Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1) ( the "Company" or "Decklar") is pleased to announce the initial successful shipments of crude oil via trucks from the Oza Oil Field to the Umugini Pipeline Infrastructure Limited ("UPIL") crude handling facilities.
Decklar and its co-venturer Millenium Oil & Gas Company Limited ("Millenium") have successfully trucked approximately 4,000 barrels of crude oil from storage tanks at the Oza Oil Field to the UPIL crude handling facilities, from which the oil will then be transferred to the Shell Petroleum Development Company of Nigeria Limited ("SPDC") Joint Venture Forcados Oil Export Terminal via the Umugini Pipeline.
The trucks continue to be loaded from crude oil storage tanks at the Oza site that hold approximately 22,000 barrels of oil. During an initial trial trucking period, a reduced volume of crude oil was shipped by a small convoy of trucks to evaluate possible logistics and security issues and to determine optimum routes and infrastructure requirements. The initial trial period for trucking activities was successful, and the number of trucks to be used is now being increased and optimized. When sufficient shipment of crude oil volume from storage tanks has been completed, production from the Oza-1 well will be re-started to supply continued shipments by truck to UPIL.
Duncan Blount, CEO of Decklar Resources, said "We are very pleased to announce the Company's first delivery of oil to the export facilities. This represents a significant milestone for the Company achieving full-time commercial production, transforming Decklar into a producing company with cash flow to follow in the very near future. We continue to look forward positively to future development drilling activities at the Oza Field and continued progress on development activities at the Company's other fields."
Duncan T. Blount Chief Executive Officer Telephone: +1 305 890 6516 Email: dblount@decklarresources.com
David Halpin Chief Financial Officer Telephone: +1 403 816 3029 Email: david.halpin@decklarresources.com
Investor Relations: info@decklarresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: restarting production at the Oza-1 well and the timing thereof, the timing for export or sale of barrels of oil being held in storage, the future commercial production of the Oza-1 well, the use of additional trucks for the transport of oil to the export facilities, the timing for cash flow and future development drilling activities at the Oza Field . All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. There is no certainty that definitive agreements in respect of the Transaction will be entered into, or that any conditions precedent contained therein will be satisfied on terms satisfactory to the parties or at all.
All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, counterparty risk, changes in oil prices, results of exploration and development activities, competition in the oil and gas industry, uninsured risks, energy transition risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
The Company provides no assurance that forward-looking statements 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 statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
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Nigeria is the biggest oil producer in Africa. It holds the largest oil and natural gas reserves on the continent and is one of the world's largest exporters of liquefied natural gas (LNG). With crude oil prices rising, this African nation presents investors with world-class investment and production potential in one of the world's most prolific hydrocarbon basins, the Niger Delta.
In 2020, the country announced plans to increase its oil reserves, including condensates, substantially to 40 billion barrels by 2025. With a current uplift in exploration programs from other proven undeveloped marginal fields, getting entry-level access to Nigeria's exploration and unparalleled production potential could mean significant returns for willing investors.
Decklar Resources Inc. (TSXV: DKL,OTCQX: DKLRF) is an independent international oil & gas company focused on low-risk appraisal and development opportunities in the prolific West African region. Decklar is currently focused on its flagship Oza Oil Field in Nigeria.
The Oza Oil Field contains up to 12 zones of conventional stacked sands, allowing for vertical drilling and conventional horizontal development drilling. Leveraging excellent infrastructure in a prolific oil & gas jurisdiction presents excellent production and development opportunities.
Over the next 12 months, Decklar expects extensive well drilling and exciting development activities at the Oza Oil Field. Its two-phase development program in 2021 and into 2022 could lead to production levels as high as between 5,000 and 10,000 barrels per day with high-margin, high-quality oil, according to Decklar Resources CEO, Duncan T. Blount.
In March 2021, the company announced it completed a private placement financing for approximately US$3.7 million. Proceeds were put immediately towards advancing operational activities to re-enter the Oza-1 by contracting a drilling rig. In August 2021, Decklar has advanced its re-entry and development plans where pulling of existing tubing and 5 ½ inch casing from the Oza-1 wellbore has been successfully completed, and the 9 ⅝ inch casing was cleaned out. Surface testing facilities are currently being installed, and it is anticipated that testing activities on the L2.6 zone are expected to commence early next week with the initial perforation and flow operations.
