Orosur Mining Inc. – US$250,000 Financing at 102% Premium to Market
July 10 2018 - 1:00AM
Business Wire
Orosur Mining Inc. (“Orosur” or the “Company”)
(TSX/AIM: OMI) is delighted to announce that it continues to
advance discussions to finance the next stage of exploration at the
Anzá project in Colombia. In connection with these discussions, a
sophisticated international mining company (the
“Subscriber”) has agreed to advance US$250,000 to subscribe
for 3,603,077* common shares of Orosur at a price of CAD$0.091 (GBP
0.052*) per share (the “Subscription”). The share price
represents a 102% premium to the closing price of the Company's
common shares on the Toronto Stock Exchange (the "TSX") on
July 9, 2018.
Completion of the Subscription is subject to, amongst other
things, the execution of definitive private placement documentation
and the approval of the TSX and admission of the common shares to
trading on AIM ("Admission").
Upon Admission, the total number of common shares and voting
rights issued and outstanding will be 121,189,982 and the total
number of options and warrants outstanding shall remain unchanged
at 17,241,010. The common shares issued in connection with the
Subscription will be subject to a hold period expiring four months
and one day following the closing date in accordance with
applicable Canadian securities laws. The Company expects to close
the Subscription during August 2018. At closing, it is anticipated
that the Subscriber will own approximately 2.97% of the Company's
issued and outstanding common shares on an undiluted basis.
The net proceeds from the Subscription will be used for general
corporate purposes and working capital requirements.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a fully integrated
gold producer, developer and explorer focused on identifying and
advancing gold projects in South America. The Company operates the
only producing gold mine in Uruguay (San Gregorio) and has
assembled an exploration portfolio of high quality assets in
Uruguay, Chile and Colombia.
*CAD exchange rate as at July 9th, 2018 (CAD$1.00:0.576GBP &
CAD$1.31:US$1.00)
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. If you
have any queries on this, then please contact Ryan Cohen, VP
Corporate Development of the Company (responsible for arranging
release of this announcement on behalf of the Company) on: +1 (778)
373-0100.
Forward Looking Statements
All statements, other than statements of historical fact,
contained in this news release constitute "forward-looking
statements" within the meaning of applicable securities laws,
including but not limited to the "safe harbour" provisions of the
United States Private Securities Litigation Reform Act of 1995 and
are based on expectations estimates and projections as of the date
of this news release. Forward-looking statements include, without
limitation the expected completion of a US$250,000 Subscription for
common shares, the negotiation and execution of definitive
agreements; the ability to advance the Anzá property, the approval
of the TSX and other approvals. There can be no assurance that such
statements will prove to be accurate. Such statements are subject
to significant risks and uncertainties, and actual results and
future events could differ materially from those anticipated in
such statements. The Company disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events and such forward-looking
statements, except to the extent required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180709005874/en/
Orosur Mining IncIgnacio Salazar, Chief Executive
OfficerRyan Cohen, VP Corporate Developmentinfo@orosur.caTel: +1
(778) 373-0100orCantor Fitzgerald Europe – Nomad & Joint
BrokerDavid Porter/Keith DowsingTel: +44 (0) 20 7894
7000orNumis Securities Limited – Joint BrokerJohn Prior /
James Black / Paul GillamTel: +44 (0) 20 7260 1000