TORONTO, June 25, 2020 /CNW/ - Nubian Resources Ltd.
(TSX-V: NBR) ("Nubian" or the "Company") announces that, further to
its press release of May 28, 2020,
the Company's previously announced private placement financing (the
"Private Placement") has been oversubscribed. The Company now
intends to complete the Private Placement by issuing and selling
11,763,542 units at a price of $0.15
per unit for gross proceeds of $1,764,531. Each unit is comprised of
one common share and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant") of the
Company, with each Warrant entitling the holder to purchase one
common share of the Company at a price of $0.20 for a period of 24 months after the closing
date, provided, however that, if, at any time following the expiry
of the statutory four month hold period, the closing price of the
common shares on the TSX Venture Exchange is greater than
$0.50 for 20 or more consecutive
trading days, the Warrants will be accelerated and the Warrants
will expire on the 20th business day following the date
of such notice. In connection with the Private Placement, the
Company will pay finder's fees of $52,860 cash and issue 352,400 compensation
warrants in accordance with the policies of the TSX Venture
Exchange.
Closing of the Private Placement is subject to approval of the
TSX Venture Exchange. The securities issued under the Private
Placement, and any common shares that may be issuable on exercise
of Warrants, will be subject to a statutory hold period expiring
four months and one day from the date of issuance.
ABOUT NUBIAN
Nubian Resources Ltd. is a public traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. Nubian's main asset is the Esquilache
Silver-Zinc Project located within the Tintaya porphyry copper belt
of southern Peru. In May
2020, Nubian entered into an agreement to acquire and
develop the Yandoit Gold Project in central Victoria, Australia.
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. In particular, this release contains
forward looking information relating to, among other things,
statements with respect to the potential completion of the Private
Placement and the terms and conditions of the Private Placement.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to Nubian. Although
such statements are based on reasonable assumptions of Nubian's
management, there can be no assurance that any conclusions or
forecasts will prove to be accurate.
Forward-looking information contained in this news release is
based on certain factors and assumptions regarding, among other
things, the Company's acquisition of the Yandoit Gold Project, the
Private Placement, and other similar matters. While Nubian
considers these assumptions to be reasonable based on information
currently available to them, they may prove to be
incorrect. Forward looking information involves known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include risks inherent in the exploration and development
of mineral deposits, including risks relating to changes in project
parameters as plans continue to be redefined, risks relating to
variations in grade or recovery rates, risks relating to changes in
mineral prices and the worldwide demand for and supply of minerals,
risks related to the COVID-19 pandemic and current global
financial conditions, increased competition, access and supply
risks, reliance on key personnel, operational risks regulatory
risks, including risks relating to the acquisition of the necessary
licenses and permits, financing, capitalization and liquidity
risks, title and environmental risks and risks relating to delay or
failure to satisfy the closing conditions to the Yandoit Gold
Project acquisition and the Private Placement.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.