The company operates a tight share structure with a fully-diluted share capital of 110,608,818. Its acquisition of Decklar Petroleum Ltd. in 2020 pushed the company closer to becoming a more dominant player in the oil & gas space with this high-quality development project with near-term production potential.
Decklar Resources is dedicated to oil & gas best practices and supporting local communities through various government initiatives, indigenous partnerships, and sustainable project development. Likewise, its emphasis on local community development manifests in its ability to create opportunities to support the independent indigenous oil & gas sector and ensure stakeholder satisfaction.
The leadership team of Decklar Resources comprises top experts with years of focused experience in all aspects of Nigerian oil & gas development, local community relations, financial management, and capital markets. Combined, they equip the company with a proven team that can deliver excellent growth potential and fast-tracked development and production possibilities.
The Oza Field is an onshore conventional oil field in the northern part of Oil Mining Lease (OML) 11, operated by Shell and located in the eastern Niger Delta of Abia State, Nigeria. The concession covers a 20 square kilometer area carved out of OML 11 in 2003 as part of the Government's Marginal Field Development Program. Strategic positioning places Oza Field close to other producing fields operated by Shell Petroleum Development Company, including Isimiri, Obeakpu, Afam, Obigbo, and Umuosi.
The Oza Field contains upwards of 12 major target zones of conventional stacked sands, allowing for vertical drilling and horizontal development drilling. Additionally, Shell has previously drilled three wells in the Oza Field, which produced over 1.0 million barrels cumulatively with 2,000 barrels per day per well of 35°/43° API gravity light / medium grade crude oil. Field structure analysis has also outlined several additional low-risk appraisal and exploration targets across the Oza Field.
The next steps for the project include a two-phase development program, including a six to twelve-month Oza Field re-entry and development drilling program, followed by another well development program scheduled for the second half of 2021 and into 2022. Decklar expects these development targets to increase production to approximately 5,000 to 10,000 barrels per day in conjunction with the property's excellent infrastructure, already in place.
Duncan T. Blount has over 13 years of experience focused on the natural resources sector. He was previously the head of Emerging & Frontier Market Commodities at RWC Partners, responsible for developing their commodity and natural resources portfolio strategy. Mr. Blount has been an early investor in numerous public and private West African oil & gas companies throughout his career. He also has experience in physical minerals trading and structuring off-take agreements.
Paula Kember is a Canadian chartered accountant with over 25 years of financial and administrative experience in the mining industry. From 1996 to 2006, she served as VP of Finance of Philex Gold Inc. and previously as a financial officer of Corona Corporation and a director of PolyMet Mining Corporation.
Sanmi Famuyide has over 20 years of experience focused on structuring natural resources and infrastructure transactions in West Africa. He is the former strategic advisor and subsequently head of Business Development at Lekoil Limited. He was also the head of Oil & Gas – Marginal Fields and Upstream Independents at Guaranty Trust Bank in Lagos, where he arranged the financings of many Nigerian independents. In addition, Mr. Famuyide has held executive positions at FBN Capital and MineQore Resources.
David Halpin has over 25 years of experience in management and as a finance and accounting consultant for public and private Canadian and international resource companies.
He is the former CFO and senior financial advisor for Mart Resources Inc., a TSX-listed company with oil production in Nigeria that had a peak market capitalization of over CAD$750 million. He was also a director of a TSX-V listed company focused on exploring oil & gas opportunities in Saskatchewan and Alberta and was a founder and CFO of a publicly listed healthcare and insurance software company.
Zack Malone is a highly experienced oil well drilling and work-over specialist. He has over 25 years of experience working and managing drilling rig operations with the past 15 years working in Nigeria. Mr. Malone's prior experience included working as rig manager for Precision Drilling Canada and other rig contractors. Mr. Malone's certification includes second-line supervisor's well control, well service blowout prevention, fall protection, fall rescue, rigging and hoisting, safety management & regulatory awareness for wellsite supervision.
Bill Foose has over 35 years of experience working in the international oil and gas production and processing equipment sector. He held various positions with Barton Instruments before starting OilPro Production Equipment in 1997. OilPro was heavily involved in providing production equipment for domestic and international projects throughout Africa, the Middle East and other oil producing countries. Many of OilPro's African projects were centered around Nigeria. Mr. Foose previously served on the board of Sunocean Energy.
Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) today announces the release of its first quarter financial and operating results for the three months ended March 31, 2022
Southern is an established producer with natural gas and light oil assets in Mississippi characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to the best commodity pricing in North America. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three months ended March 31, 2022, which are available on the Company's website at www.southernenergycorp.com and have been filed on SEDAR.
All figures referred to in this news release are denominated in U.S. dollars, unless otherwise noted.
In May 2022, Southern commenced completion operations on the three-well horizontal padsite in the Gwinville asset. The first well to begin flowback following the stimulation was the GH 19-3 #3 well, which came on-line on May 25, 2022. The GH 19-3 #2 and GH 19-3 #4 wells are expected to be on-line shortly, and the Company is looking forward to providing initial production results in the coming weeks.
During Q1 2022, the Company experienced high third-party pipeline operating pressures in the Mount Olive field which negatively impacted production, but this situation has since been resolved by optimizing compression needs in the field. Current May 2022 production estimates are back to expected levels of approximately 11,820 Mcfe/d[3] (1,970 boe/d). Q1 2022 also reflects the first quarter of the non-core oil dispositions which amount to a loss of approximately 240 Mcfe/d[4] (40 boe/d).
With the results of our three well drilling program at Gwinville expected imminently, our focus remains on the delivery of these results in an efficient and safe manner. Success with these three wells may see Southern commencing a continual drilling program at Gwinville, taking advantage of our low-risk drilling inventory.
These first three Gwinville horizontal wells could deliver material production increases for the Company and, given the current commodity prices and production not being hedged from these wells, will deliver significant near-term cash flow.
As part of its risk management and sustainability strategy, Southern has entered into some fixed price and costless collar hedges which will cover its existing production wells to mitigate the effects of market volatility while retaining the ability to participate in potential natural gas price appreciation during 2022. On January 28, 2022, Southern entered into a fixed price hedge on production of 2,000 MMBtu/d of natural gas at a price of $4.61/MMBtu from March 1, 2022 through December 31, 2022. On April 4, 2022, Southern entered into a costless collar with a floor of $3.50/MMBtu and a ceiling of $20.00/MMBtu for 2,000 MMBtu/d of natural gas from November 1, 2022 through March 31, 2023. A complete list of the fixed price and costless collar contracts can be found within Southern's first quarter MD&A.
The Company's long-term strategy remains consistent into 2022, with an unwavering commitment to environmental, social and governance ("ESG") principles that support the continued development and consolidation of prolific reservoirs that are outside of the more expensive shale basins. Cost savings and financial discipline will remain a priority through the continued enhancement of operations and the ongoing evaluation of opportunities to reduce operating and capital costs.
Southern thanks all of its stakeholders for their ongoing support and looks forward to providing future updates on operational activities.
Ian Atkinson, President and CEO of Southern, commented:
"With the significantly increased commodity prices experienced in Q1 2022, Southern has started the year very positively. Our balance sheet is getting stronger and we are being rewarded for our investment strategy in prior quarters with strong production yielding significant cash flow.
In the immediate future, our focus remains on the three well development program at Gwinville which, if successful, not only means increased production from these wells, but speaks volumes as to the potential for our operational strategy to deliver multi-year growth from the wider Gwinville field, highlighting the significant opportunity and optionality we have in providing transformational production, reserves and cash flow growth for shareholders.
As always, I would like to thank the staff and shareholders of Southern Energy Corp. for their continued hard work and support. We look forward to providing further updates in due course."
For further information about Southern, please visit our website at www.southernenergycorp.com or contact:
Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman
Hannam & Partners - Joint Broker Sam Merlin / Ernest Bell
Canaccord Genuity - Joint Broker Henry Fitzgerald-O'Connor / James Asensio
Southern Energy Corp. is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.
MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil (bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf is based in an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of value.
Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). References to "NGLs" throughout this press release comprise pentane, butane, propane, and ethane, being all NGLs as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101.
