TORONTO, June 30, 2020 /CNW/ - Nubian Resources Ltd.
(TSX-V: NBR) ("Nubian" or the "Company") announces that, further to
its press releases of May 28 and
June 25, 2020, the Company has closed
the private placement financing (the "Private Placement")
oversubscribed with the issuance of 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 paid finder's fees of $54,660
cash and issued 364,400 compensation warrants in accordance with
the policies of the TSX Venture Exchange.
Martin Walter, President and CEO
of Nubian stated, "We are very pleased with the interest received
and the upsizing of the financing. The Company is progressing
well with the due diligence and finalizing definitive documents for
its acquisition of the Yandoit Gold Project. Once completed,
the Company will be in a position to test the grade and continuity
of quartz reefs that have the potential to host gold along strike
and below current mine workings that sit within a 5 kilometre
untested structural corridor."
Final 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, are 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. 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 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.