.0 g/t Au, at nearly 200 m below surface in Hole BA-16-17;
-Hole BA-16-15 extends Footwall Zone further to the west with intersection of 2.6 m of 8.6 g/t Au at 100 m below surface;
-The Gladiator Deposits, to-date, are outlined over a strike length of 600 m long by 450 m deep, where 23 new drill holes (2015 and 2016) have extended the main deposits and discovered 3 new parallel zones;
-New drill information demonstrates that three zones (Footwall, Main and Intrusive) continue along strike, while three new zones (North Shear 1, North Shear 2 and South) have been identified both to the north and south of the previously known zones.
-8,300 m drilled during 2016 in 19 holes on the western extension of Gladiator Deposit;
-Visible gold was identified in 16 of the 19 holes.
Hole | From
(m) |
To
(m) |
Length
(m) |
Grade
(g/t Au) |
Zone |
BA-16-12 | 75.0 | 84.0 | 9.0 | 1.9 | Main |
BA-16-13 | 82.5 | 83.5 | 1.0 | 2.4 | Main |
BA-16-14 | 107.0 | 110.5 | 3.5 | 12.0 | Main |
193.0 | 203.0 | 10.0 | 1.0 | Intrusive | |
BA-16-15 | 124.0 | 126.6 | 2.6 | 8.6 | Footwall |
224.0 | 226.0 | 2.0 | 6.2 | Main | |
BA-16-16 | 144.0 | 153.0 | 9.0 | 3.0 | Footwall |
205.1 | 207.3 | 2.2 | 4.3 | Main | |
BA-16-17 | 186.0 | 189.0 | 3.0 | 15.0 | Footwall |
BA-16-18 | 197.0 | 200.0 | 3.0 | 2.7 | Footwall |
245.0 | 251.0 | 6.0 | 1.4 | Main | |
BA-16-19 | 288.5 | 291.0 | 2.5 | 137.4 | Main |
Including | 288.5 | 289.0 | 0.5 | 677.0 | Main |
*Stated lengths are core width as drilled, true widths have not yet been determined.
Dale Ginn, Vice President of Exploration of BonTerra, added: “While many gold deposits of the Archean shear hosted type are characterized by numerous plunging bodies of relatively short length along a fault structure, Gladiator is demonstrating remarkable continuity along strike and to depth while the presence of mineralized felsic intrusive along the structures is also indicative strength in the system. Our experience and knowledge of the system was greatly enhanced by our 2016 Winter Drill Program and we look forward to applying our knowledge towards the east.”
Upcoming Program and Next Steps
The western extension of the Gladiator Deposit was targeted based on interpretation of recent geophysical programs and extension of known data from the existing Gladiator zones. With the ice drilling program now complete for the winter season, the project will now focus on the eastern and depth extensions from land-based drill sites. This program is expected to continue with drilling the main zones, following up on the recent discoveries, applying drilling in order to extend the deposits to the east, and following up on targets identified on the Coliseum Property to the west.
BonTerra Resources Quick Facts:
- -7,563-hectare (Gladiator Project) in the Urban-Barry Camp in Quebec containing:
- -Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold . Of note, ~90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants.-2016 Exploration Program underway – up to 25,000 meters utilizing minimum of two drill rigs at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project to expand current gold resource.
-2,165-hectare (Larder Lake Property) in the Cadillac-Larder Break Camp in Ontario ( refer to March 17, 2016 news release highlighting historical gold resource ).