Abbreviations. Please see below for a list of abbreviations used in this press release.
bbl barrels bbl/d barrels per day boe barrels of oil boe/d barrels of oil per day Mcf thousand cubic feet Mcf/d thousand cubic feet per day Mcfe thousand cubic feet equivalent Mcfe/d thousand cubic feet equivalent per day MMBtu million British thermal units MMBtu/d million British thermal units per day
Forward Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning the Company's asset base including the development of the Company's assets, future commodities pricing, the effect of market conditions and the COVID-19 pandemic on the Company's performance, Southern's planned ESG initiatives, expectations regarding the Company's hedging program, expectations regarding site preparation and production from the Company's drilling operations in Gwinville and the timing thereof, ability to achieve production estimates set out herein, expectations regarding the use of proceeds from the Company's credit facilities, as amended by the First Amendment and the Second Amendment thereto, the availability and renewal of the Credit Facility, the Company's financial hedging program including the use and expected benefits of financial derivatives, future production levels, acquisition opportunities, costs/debt reducing activities, and planned capital expenditures.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Southern's properties, the characteristics of the Company's assets, the successful application of drilling, completion and seismic technology, benefits of current commodity pricing hedging arrangements, Southern's ability to enter into future derivative contracts on acceptable terms, Southern's ability to secure financing on acceptable terms, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the Company's ability to obtain all requisite permits and licences, the availability of capital, labour and services, the creditworthiness of industry partners and the Company's ability to source and complete asset acquisitions.
Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, regulatory risks, and health, safety and environmental risks), constraint in the availability of services, negative effects of the current COVID-19 pandemic, commodity price and exchange rate fluctuations, geo-political risks, political and economic instability abroad, wars (including Russia's military actions in Ukraine), hostilities, civil insurrections, inflationary risks including potential increases to operating and capital costs, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Ongoing military actions between Russia and the Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. These and other risks are set out in more detail in Southern's MD&A and AIF.
The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Future Oriented Financial Information. Any financial outlook or future oriented financial information in this press release, as defined by applicable securities legislation, has been approved by management of Southern. Readers are cautioned that any such future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future activities or results.
Specified Financial Measures. This press release provides various financial measures that do not have a standardized meaning prescribed by IFRS, including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. These specified financial measures may not be comparable to similar measures presented by other issuers. Southern's method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Adjusted funds flow from operations, operating netback, adjusted working capital and net debt are not recognized measures under IFRS. Readers are cautioned that these specified financial measures should not be construed as alternatives to other measures of financial performance calculated in accordance with IFRS. These specified financial measures provide additional information that management believes is meaningful in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other activities. Please see below for a brief overview of all specified financial measures used in this release and refer to the Company's MD&A for additional information relating to specified financial measures, which is available on the Company's website at www.southernenergycorp.com and filed on SEDAR.
"Adjusted Funds Flow from Operations" (non-IFRS financial measure) is calculated based on cash flow from operative activities before changes in non-cash working capital and cash decommissioning expenditures. Management uses adjusted funds flow from operations as a key measure to assess the ability of the Company to finance operating activities, capital expenditures and debt repayments.
"Adjusted Funds Flow from Operations per Share" (non-IFRS financial measure) is calculated by dividing Adjusted Funds Flow from Operations by the number of Southern shares issued and outstanding.
"Operating Netback" (non-IFRS financial measure) equals total oil and natural gas sales less royalties, production taxes, operating expenses, transportation costs and realized gain / (loss) on derivatives. Management considers operating netback an important measure to evaluate its operational performance, as it demonstrates field level profitability relative to current commodity prices.
"Net Debt" (capital management measure) is monitored by Management, along with adjusted working capital, as part of its capital structure in order to fund current operations and future growth of the Company. Net debt is defined as long-term debt plus adjusted working capital surplus or deficit. Adjusted working capital is calculated as current assets less current liabilities, removing current derivative assets/liabilities, the current portion of bank debt, and the current portion of lease liabilities.
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.
[1] See "Specified Financial Measures" under "Reader Advisory" below".
[2] Comprised of 139 bbl/d light and medium crude oil, 14 bbl/d NGLs and 10,597 Mcf/d conventional natural gas
[3]Comprised of 113 bbl/d light and medium crude oil, 11 bbl/d NGLs and 11,076 Mcf/d conventional natural gas
[4] Comprised of 35 bbl/d light and medium crude oil, 3 bbl/d NGLs and 12 Mcf/d conventional natural gas
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CAT Strategic Metals Corporation (CSE:CAT)(OTC PINK:CATTF)(FRA:8CHA) ("CAT" or the "Company") announces that it has closed the first tranche of the previously announced non-brokered private placement (the "Private Placement"), whereby the Company issued 27,816,666 units (the "Units") at a price of CDN$0.03 per Unit for proceeds of $834,500. Each Unit is comprised of one common share in the capital of the Company (a "Share") and one whole non-transferable share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.05 per Share for a period of 36 months from the date of issuance
The securities issued pursuant to the Private Placement, and any Shares that may be issuable on exercise of any such securities, are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Finders' fees were paid in connection with the first tranche of the Private Placement in the form of CDN$15,165 in cash and through the issuance of 605,500 finders' warrants (a "Finders' Warrant"). Each Finders' Warrant is exercisable to acquire one Share at an exercise price of CDN$0.05 per Share for a period of 36 months from the date of issuance.
