Torex Completes Closing of Over-Allotment Option
February 16 2018 - 7:53AM
Not for distribution to U.S. news wire services
or dissemination in the United States
Torex Gold Resources Inc. (the “
Company” or
“
Torex”) (TSX:TXG) is pleased to announce that it
issued an additional 130,500 common shares of the Company (the
“
Common Shares”) as a result of the exercise of
the remainder of the over-allotment option granted to the syndicate
of underwriters (the “
Underwriters”) led by BMO
Capital Markets in connection with its previously announced
offering (the “
Offering”). An aggregate of
5,025,500 Common Shares were issued by the Company at a price per
Common Share of C$12.60 pursuant to the Offering, including the
525,000 Common Shares issued on the partial exercise of the
over-allotment option concurrent with the closing of the Offering
on February 7, 2018 and the 130,500 Common Shares issued today on
the exercise of the remainder of the over-allotment option, for
aggregate gross proceeds of C$63,321,300.
The net proceeds of the Offering will be used to
fund and provide liquidity for the Company’s working capital
obligations during the re-start and ramp-up of the ELG Mine
Complex, as required, and for general corporate purposes.
The Common Shares issued pursuant to the
Offering have not been and will not be registered under the US
Securities Act of 1933, as amended (the “U.S. Securities
Act”) or any state securities laws, and accordingly may
not be offered or sold within the United States except in
transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy the Common Shares, nor will there be any sale of
the Common Shares in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Torex
Torex is an emerging intermediate gold producer
based in Canada, engaged in the exploration, development and
operation of its 100% owned Morelos Gold Property, an area of
29,000 hectares in the highly prospective Guerrero Gold Belt
located 180 kilometers southwest of Mexico City. Within this
property, Torex has the El Limón Guajes Mine, which announced
commercial production in March of 2016, the Sub-Sill Project,
currently under development, and the Media Luna Project, an early
stage development project for which the Company issued a
preliminary economic assessment (PEA) in 2015. The property remains
75% unexplored.
Contact Information:
TOREX
GOLD RESOURCES INC.Fred Stanford President and CEO Tel. (647)
260-1502 Email: fred.stanford@torexgold.com |
Gabriela SanchezVice President Investor RelationsTel. (647)
260-1503 Email: gabriela.sanchez@torexgold.com |
CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS
This press release contains “forward-looking
statements” and “forward-looking information” within the meaning of
applicable Canadian securities legislation. Notwithstanding the
Company’s efforts, there can be no guarantee that the Company will
not face unforeseen delays or disruptions of the operations.
Forward-looking information also includes, but is not limited to,
use of proceeds of the Offering. Generally, forward-looking
information can be can be identified by the use of forward-looking
terminology such “purpose”, “budgeted”, “scheduled”, “potentially”,
“proposed”, “pending”, “contemplates”, “plans”, “expects”,
“estimates”, “intends”, “anticipates”, “believes”, or
“subsequent” or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”,
“might”, “will” or “will be taken”, “occur”, or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the activities of
the Company to be materially different from those expressed or
implied by such forward-looking information, including, without
limitation, those risk factors identified in the Company’s base
shelf prospectus and prospectus supplement in connection with the
Offering, annual information form and management’s discussion and
analysis. Forward-looking information is based on the reasonable
assumptions, estimates, analysis and opinions of management made in
light of its experience and its perception of trends, current
conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Although the Company believes that the
assumptions and expectations reflected in such forward-looking
information are reasonable, undue reliance should not be placed on
forward-looking information because the Company can give no
assurance that such expectations will prove to be correct. 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 information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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