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
- Published in Blog, BonTerra Resources, Mining, News Home
5 Reasons Gold Mining is Important in Quebec
Five Reasons Why Gold Mining is Important in Quebec
– Momentum Public Relations –
- Well Established Geological Potential
Quebec’s geography includes a vast area that is part of the larger Canadian shield. It is the oldest part of the North American crustal plate and contains fossils of bacteria and algae over two billion years old. Many geologists and mining experts consider this area to be an exceptional region geologically. Approximately 90 percent of the substratum is Precambrian rock, a reference to the igneous and metamorphic rock that formed during the Precambrian geological era 500 million years ago. Mineral deposits associated with Precambrian rock have yielded most of the world’s gold and nickel in addition to large quantities of copper, silver, radium, and uranium. Quebec’s gold deposits exist as both mineral and placer form. That means that recreational miners can successfully find small gold deposits in the rivers and streams in reasonable quantities, and larger mining companies are attracted to the area due to significant underground reserves
- New Technologies in Exploration Are Mapping Unexplored Regions
Experts believe that less than 40 percent of Quebec’s mineral potential is currently known. The variety of the terrain coupled with the weather challenges during the winter months has contributed to a limited amount of exploration in the past century. New technologies like multispectral satellite imagery are allowing researchers to collect data on reflection and absorption properties of rock. This data can assist geologists in the mineral mapping of Quebec’s large area of yet unexplored land to identify the potential for significant untouched mineral deposits.
- An Established History of Mining
Unlike some countries or regions of the world, gold mining is not a new thing in Quebec. In 1846, a young girl found a large nugget in the Gilbert River. Gold fever spread like wild fire and prospectors flocked the region looking for the next big discovery. Placer deposits in the area have continued to be quite rich. Mining began to grow in the 1920′s focused primarily on minerals and mineral deposits that were accessible. Regional mining booms first happened in the Abitibi-Temiscamingue area, with exploration subsequently carried out in the Matagami, Chibougamau, Saguenay Lac-Saint-Jean, Grand-Nord and the Côte-Nord regions of the province.
- A Wealth of Experience and Mining Expertise
In some areas of the world, there is plenty of potential, but the knowledge required for a mining industry is embryonic. The existence of viable quantities of rich mineral deposits is never enough, on its own, to catalyze a mining operation. Quebec has experienced miners and mining experts. There are currently over 30 operating mines, more than 150 exploration projects, and 15 primary processing industries. The mines in the province extract more than 25 minerals, including gold, iron, titanium, asbestos, copper, zinc and silver. Quebec’s mining expertise in exploration, development and extraction is supported by a full complement of educational institutions that add to the existing intellectual capital of the industry.
- A Politically Stable Climate
The potential for a mining operation to be overrun by a band of insurgents is not particularly appealing. Some jurisdictions in the world have rich mining opportunities but are politically volatile. They may be subject to civil wars, ever changing rules or endemic corruption. Investors prefer low risk, and Quebec is a low-risk location for mining. While Quebec recently increased some mining taxes, and some mining regulations are under discussion, it remains a place where it possible to have a respectful and productive dialogue with the government. In the Fraser Institute’s Survey of Mining Companies: 2010 Mid-Year Update, Quebec is identified as the third best place in the world for mining investment. The data extracted in the update is a summary of the opinions of mining executives representing 429 mineral exploration and development companies. It evaluated the investment climate of 51 jurisdictions around the world and was conducted following the introduction of new regulatory hurdles and taxation in many jurisdictions.
Sirona Biochem to Present New Test Results of SBM-TFC-1067 at Global Conferences
Sirona Biochem to Present New Test Results of SBM-TFC-1067 at Global Conferences
– Momentum Public Relations – May 17, 2016
Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) is pleased to announce participation, in the form of presentations and exhibitions, in several global cosmetic industry conferences.
“Maintaining a strong presence in the global cosmetic industry is important as we continue to grow our pipeline and explore new areas of dermatology,” explained Attila Hajdu, Chief Business Development Officer of Sirona Biochem. “These conferences provide a great opportunity to conduct business with the key players in the industry in a timely and efficient manner.”
