ENP Newswire -
Release date- 10022014 -
Currently, GRIL is conditionally approved for listing on the
Pursuant to the terms of the agreement, upon the successful listing of the GRIT shares on the LSE, the Company will issue an aggregate of 73,000,000 units at a price of
Each Unit will consist of one common share of Apogee (a 'Common Share') and one common share purchase warrant entitling the holder thereof to acquire a Common Share at a price of
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sector worldwide, with an investment objective to generate medium and long term capital growth.
Closing of the transaction is subject to a number of conditions precedent including approval of the
Upon completion of the private placement, Apogee will have 450,816,059 Common Shares issued and outstanding and GRIT will hold approximately 16% of the Company on a non-diluted basis. Assuming the full exercise of the Warrants, GRIT would hold approximately 27.8% of the Company. Accordingly, GRIT has agreed that it shall not exercise any portion of the Warrants which would result in GRIT holding greater than 19.9% of the Company on a partially diluted basis.
In addition, the Company announces that it has received notice from the Servicio de Impuestos Nacionales, the national tax authority in
The Company was not aware of this historical liability, originally assessed by the tax authority at a amount equivalent to approx.
Apogee's most advanced project is the 100% controlled Pulacayo-Paca project in
Seven kilometers to the north of
Cautionary Note Regarding Forward-Looking Information
This press release contains 'forward looking information' within the meaning of applicable Canadian securities legislation.
Forward looking information includes, but is not limited to, statements made with respect to the proposed transaction, the timing with respect to the proposed transaction, the ability of GRIT to complete its going public transaction, the ability for the Company to sell its GRIT shares the future financial or operating performance of the Company, the ability of the Company to resolve the impending tax liability and the ability of the Company to satisfy its debt obligations in the event the issue is not resolved, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Pulacayo-Paca project, the ability to obtain financing and/or financial partners and the impact of concerns relating to permitting, reusltation, governmental and local community relations.
Generally, forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'.
Estimates underlying the results of the feasibility study arise from engineering, geological and costing work of TWP Sudamerica, Mercator Geological Services,
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: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Chief Executive Officer
Tel: +1 (647) 339-4484
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