ENP Newswire -
Release date- 25062014 -
Pursuant to the Offering, 10,615,650 units of the Company (the 'Units') were issued, at a price of
The Company will use the net proceeds of the Offering toward initiation of Pre-feasibility studies on its flagship Wellgreen PGM-Nickel-Copper project, to further exploration and development of its properties and for general corporate purposes.
Each Unit consists of one common share ('Share') of the Company and one common share purchase warrant ('Warrant'). Each Warrant entitles the holder thereof to acquire one Share at a price of
In the event that the Company's shares trade at a closing price of greater than
All Officers and Directors of the Company participated in the financing, subscribing for an aggregate of 535,769 Units. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, the Company notes that it has not filed a material change report 21 days prior to the closing of the Offering, as participation of the insiders had not been established at that time.
In connection with the Offering, the Underwriters have received a cash commission equal to (i) 6% of the aggregate gross proceeds received from the sale of the Units (including on the exercise of the Over-Allotment Option, but excluding the proceeds received from the sale of the Units pursuant to president's list allocations), and (ii) 2% of the aggregate gross proceeds received from the sale of the Units to Canadian residents who are part of the President's List (including on the exercise of the Over-Allotment Option to Canadian residents who are part of the President's List), and that number of compensation options equal to 4.5% of the number of Units sold (excluding to President's List purchasers).
Each compensation option will be exercisable into one Unit of the Company until
President & CEO
Forward Looking Information
This news release includes certain information that may be deemed 'forward-looking information'. Forward-looking information can generally be identified by the use of forward-looking terminology such as 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'continue', 'plans' or similar terminology.
All information in this release, other than information of historical facts, including, without limitation, the entering into of supply agreements relating to liquefied natural gas, the potential of the Wellgreen project, engineering and mine planning, general future plans and objectives for the Wellgreen project are forward-looking information that involve various risks and uncertainties.
Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions.
Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Wellgreen project, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information.
For more information on the Company and the risks and challenges of our business, investors should review our annual filings which are available at www.sedar.com. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
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