Secova (SEK:tsxv) Closes First Tranche of Financing


Secova Metals (SEK:tsxv) Closes $150,900 First Tranche of Financing

– Momentum Public Relations –
Press Release: October 21, 2016

Secova Metals Corp. (SEK:TSXV) has closed the first tranche of a non-brokered private placement pursuant to which the company has issued 2.38 million flow-through shares at a purchase price of 5.5 cents per flow-through share and 400,000 units at a purchase price of five cents per unit for total gross proceeds of $150,900. The non-flow-through units also have a one-half warrant that when combined into a whole warrant allow the holder to purchase one common share of the company at 10 cents for a period of one year.

In connection with the financing, the company will pay $10,472 in cash commission and issue 190,400 finder warrants for the FT shares and $1,600 in cash commission and 32,000 finder warrants for the NFT units. The FT finder warrants and NFT finder warrants will be exercisable into common shares for a period of one year at an exercise price of 5.5 cents and five cents, respectively, per common share.

The issuance of the FT shares, NFT shares and finder warrants is subject to TSX Venture Exchange approval, and, once issued, the securities are subject to a four-month-and-one-day hold period. Proceeds from the financing will be used for exploration and development of the company’s Duvay advanced gold project in Quebec, and for general corporate purposes.

Other corporate news

Secova also announces the resignation of Joseph Carusone from its board of directors, effective Sept. 27, 2016. The company wishes to thank Mr. Carusone for his efforts regarding Secova.

Secova has entered into an agreement to acquire up to 90 per cent of the original 105 claims at the advanced-stage Duvay gold project in Amos, Que. The company has also acquired a 100-per-cent interest in 69 additional adjacent claims, for a total contiguous land package of 174 claims covering over 7,065 hectares (17,458 acres) of land.

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