May 18-20: Attila Hajdu, Chief Business Development Officer of Sirona Biochem, will be exhibiting at China Beauty Expo in Shanghai and attending other business meetings in China and Korea. For more information on this conference, please visit: www.chinabeautyexpo.com/en
May 24-25: Dr. Geraldine Deliencourt-Godefroy, Chief Scientific Officer of Sirona Biochem, will present at COSM’innov 2016, the international congress on cosmetic science in Orléans France. CSOM’innov is where academia meets business as leading organizations seek the latest advances in the science of cosmetology. For more information on this conference, please visit: www.cosminnov.com
June 9-10: Attila Hajdu, Chief Business Development Officer of Sirona Biochem, will be presenting at the Innocos World Beauty Innovation Summit in Vienna, Austria. As a Gold Sponsor of the event, Sirona will have VIP access and dedicated 1:1 business meetings with senior executives from leading companies such as: Amore Pacific, Amway, Beiersdorf, Yves Rocher, Mirai Clinical, Sisley and Unilever. For more information on this conference, please visit: www.innocossummit.com
“As part of due diligence of a third party, our CRO performed additional safety and efficacy studies with our innovative skin lightening compound SBM-TFC-1067 in the last several weeks. The results are a major milestone that will significantly help us to close a licensing deal for this new compound in due course. Furthermore, it will provide scientific credibility enabling potential partners to initiate formulation and clinical trials required for approval of SBM-TFC-1067 in the major markets of the world (Japan, Korea, China, Europe and North America),” said Dr. Howard Verrico, CEO of Sirona Biochem.
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The Company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds’ efficacy and safety. Sirona Biochem’s compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem’s wholly-owned French laboratory, is a recipient of multiple French national scientific awards and a European Union and French government grant.
For more information please visit www.sironabiochem.com
- Published in Blog, News Home, Sirona Biochem
Namaste Expands Wholesale and E-Commerce Platforms
Namaste Expands Wholesale and E-Commerce Platforms
– Momentum Public Relations –
Press Release: May 16, 2016
Namaste Technologies Inc. (CSE:N)(OTC PINK:NXTTF) (FRANKFURT:M5BQ) reports the launch of a new wholesale division, the development of multiple new e-commerce and social media platforms specifically designed for the vaporizer and accessories community, and the expansion of the senior management team.
These developments accelerate Namaste’s strategy to be an integrated leader in the international vaporizer and accessories market, through innovative in-bound marketing e-commerce and social media platforms, industry leading logistics and fulfillment capabilities, and differentiated wholesale solutions for manufactures and distributors.
Wholesale Expansion
The management team of Namaste is pleased to announce and welcome Mr. Peter Tollmann Jr., as the new Executive Vice President, Wholesale Division. Mr. Tollmann was previously one of the leading sales managers at the largest vaporizer distributor globally and is an expert in the motivation and management of sales teams. In that regard, his experience spans 20-years of managing relationships with internal staff, cross-functional teams, retailers, distributors and vendors, while consistently driving revenue growth, expanding market presence, improving processes and managing costs.
Based in Florida, Mr. Tollmann will be responsible for establishing the Company’s wholesale technology, fulfillment and customer service supported product offerings to e-commerce companies, headshops and other retail distributors. Mr. Tollmann has identified initial members of his global team and will develop a sales force focused on nine countries globally.
Key differentiating elements of Namaste’s wholesale offering include:
- Global distribution capabilities with established fulfillment centers in the UK, US, Australia and the recent establishment of a new center in Brazil, currently a high growth and strategic market for the Company;
- Virtual storefront development and branding to enhance the product offering of headshops and retail stores by reducing inventory costs;
- Reduced logistical costs through the Company’s world class shipping relationships;
- Managing costs through specific unit repair and replacement functions; and
- Multi-lingual customer support for international markets.
E-Commerce Expansion
Namaste is currently investing significant resources into the acceleration of its inbound marketing e-commerce strategy through organic search engine optimization and technologies. This strategy includes best-in-class natural rankings, trust of brand growth, client population expansion, and sales conversion optimization. The objective is to significantly increase the sustainability and reoccurring nature of sales at a lower customer acquisition cost than pay per click. For the month of April, Namaste achieved a top-decile conversion funnel with 6.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of site visitors adding products to the cart, 4.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} reaching checkout and 3.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} making purchases.