CAT intends to use the net proceeds of the Private Placement for further exploration of CAT's properties, with a primary focus on the South Preston Uranium Property, and for general working capital purposes.
About CAT Strategic Metals Corporation:
CAT's Mission Statement and corporate strategy is to source, identify, acquire and advance property interests located in mineral districts proven to have world class potential, primarily for gold and copper. In addition to the South Preston Uranium Project, CAT's Burntland Project is focused on the exploration and development of several targets located Northeast of Saint Quentin in the county of Restigouche, New Brunswick, Canada, and The Gold Jackpot strategic metals property with multiple targets for gold-silver, copper, and tellurium property located NE of Elko, Nevada, in the Pequop gold-copper Trend. CAT's shares trade on the Canadian Securities Exchange under the trading symbol "CAT", on the OTC under the trading symbol "CATTF" and on the Frankfurt Stock Exchange under the symbol "8CH".
ON BEHALF OF THE BOARD
Further information regarding the Company can be found on SEDAR at www.sedar.com and by visiting the Company's website at www.catstrategic.com or by contacting the Company directly at (604) 674-3145.
Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward- looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the process and completion of the Offering, the use of proceeds of the Offering and any statements regarding the Company's business plans, expectations and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, www.catstrategic.com. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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 "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: CAT Strategic Metals Corporation
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ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced Trado ® auger assay results from the Tróia target area ("Tróia") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.
"The Tróia target represents another high-quality, near-surface zone of significant scale that is rapidly evolving into a compelling drill target," stated ValOre's VP of Exploration, Colin Smith. "Palladium and platinum mineralization occurs within a broad zone along a 1-kilometre trend that remains open in both directions of strike."
Tróia Target Exploration Program Highlights:
ValOre conducted detailed geological mapping and prospecting along the 1-km-long anomalous trend at Tróia, a target located 4.5 km north-northeast Massapê (129,000 oz 2PGE+Au grading 1.21 g/t in 3.31 Mt) and 8 km north of Trapia (885,000 oz 2PGE+Au grading 0.96 g/t in 27.8 Mt). The main Tróia zones were subsequently followed up with 72 Trado ® auger holes totaling 206 m, with UMs encountered in 19 Trado ® holes. Assays are pending for 19 of 72 holes. See Table 1 below for a summary of significant Trado ® assay results.
PGE assays previously reported from Trado ® auger drilling and rock sampling, including 23.01 g/t 2PGE+Au and 12.00 g/t 2PGE+Au ( CLICK HERE for news release dated April 25, 2022), warranted follow-up trenching along 600 m of geological trend to confirm the presence of in-situ PGE mineralization. Seven trenches were excavated (400 m total length), with all exposing UM and UM-derived rock continuity along strike, with significant thickness chromitite-rich UMs in the central two trenches (TR22TR01 and TR22TR02 – see below for detailed plan map of the Tróia target priority area of interest, Figure 1). Trench sampling and mapping are in progress. See Figure 2 for photographs of the Tróia trenching program.
Table 1: Trado ® Auger Drilling Highlights for Tróia Target
Figure 1: Tróia target plan map with high-grade Trado ® and rock samples highlighted. https://www.globenewswire.com/NewsRoom/AttachmentNg/bcca42c1-84f4-49a8-a3a6-b87a9d20af71
Figure 2: Photographs of trench TR22TR01 at Tróia target (top picture, looking east), with trench wall sampling intervals (bottom center and bottom left pictures) and a sample of chromitite-rich ultramafic rock submitted for PGE assay (bottom right picture). https://www.globenewswire.com/NewsRoom/AttachmentNg/9a156913-ffd2-411c-895c-5b70ae58a898
About the Trado ® Auger and Trenching Methodology
CLICK HERE for more information regarding Trado ® Auger and Trenching methodology.
