VANCOUVER, BC, Feb. 17, 2022 /CNW/ - Josemaria Resources
Inc. (TSX: JOSE) (OMX: JOSE) (OTCQB: JOSMF) ("Josemaria" or
the "Company"), is pleased to provide an update on its
previously announced transaction with Lundin Mining Corporation
("Lundin Mining") (TSX:LUN ) (OMX: LUMI) whereby Lundin Mining will
acquire all of the outstanding common shares of Josemaria (the
"Transaction") on the terms and conditions set out in the
arrangement agreement between the Company and Lundin Mining dated
December 19, 2021 (the "Arrangement
Agreement"). View PDF
On February 17, 2022, Lundin
Mining announced a semi-annual variable performance dividend of
CDN$0.11 per Lundin Mining share to
be paid to Lundin Mining shareholders. In accordance with the
terms of the Arrangement Agreement, the share consideration payable
pursuant to the Transaction will be adjusted such that, for each
whole Lundin Mining share that is issued to a Josemaria shareholder
on closing of the Transaction, CDN$0.11 in cash will also be paid to such
Josemaria shareholder to reflect the semi-annual variable
performance dividend of Lundin Mining. The cash consideration
payable pursuant to the cash election or pro-ration under the
Arrangement Agreement will remain unchanged.
ABOUT JOSEMARIA
Josemaria Resources Inc. is a natural
resources company focused on developing its advanced stage, 100%
owned Josemaria Copper-Gold Project in the San Juan Province of
Argentina. A recently published
Feasibility Study (see "NI 43-101 Technical Report, Feasibility
Study for the Josemaria Copper-Gold Project, San Juan Province,
Argentina" dated effective
September 28, 2020 and filed on
November 5, 2020) demonstrates a
simple and conventional open pit copper-gold project with robust
economics and a rapid payback period. Josemaria is a Lundin
Group company and works in partnership with the Lundin Foundation
to execute best practices in responsible mineral development in
Argentina where the Lundins have a
30-year track record of value creation. The Company is a reporting
issuer in all Provinces and its corporate head office is in
Vancouver, BC. The Company's
shares are listed on the TSX and on Nasdaq Stockholm under the
symbol "JOSE", and trade on the OTCQB under the symbol "JOSMF".
ADDITIONAL INFORMATION
The information was submitted
for publication, through the agency of the contact person set out
below on February 17, 2022
20:00 EST.
On behalf of Josemaria Resources,
Adam Lundin,
President and CEO
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TSX: JOSE | OTCQB: JOSMF | Nasdaq Stockholm: JOSE | WKN: A2PN5S |
ISIN: CA48086P1009
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
This press release includes certain
"forward-looking information" and "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, included herein, including, without
limitation, the consummation of the Transaction and the payment of
consideration thereunder; the satisfaction of the conditions
precedent to the Transaction; the Company's plans and expectations
regarding the Josemaria Project, future price of copper, gold and
silver; the results of the Feasibility Study and expected
timelines; the timing and amount of estimated future production;
net present values and internal rates of return at the Josemaria
Project; recovery rates; payback periods; costs of production;
capital expenditures; costs and timing of the development of the
Josemaria Project; mine life; the potential future development of
the Josemaria Project and the future operating or financial
performance of the Company; the impact of COVID-19 on the Company's
operations, hyper-inflationary accounting, the effect of government
regulations (or changes thereto) with respect to restrictions on
production, export controls and duties, income taxes, royalties,
expropriation of property, repatriation of profits, environmental
legislation, land use, water use, mine safety, approval processes
and the receipt of necessary permits are forward-looking
information. Forward-looking information is frequently, but
not always, identified by words such as "expects", "anticipates",
"believes", "intends", "estimates", "potential", "possible", and
similar expressions, or statements that events, conditions, or
results "will", "may", "could", or "should" occur or be achieved.
These forward-looking statements may also include statements
regarding perceived merit of properties; exploration plans and
budgets; mineral reserves and resource estimates; work programs;
capital expenditures; timelines; strategic plans; market prices for
precious and base metals; or other statements that are not
statements of fact. In addition, statements relating to "mineral
resources" and "mineral reserves" are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral resources and
mineral reserves described can be profitably produced in the
future.
Forward-looking information involves various risks and
uncertainties. There can be no assurance that such information will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such information.
Important factors that could cause actual results to differ
materially from the Company's expectations include failure to
receive the required court and regulatory approvals to effect the
Transaction; changes in laws, regulations and government practices;
the potential of a third party making a superior proposal to the
Transaction; risks pertaining to the outbreak of the global
pandemics, including COVID-19; government regulation of mining
operations; environmental risks; and other risks and uncertainties
disclosed in the Company's periodic filings with Canadian
securities regulators and in other Company reports and documents
filed with applicable securities regulatory authorities from time
to time, including the Company's Annual Information Form available
under the Company's profile at www.sedar.com. In addition, these
statements involve assumptions made with regards to the Company's
ability to develop the Josemaria Project and to achieve the results
outlined in the Feasibility Study; the ability to raise the capital
required to fund construction and development of the Josemaria
Project; and the results and impact of future exploration at the
Josemaria Project. The Company's forward-looking information
reflects the beliefs, opinions, and projections on the date the
statements are made. The Company assumes no obligation to update
the forward-looking information or beliefs, opinions, projections,
or other factors, should they change, except as required by
law.
SOURCE Josemaria Resources Inc.
