VANCOUVER, Aug. 29, 2019 /CNW/ - KORE Mining Ltd.
("KORE" or the "Company") is pleased to announce the
closing of the $3,000,000
non-brokered private placement with Mr. Eric Sprott through 2176423 Ontario Ltd. (a
company which he beneficially owns) consisting of 10,000,000 common
shares at a price of $0.30 per share
(the "Private Placement"), announced August
16, 2019.
Scott Trebilcock, President and
CEO stated "In an environment with an increasing gold price, KORE
and other under-valued gold resources have strong leverage to the
gold price and can outperform it by many multiplies.
Eric Sprott's investment indicates
the start of such a market. KORE Management and Directors,
who collectively own 46% of KORE's undiluted shares are pleased to
welcome Eric as the third largest shareholder."
Mr. Eric Sprott owns 11.3% of
KORE's undiluted shares. Mr. Sprott has a long-term
view of the investment and may acquire additional securities of the
Company including on the open market or through private
acquisitions or sell securities of the Company including on the
open market or through private dispositions in the future depending
on market conditions, reformulation of plans and/or other relevant
factors.
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. In addition, in May
2019, KORE raised $4 million
from Macquarie Bank Ltd. to advance permitting of the Imperial
oxide gold project in California.
Mr. Sprott acquired the common shares for investment purposes.
A copy of 2176423 Ontario Ltd.'s early warning report will
appear on the Company's profile on SEDAR and may also be obtained
by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank
Plaza, South Tower, Toronto,
Ontario M5J 2J1). All securities to be issued
pursuant to the Private Placement are subject to a four month hold
period.
KORE has paid a finders fee to Richardson GMP Ltd. in the amount
of $60,000 in connection with the
Private Placement.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration
and development assets in California and British Columbia.
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 Adjacent Properties and
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 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