In addition to enhancing overall e-commerce traffic and maintaining high conversion rates, the Company is focused on launching new portals and applications to facilitate social and commercial interactions between vaporizer and accessory community members. These include:
- The creation of Snap420, a social media application that provides community members an exclusive portal to share imagery, messages, reviews and more. This will integrate into e-commerce product offerings and exclusive coupons and discounts (www.snap420.com);
- Branding of Vaporizer Acquisition Syndrome (“VAS”), a platform focused on educating the market about the compulsive purchasing of vaporizers and accessories. This initiative will feature Dr. Ken Grey, a leading authority on VAS (www.vaporizeracqusitionsyndrome.com);
- Development of VASTrader, an online community for vaporizer enthusiast to buy, trade and sell vaporizers and accessories. This platform, the first if its kind to focus exclusively on the vaporizers and accessories industry, will allow community members access to a full range of products and will drive recurring revenues by generating multiple sales from a single unit (www.vastrader.com); and
- Expansion and enhancement of YouTube channels with additional product reviews and locational content targeting specific markets. This initiative will feature Ms. Kim Owen, an international pageant model.
Management Commentary
Mr. Sean Dollinger, President and CEO of Namaste, comments: “Our integration of wholesale and e-commence operations will allow Namaste to reach a larger audience with our products and synergistically enhance the offerings of both divisions. This expansion also positions the Company to address the entity of the estimated US$2.0 billion vaporizer market, which is characterized by approximately 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of sales being generated through physical retail locations. I firmly believe these strategic developments further advance our objective to become the leading integrated vaporizer and accessories company internationally.”
Corporate Security Appointment and Option Grant
Namaste announces the appointment of Mr. Darren Collins, Chief Financial Officer of Company, as Corporate Secretary. The Company has also granted 300,000 stock options to officers, directors, and consultants of the Company. The options will have an exercise price of $0.15 per share for a period of 5-years.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Learn more by clicking here: www.namastetechnologies.com
- Published in Life Sciences, Namaste Technologies, News Home
Canada Strategic Metals (CJC.V) Monetizes Graphite Asset
Canada Strategic Metals (CJC.V) Monetizes Graphite Asset
– Momentum Public Relations –
Press Release: May 16, 2016
Canada Strategic Metals Inc. (“Canada Strategic Metals” or “the Company”) (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) and Lomiko Metals Inc. (TSX VENTURE:LMR)(OTCQX:LMRMF)(FRANKFURT:DH8B) are pleased to announce the signature of an additional option Agreement on the La Loutre and Lac des Iles Property allowing Lomiko to acquire up to 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the project.
“The Properties are located close to the Imerys Carbon and Graphite Mine and benefits from similar infrastructure advantages and similar flake graphite grade, deposit size and near surface mineralization amenable to low cost, small footprint extraction. All of these elements make this an excellent candidate for a positive Pre-Economic Assessment.”, stated A. Paul Gill, CEO, Lomiko Metals Inc., “Additional resource definition in the Refractory Zone will bolster the PEA.”
Subject to Lomiko having exercised the Additional Option signed on February 6, 2015, Canada Strategic will also grants to Lomiko the exclusive right and option (the “Third Option“) to increase its undivided interest in and to the La Loutre Property and the Lac des Îles Property from 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} by paying to Canada Strategic an additional amount of $10,000, by issuing to Canada Strategic an additional 7,500,000 common shares of Lomiko and by funding Exploration Expenditures for an additional amount of $1,125,000 on Canada Strategic properties for a period commencing on the deemed exercise of the Additional Option and ending on December 31, 2018. Previous to this option, Lomiko owned 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the La Loutre and Lac des Iles Properties and had an option to increase ownership to 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} based on completing work and issuing shares
The La Loutre property consists of contiguous claim blocks totalling approximately 2,867.29 hectares (28.67 km2situated approximately 53 km east of Imerys Carbon and Graphite, formerly known as the Timcal Graphite Mine, North America’s only operating graphite mine, and 117 km northwest of the International Port of Montreal, key to shipping to North America and Europe. The Lac des Iles Property is directly west of the Imerys Grpahite Mine. Lomiko is currently completing the 2nd option to acquire 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the La Loutre and Lac des Iles properties which requires $580,000 work expenditure between La Loutre property and others Canada Strategic properties.
