VANCOUVER, Aug. 16, 2019 /CNW/ - KORE Mining Ltd.
("KORE" or the "Company") is pleased to announce a
non-brokered private placement of $3,000,000 consisting of 10,000,000 shares at a
price of $0.30 per share (the
"Private Placement"), subject to the approval of the TSX Venture
Exchange.
Scott Trebilcock, President and
CEO stated "On behalf of the Board and the Management of KORE, I am
pleased to welcome Mr. Eric Sprott
as a major investor. The investment by Mr. Sprott is a strong
endorsement for KORE's portfolio of advanced gold assets."
Net proceeds of the Private Placement are expected to fund work
on KORE's 100% owned gold portfolio: Long
Valley (California), Gold
Creek (BC) and FG Gold (BC), as well as for general working capital
purposes. Recall that in May
2019, KORE raised $4 million
from Macquarie Bank Ltd. to advance permitting of the Imperial
oxide gold project in California.
The entire Private Placement is being fully subscribed and
invested into by Mr. Eric Sprott.
Upon completion of the financing Mr. Sprott will hold 11.3% on a
non-diluted basis.
All securities to be issued pursuant to the Private Placement
will be subject to a four month hold period from the closing date
under applicable securities laws in Canada and among other things, receipt by KORE
of all necessary regulatory approvals, including the TSX Venture
Exchange.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration
and development assets in California and British Columbia. Further information on KORE
and its assets can be found on the Company's website at
www.koremining.com and at www.sedar.com, or by contacting us
as info@koremining.com or by telephone at (888) 407-5450.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any KORE common shares in
the United States. The KORE common
shares to be issued in connection with the Transaction have not
been and will not be registered under the
United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may
not be offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Such factors include, but are not
limited to: uncertainties related completion of financing,
exploration and development; the ability to raise sufficient
capital to fund exploration and development; changes in economic
conditions or financial markets; increases in input costs;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; technological
or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labor
relations matters. This list is not exhaustive of the factors that
may affect the Company's forward-looking information.
Important factors that could cause actual results to differ
materially from the Company's expectations also include risks
detailed from time to time in the filings made by the Company with
securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
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SOURCE Kore Mining