Quality Control/Quality Assurance ("QA/QC") and Grade Interval Reporting
CLICK HERE for a summary of ValOre's policies and procedures related to QA/QC and grade interval reporting.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre's QP and Vice President of Exploration.
ValOre Metals Corp. (TSX ‐ V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au ( CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre's Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.
ValOre's team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
On behalf of the Board of Directors,
James R. Paterson, Chairman and CEO
For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/
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.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
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TSX Venture Exchange: BSK Frankfurt Stock Exchange: MAL2 OTCQB Venture Market (OTC): BKUCF
/NOT FOR DISTRIBUTION TO THE UNITED STATES /
Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the "Company") is pleased to announce a non-brokered private placement financing of up to 7,000,000 units at a price of $0.15 per unit for gross proceeds of $1,050,000 .
"As demand for uranium and overall interest in the sector continues to increase we want to ensure that Blue Sky is funded to continue and expand its staged drill program at the Amarillo Grande Project," stated Nikolaos Cacos , President & C.E.O. "With this raise we will be well positioned to drill test multiple priority targets in the Ivana area as drilling permits are granted with the goal of expanding the projects resource base."
Each unit (the " Units ") will consist of one common share (a " Share ") and one transferrable common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds of the financing will be used for exploration programs on the Company's projects in Argentina and for general working capital.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos" ______________________________________ Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or 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 absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States .
SOURCE Blue Sky Uranium Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/24/c8455.html
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About Skyharbour Resources Ltd.: Skyharbour Resources (CVE:SYH) (OTCMKTS:SYHBF) holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which is located approximately 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration project with high grade uranium mineralization at the Maverick Zone. Drill results have returned up to 6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of specific segments of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project which hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization has been identified. Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Contact: Riley Trimble Corporate Communications and Development T: +1-604-416-2978 F: +1-604-687-3119 E: info@skyharbourltd.com W: www.skyharbourltd.com
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Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce that it has entered into an Option Agreement with Rio Tinto Exploration Canada Inc. ("RTEC"), a wholly owned subsidiary of Rio Tinto Limited ("Rio Tinto"), to acquire up to 100% of the Russell Lake Uranium Project (the "Property" or "Project"), which comprises 26 claims covering 73,294 hectares of prospective exploration ground strategically situated between the Company's Moore Uranium project (to the east) and Denison Mines' Wheeler River project (to the west) in the eastern portion of the Athabasca Basin.
Russell Lake Project Location Map: http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
The Project is a premier, advanced-stage exploration property given its large size, proximity to critical regional infrastructure, and the significant amount of historical exploration carried out on the property, which has identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts. The Property is centrally located between Cameco Corp.'s Key Lake mill to the south and McArthur River mine to the north. Access to the Property is via Highway 914, which services the McArthur River Mine and runs through the western extent of Property along with a high-voltage powerline that energizes the existing mining operations in the eastern portion of the Athabasca Basin.
Jordan Trimble, President and CEO of Skyharbour Resources, stated:
"We are very pleased to have reached an agreement with Rio Tinto to acquire up to a 100% interest in Russell Lake . This is a significant transaction for Skyharbour and involves the acquisition of a premier exploration property adjacent to our Moore project . Uranium properties with the pedigree and prospectivity of Russell Lake are few and far between given the very strategic location, notable historical exploration and findings, as well as the numerous property-wide targets with the potential to generate new discoveries. "
" Additionally, we welcome Rio Tinto as a new strategic shareholder and project partner. We have a shared vision for the exploration of the various prospective target areas that remain to be fully tested on the Property using modern exploration methods and techniques. We look forward to working with Rio Tinto to generate a new meaningful discovery in the years to come."
Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco's Key Lake and McArthur River Projects and adjoining Denison's Wheeler River Project to the west and Skyharbour's Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the Property and greatly enhances accessibility. Similarly, a high-voltage powerline situated alongside Highway 914. Skyharbour's acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake but with most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling in over 230 drill holes. The Property's claims are in good standing for 2-22 years with assessment credits built-up from previous programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity exist on the Property as well.
At the Grayling Zone, drilling of the 2,200 metres long, up to 100 metres thick sub-parallel Grayling conductor intersected an 800 metres long discontinuous zone of basement-hosted uranium mineralization with localized perched and unconformity-hosted associated mineralization along a graphitic thrust fault. Drill hole RL-85-07 intersected 3.45% U 3 O 8 over 0.3 metres at a depth of 363.2 metres and 0.1% U 3 O 8 over 0.5m at a depth of 366.4 metres. This target is prospective for additional high-grade uranium discoveries and is open in several directions.