The La Loutre Resource is constrained within a drilled area of approximately 900 m along the N150° striking trend of the graphitic paragneiss, 250 m across the strike and 225 m below surface. Geological interpretation and estimation were based on 62 NQ drill holes (totaling 8193.3 m) drilled by Lomiko and Canada Strategic Metals in 2014 and 2015.
On February 9th, 2016, Lomiko Metals and Canada Strategic announced resource for the La Loutre Flake Graphite Property of 18.4 M Tonnes of 3.19{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Indicated and 16.7 M Tonnes at 3.75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Flake Graphite Inferred with a cut-off of 1.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The sensitivity table also features 4.1 M Tonnes of 6.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Indicated and 6.2 M Tonnes at 6.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Flake Graphite Inferred with a cut-off of 3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The Resource is calculated on the Graphene-Battery Zone only and does not include recent high grade intercepts of 28.5 metres of 16.53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cg and 21.5 metres of 11.53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cg reported January 6, 2016 and 9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} over 90.75 metres reported September 24th 2015 from the Refractory Zone.
Qualified persons
Jean-Sebastien Lavallée (OGQ #773), Geologist, is a shareholder of both companies, President and Chief Executive Officer of the Canada Strategic and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects covering over 20,000 hectares in Quebec. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
For more information on the Company, please visit www.csmetals.ca.
- Published in Canadian Strategic CJC, Mining, News Home
Sirona Biochem (SBM.V) Announces Close of Financing
Sirona Biochem Announces Close of Financing
– Momentum Public Relations – May 11, 2016
Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) is pleased to announce that it has closed a private placement in the amount of 4,147,500 units at $0.20 per unit for total gross proceeds of $829,500. Each unit consists of one common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one additional common share of the Company for a period of two years from the date of issue at a price of $0.30 per share.
The Company paid a total of $24,000 in finder’s fees in connection with the placement.
All securities issued under the placement are subject to statutory hold periods expiring on September 12, 2016.
Proceeds of the placement will be used for research and development purposes and for general working capital.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information please visit www.sironabiochem.com.
- Published in News Home, Sirona Biochem
Sage Gold Inc. Announces Closing of Private Placement and Early Warning Notice
Sage Gold Inc. Announces Closing of Private Placement and Early Warning Notice
– Momentum Public Relations –
Press Release: May 11, 2016
Sage Gold Inc. (TSX VENTURE:SGX) is pleased to announce that, further to its press release dated April 26, 2016, on May 10th, 2016 it completed the closing of its first tranche of its non-brokered private placement (the “Offering“). The Company issued 5,085,000 Units at a price of $0.05 per Unit for gross proceeds of $254,250. Each unit will consist of one common share of the Corporation (a “Common Share”) plus one half (1/2) Common Share purchase warrant (a “Warrant”). Each full Warrant entitles its holder to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.10 for a period of 24 months following the Closing Date, whereupon the Warrants will expire.
The securities issued pursuant to the Offering will be subject to a four (4) month and one (1) day statutory hold period. In connection with the Offering, a finders fee of up to 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} was paid in cash to certain eligible finders. The Corporation intends to use the net proceeds from the Offering for general working capital purposes.
If the Corporation’s shares trade at or above $0.20 per share for 20 consecutive trading days, the Corporation may, at any time after the expiry of the statutory hold period, accelerate the expiration of the Warrants upon not less than 30 days written notice by the Corporation, and thereafter repurchase any unexercised Warrants at $0.001 per underlying common share.
