VANCOUVER, BC, July 28, 2020 /CNW/ - KORE Mining Ltd.
(TSXV: KORE) (OTCQB: KOREF) ("KORE" or the "Company")
is pleased to announce the closing of the second tranche of the
previously announced $7,500,000
non-brokered private placement consisting of 6,000,000 units at a
price of $1.00 per unit ("Non-FT
Units") and 1,000,000 units of flow through units at
$1.50 ("FT Units")
(collectively, the "Private Placement"). The first
tranche of Non-FT Units closed July 22,
2020 and the second tranche of Non-FT Units closed
today. All securities to be issued pursuant to the Private
Placement are subject to a four month hold period and for the
securities issued under this second tranche, will expire on
November 29, 2020.
Details of the Private Placement were previouslyannounced on
June 29, 2020 and of the first
tranche closed on July 22, 2020.
Settling of Imperial Gold Project Milestone Payment
KORE also announces it has settled the US $1 million milestone payment to Newmont
Corporation ("Newmont") triggered by the Imperial project
Preliminary Economic Assessment announced April 6, 2020. The payment was settled in
cash and not by shares as initially elected by Newmont on
November 27, 2020. The payment
was part of the March 27, 2017
Imperial purchase agreement where KORE purchased the Imperial
project from then, Goldcorp. The next milestone payment of
US$1 million is on first gold pour at
the Imperial project.
About KORE
KORE is 100% owner of a portfolio of advanced gold
exploration and development assets in California and British Columbia. KORE,
supported by strategic investors Eric
Sprott and Macquarie Bank; and insiders, including
management and Board, own 64% 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 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 titled "Preliminary Economic Assessment -
Technical Report Imperial Gold Project" effective as of
April 6, 2020 and issued on
May 19, 2020, 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.
View original
content:http://www.prnewswire.com/news-releases/kore-mining-closes-the-second-tranche-of-the-7-5-million-strategic-investment-301100806.html
SOURCE Kore Mining