At the M-Zone Extension target, historical drilling at neighbouring Denison's M-Zone along trend from the Grayling Zone intersected basement hosted uranium of 0.70% U 3 O 8 over 5.8 metres at a depth of 374.0 metres. Like the Grayling Zone, the mineralization is hosted by a graphitic thrust fault. The northeast extension of the M-Zone-Grayling corridor onto the Property has seen limited drilling, but mineralization was intersected in historical drilling, returning 0.7 metres of 0.123% U 3 O 8 at 619.1 metres depth in hole MZE-11-03.
The Little Man Lake Zone target is 500 metres long, 10 to 15 metres thick, 25 to 35 metres wide, and is a zone of prospective geology associated with an unconformity depression. The last drilling in this area was in 1989, prior to modern uranium exploration models, with historical uranium grades ranging from 0.03% up to 0.1% U 3 O 8 at around 300 metres depth.
At the Fox Lake Trail target area, uranium mineralization was intersected in a few historical drill holes. Significant intercepts include 0.0743% U 3 O 8 over 1.0 metres at 525.5 metres depth in hole FLT-08-06, and 0.053% U 3 O 8 over 0.3 metres at 516.9 metres depth in hole FLT-11-14. A prospective quartzite ridge runs through the area along with anomalous geochemistry in faulted basement metasediments. Significant sandstone-hosted sulphides are also found in this area.
The Christie Lake target area contains basement-hosted uranium mineralization with historical drill results returning 0.17% U 3 O 8 over 0.4 metres at 436.4 metres depth in hole CL-10-03. A prospective clay altered basement fault system runs throughout this area.
In addition to the aforementioned target areas, there are more than 35 kilometres of untested conductors on the Property underlain by rocks of low magnetic intensity, suggestive of prospective graphitic meta-pelitic basement rocks. The Project has seen limited exploration in the previous twelve years, so minimal modern exploration techniques and methods have been used to expand existing zones of mineralization as well as to make new discoveries.
There is a fully permitted exploration camp on the Project suitable for over forty people located on the highway and within 5 kilometres of Denison's Phoenix deposit. Skyharbour is planning an initial phase of exploration and drilling at the Project with details forthcoming.
Under the terms of the Option Agreement, which is subject to TSX Venture Exchange (the "Exchange") approval, Skyharbour may acquire up to a 100% interest in the Russell Lake Uranium Project and will become operator of the Project during the earn-in period and afterwards if a joint venture is formed.
An initial majority 51% interest in the Property may be earned by paying CAD $508,200 and issuing 3,584,014 common shares of Skyharbour to RTEC upon Exchange approval. Skyharbour must also fund CAD $5,717,250 in exploration expenditures, inclusive of a 10% management fee to Skyharbour, over a period of three years, of which a total of CAD $1,905,750 must be spent within eighteen months. Skyharbour at this point can elect to enter into a 51% / 49% joint venture with RTEC subject to a standard dilution clause, or the Company can earn additional interest in the project.
Skyharbour may then acquire an additional 19% to earn a total of a 70% interest in the Property by paying CAD $1,588,125 in cash or by issuing 2,226,096 shares. Additionally, Skyharbour must fund CAD $6,352,500 in exploration expenditures, inclusive of a 10% management fee to Skyharbour, over a period of the following two years.
Upon Skyharbour earning a 70% interest, the Company may elect to continue on a 70% / 30% joint venture basis, subject to a standard dilution clause, or it may acquire the remaining 30%, if RTEC elects not to contribute, for a total undivided interest of 100% of the Property by paying CAD $33,033,000 in cash or by issuing 42,598,565 shares or a combination thereof to prevent RTEC from owning over 19.9% of Skyharbour.
Upon Skyharbour's 100% acquisition, the Property will become subject to a 1% NSR Royalty payable to RTEC. The royalty may be reduced to 0.5% by payment of USD $750,000 to RTEC. The claims comprising the Property are subject to various existing underlying royalties to other parties.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
Rio Tinto is one of the largest mining and metals companies globally, operating in 35 countries with over 49,000 employees. Rio Tinto's purpose is to produce materials essential to human progress.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well-positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble" Jordan Trimble President and CEO
For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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