Three (3) insiders of the Company participated in the Offering, thereby making the Offering a “related party transaction” as defined underMultilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Mr. Patrick Mars, Chairman of the Company, Mr. Nigel Lees, President and Chief Executive Officer of the Company and Mr. David McDonald, Chief Financial Officer of the Company, purchased, in the aggregate, 2,325,000 Units pursuant to the Offering.
Mr. Mars purchased 200,000 Units and will own or control 1,362,555 Shares or approximately 4.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total Shares issued and outstanding after the completion of the Offering. Mr. Lees purchased 2,000,000 Units and will own or control 3,862,881 Shares or approximately 12.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total Shares issued and outstanding after the completion of the Offering. Mr. McDonald purchased 125,000 Units and will own or control 275,000 Shares or approximately 0.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total issued and outstanding Shares after the completion of the Offering. The Offering was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company is not listed under a specified market (as set out in section 5.5(b) of 61-101) and the fair market value of the Shares issued to, nor the consideration paid by, Messrs. Mars, Lees and McDonald exceeded 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Company’s market capitalization. No new insiders were created, nor has any change of control occurred, as a result of the Offering.
EARLY WARNING NOTICE
Prior to the completion of the Offering transaction, Mr. Lees owned 1,862,881 common shares of the Company representing approximately 7.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the issued and outstanding common shares of the Company. Upon completion of the Offering, the 3,862,881 common shares owned or controlled, directly or indirectly, by Mr. Lees, represent approximately 12.45{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Company’s issued and outstanding common shares on a non-diluted basis, and approximately 16.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} on a partially-diluted basis (assuming exercise of Mr. Lees’ convertible securities). Depending on market and other conditions, or as future circumstances may dictate, Mr. Lees may from time to time increase or decrease his holdings of common shares or other securities of the Company. This portion of the news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related TakeOver Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of Mr. Lees’ early warning report in respect of this transaction will be available on the Company’s issuer profile on SEDAR atwww.sedar.com.
The existing shares were acquired for investment purposes. Mr. Lees may, from time to time, on an individual or joint basis, acquire additional securities of the corporation, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.
A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found on SEDAR.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} polymetallic owned Lynx property and other exploration properties in the Beardmore-Geraldton Gold Camp and the Clavos Gold property in Timmins. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Corex Gold (CGE.v) Announces Completion of Financing
Corex Gold Announces Completion of Financing
– Momentum Public Relations – May 9th, 2016
Corex Gold Corp. (“Corex” or the “Company”)(CGE:tsxv), announces that, further to its news releases of April 14, 2016, the Company has subject to final acceptance from the TSX Venture Exchange has completed the non-brokered private placement offering (the “Financing”) of 20,000,000 units (“Unit”) at a price of $0.05 per Unit for gross proceeds of $1,000,000. Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant will be exercisable by the holder to acquire one additional common share at a price of CAD$0.15 for a period of twenty four (24) months following the closing of the financing.
The Company has agreed to pay finder’s fees of 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} on a portion of the gross proceeds received by the Company from the sale of Units sold pursuant to the Financing which shall include cash of ($26,250), 700,000 compensation shares, and 525,000 warrants (“Agent Warrants”). Each Agent Warrant shall be exercisable in whole or in part at an exercise price of $0.15 for a period of 24 months from the closing of the Financing.
All securities issued pursuant to the Financing will be subject to a statutory four month and one day hold period from the date of closing of the Financing.
Proceeds will be used for the development of the Santana property in Mexico, general operating purposes, settling current trade payables.
About Corex Gold Corp
Corex Gold Corp is a Canadian resource company focused on the near-term production, of its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned flagship property, Santana Project, Sonora State, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Zuloaga property in Zacatecas State, Mexico.
- Published in Corex Gold, Mining, News Home