/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, June 24, 2021 /CNW/ - Norden Crown Metals Corp.
("Norden Crown" or the
"Company") (TSXV: NOCR) (OTC: NOCRF) (Frankfurt: 03E) is pleased to announce that it
has closed its previously announced non-brokered private placement
(the "Private Placement").
Further to its news release of June 21,
2021, the consolidation of the issued and outstanding common
shares of the Company on the basis of three existing common shares
for one new consolidated common share (the
"Consolidation") was effective at market open on
June 23, 2021 (the "Effective
Date").
All securities issued under the Private Placement have been
issued on a post-Consolidation basis as of the Effective Date.
Under the Private Placement, 8,625,617 units of the Company
("Units") were issued at $0.30
per Unit on a post-Consolidation basis for total gross proceeds to
Norden Crown of approximately
$2.59 million.
Each Unit consists of one common share (a "Common
Share") and one common share purchase warrant (a
"Warrant"), with each Warrant being exercisable for one
additional Common Share at a price of $0.60 on a post-Consolidation basis for a period
of 36 months from the date of issue. The expiry date of the
Warrants is subject to acceleration, at the Company's discretion,
if the Company's shares trade on a volume-weighted average price
basis of $1.80 on a
post-Consolidation basis or higher for 10 consecutive trading days,
in which case holders will have 30 days to exercise the
Warrants.
All securities issued under the Private Placement are subject to
a statutory hold period expiring four months and one day from the
issue date. The TSXV has conditionally approved the Private
Placement, subject to customary final
filings.
In connection with the Private Placement, the Company paid
certain arm's length finders, finders' fees totaling $18,207 and 60,690 Warrants.
Net proceeds of the Private Placement will be used to carry out
an airborne magnetic survey, geological mapping, geochemical
sampling and a phase 2 step out drilling program at the Company's
Fredriksson Gruva discovery and for general corporate
purposes.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the
securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of
1933 as amended (the "1933 Act"), or any state securities
laws and may not be offered or sold within
the United States or to, or for
the account or benefit of U.S. persons (as defined
in Regulation S under the 1933 Act) absent such registration or an
applicable exemption from such registration
requirements.
About Norden Crown Metals Corp.
Norden Crown is a mineral
exploration company focused on the discovery of silver, zinc,
copper, and gold deposits in exceptional, historical mining project
areas spanning Sweden and
Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration techniques. The
Company is led by an experienced management team and an
accomplished technical team, with successful track records in
mineral discovery, mining development and financing.
On behalf of Norden Crown Metals Corp.
Patricio Varas, Chairman and
CEO
Neither 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 Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed
"forward–looking statements". Forward–looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Forward-looking statements may
include, without limitation, statements relating to the use of
proceeds of the Private Placement, and the planned exploration
activities on the Fredriksson Gruva project. Although Norden
Crown believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward–looking statements. Such
material risks and uncertainties include, but are not limited to:
the proceeds of the Private Placement being used differently than
as described herein; risks related to difficulties in executing
exploration programs at the Fredriksson Gruva property on the
Company's proposed schedules and within its cost and scheduling
estimates, whether due to weather conditions, complications arising
from the COVID-19 pandemic or the actions of the provincial or
federal governments in response thereto; availability or
interruption of power supply; mechanical equipment performance
problems; natural disasters or pandemics in the areas where it
operates; risks related to current global financial conditions
including market reaction to the coronavirus outbreak; competition
within the industry; actual results of current exploration
activities; environmental risks; changes in project parameters as
plans continue to be refined; future price of gold; failure of
equipment or processes to operate as anticipated; accidents, and
other risks of the mining industry; delays in obtaining approvals
or financing; risks related to indebtedness and the service of such
indebtedness, as well as those factors, risks and uncertainties
identified and reported in the Company's public filings under
Norden Crown's SEDAR profile at
www.sedar.com. Although Norden Crown has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements. There can be no assurance that such
information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements are made as of the date
hereof and, accordingly, are subject to change after such date.
Norden Crown disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
SOURCE Norden Crown Metals Corp.