Mirasol Resources Announces Extension of the Normal Course Issuer Bid
November 25 2021 - 7:00AM
Mirasol Resources Ltd. (TSX-V:
MRZ) (OTCPK:
MRZLF) (the “
Company” or
“
Mirasol”) announces today its intention to renew
its normal course issuer bid (the "Bid"), subject to TSX Venture
Exchange (the "Exchange") approval, to purchase for cancellation,
from time to time, as it considers advisable, up to 3,500,000 of
its issued and outstanding common shares (the “Bid Shares”), being
approximately 6.5% of the Company's currently outstanding common
shares and approximately 8.92% of the Company's Public Float (as
that term is defined in the policies of the Exchange).
The Bid will commence on December
15, 2021, and will terminate on
December 14, 2022, or such
earlier time as the Bid is completed or at the option of the
Company. Haywood Securities Inc. of Vancouver, British Columbia
will conduct the Bid on behalf of the Company.
The Bid will be conducted in accordance with
applicable securities laws and the policies of the Exchange.
Purchases will be made on the open market through the facilities of
the Exchange. The price that the Company will pay for any shares
purchased by it will be the prevailing market price of such common
shares on the Exchange at the time of such purchase. In accordance
with Exchange policies, the Company will include a summary of the
Bid in the management information circular to be mailed to
shareholders of the Company in respect of its next meeting of
shareholders, which mailing is expected to take place in the second
quarter of 2022.
Mr. John Tognetti, a director and the control
person of the Company, is also a director and the Chairman of
Haywood Securities. Mr. Tognetti abstained from voting as a
director of the Company on the engagement of Haywood, and shall not
dispose of any shares of the Company under the Bid.
If the Company should acquire all of the Bid
Shares under the Bid, then, following completion of the Bid, Mr.
Tognetti’s current direct and indirect holdings (13,005,300 shares,
or 24.15% of the outstanding common shares) shall be equal to
25.83% of the 50,350,043 common shares outstanding upon completion
of the Bid.
Management and the directors of Mirasol believe
that if the Company acquires all of the Bid Shares under the Bid,
following completion of the Bid there will be a market for
shareholders, who do not tender shares to the Bid, that is not
materially less liquid than the market that existed prior to the
Bid.
The Company also announces the grant of 165,000
restricted share units (“RSU”) to certain officers and employees of
the Company under the short-term incentive structure approved by
the board. The RSUs shall vest immediately and entitle the holder
to one common share for each RSU.
About Mirasol Resources
Ltd.
Mirasol is a well-funded exploration company
focused in Chile and Argentina. Mirasol has seven partner-funded
projects, with Newcrest Mining Ltd (Chile), First Quantum Minerals
(Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile),
Silver Sands Resources (Argentina), Patagonia Gold (Argentina) and
Golden Arrow (Argentina). Mirasol is currently self-funding
exploration at Sobek (Chile), Inca Gold (Chile) and Sacha Marcelina
(Argentina).
For further information, contact:
Tim Heenan, PresidentorJonathan Rosset, VP
Corporate Development
Tel: +1 (604) 602-9989Email:
contact@mirasolresources.comWebsite: www.mirasolresources.com
Forward Looking Statements: The information in
this news release contains forward looking statements that are
subject to a number of known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially
from those anticipated in our forward-looking statements. Factors
that could cause such differences include: changes in world
commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes
to regulations affecting the mining industry and to policies linked
to pandemics, social and environmental related matters. Although we
believe the expectations reflected in our forward-looking
statements are reasonable, results may vary, and we cannot
guarantee future results, levels of activity, performance or
achievements. Mirasol disclaims any obligations to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as may be required
by applicable law.
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.
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