Vancouver, BC, July 13, 2020 /CNW/ - KORE Mining Ltd.
(TSXV: KORE) | (OTCQB: KOREF) ("KORE" or the
"Company") announces that the Company has elected to
exercise its right under the warrant indenture (the "Warrant
Indenture") governing the common share purchase warrants of
KORE issued on October 30, 2018 (the
"Warrants") to accelerate the expiry date of the Warrants.
Approximately 1.4 million Warrants are currently outstanding
and are subject to the acceleration.
KORE forecasts it will have pro forma cash on hand of
C$12.5 million assuming full exercise
of the remaining 1.4 million Warrants, and the expected net
proceeds from the closing of the recent Eric Sprott C$7.5 million financing announced June 29, 2020.
Scott Trebilcock, KORE CEO
commented, "KORE is pleased with recent share price performance but
has a long way to go to see peer valuation for our District scale
gold assets. The recent financing with Eric Sprott enables KORE to drill aggressively
and take bold steps across our portfolio. I am happy to see
founding shareholders rewarded for their investment by exercising
their Warrants and we look forward to generating similar returns to
our current generation of shareholders."
Under the terms of the Warrant Indenture, the Company is
permitted to accelerate the expiry date if the trading price of the
Company's common shares listed on the TSX-V is at or above
C$1.00 for ten consecutive trading
days (the "Acceleration Event"). KORE is pleased to confirm that an
Acceleration Event occurred as of July 13,
2020. Accordingly, the Company has chosen to accelerate the
expiry date of the Warrants to August 12,
2020. Holders may exercise the Warrants before 4:00
p.m. EST on August 12, 2020 by observing the process as
set out in the applicable Warrant Indenture.
Please contact your broker, the Warrant agent under the Warrant
Indenture, being Computershare, at 1-800-564-6253 or KORE at
info@koremining.com with any questions about the Warrant
exercise process. A copy of the Warrant Indenture can be found
under the Company's profile on SEDAR at www.sedar.com.
About KORE
KORE is 100% owner of a portfolio of advanced gold
exploration and development assets in California and British Columbia. KORE is
supported by strategic investors Eric
Sprott and Macquarie who, together with the management and
Board own 66% of the basic shares outstanding. 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.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
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 and the
expected cash proceeds from equity issuances and the expected
amount of proceeds from the exercise of the Warrants of the Company
are forward-looking statements. Such forward-looking
statements, and any assumptions upon which they are based, are made
in good faith and reflect our current judgment regarding the
direction of our business. Management believes that these
assumptions are reasonable. Forward looking information involves
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. For further information on the
Company's Imperial Project, please see the Company's NI 43-101
Technical Report dated effective April 6,
2020 and issued on May 19,
2020 entitled "Preliminary Economic Assessment -
Technical Report, Imperial Gold Project, California, USA" filed on the Company's
website and also available under the Company's issuer profile on
www.sedar.com.
Such factors include, among others: risks related to
exploration and development activities at the Company's projects,
and factors relating to whether or not mineralization extraction
will be commercially viable; risks related to mining
operations and the hazards and risks normally encountered in the
exploration, development and production of minerals, uncertainties
regarding estimating mineral resources, which estimates may require
revision (either up or down) based on actual production experience;
risks relating to fluctuating metals prices and the ability to
operate the Company's projects at a profit in the event of
declining metals prices and the need to reassess feasibility of a
particular project that estimated resources will be recovered or
that they will be recovered at the rates estimated; risks related
to title to the Company's properties, the ability of the Company to
access necessary resources, access to suitable infrastructure, such
as roads, energy and water supplies in the vicinity of the
Company's properties; and risks related to the stage of the
Company's development, risks regarding the ability of the
Company and its management to manage growth; and potential
conflicts of interest.
In addition to the above summary, additional risks and
uncertainties are described in the "Risks" section of the Company's
management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company's
issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of
the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results, except as may
be required by applicable securities laws. There can be no
assurance that forward-looking 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.
There is no certainty that all or any part of the mineral
resource will be converted into mineral reserve. It is uncertain if
further exploration will allow improving the classification of the
Indicated or Inferred mineral resource. Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
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SOURCE Kore Mining