/NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S.
NEWSWIRE SERVICES/
VANCOUVER, BC, Nov. 9, 2020 /CNW/ - ESV Resources
Ltd. (the "Company") (TSXV: ESV.H) is pleased to
announce the closing of the non-brokered private placement (the
"Concurrent Financing") in 1255269
B.C. Ltd. (the "Guia Antigua Vendor") of 18,675,053
subscription receipts at $0.45 per
receipt for gross proceeds of $8,403,774. As previously announced on
September 24, 2020, the Concurrent
Financing is a condition to the Company acquiring all of the
outstanding share capital of the Guia Antigua Vendor, which
controls the Guia Antigua project (the "Guia Antigua
Acquisition") and the expected concurrent acquisition of the
Zancudo Project (the "Zancudo Acquisition") from Gran
Colombia Gold Corp. (TSX:GCM) ("Gran Colombia"). Both projects are located in
historic mining districts in Colombia.
The proceeds of the Concurrent Financing will be held in escrow
pending the Company receiving all applicable regulatory approvals
and completing the Guia Antigua Acquisition. Upon satisfaction of
the escrow release conditions, immediately prior to completion of
the Guia Antigua Acquisition, each subscription receipt will
automatically convert into one common share of the Guia Antigua
Vendor for no additional consideration and will be exchanged for
common shares of the Company on a one-for-one basis. If the
Guia Antigua Acquisition is not completed on or before February 28, 2021, the proceeds of the Concurrent
Financing will be returned to the subscribers. Upon conversion of
the subscription receipts, a finder's fees of 6% will be payable to
certain arm's length parties who introduce subscribers to the
Concurrent Financing.
It is anticipated that the proceeds from the Concurrent
Financing will be utilized principally to undertake an exploration
program at the Guia Antigua project, for the general and
administrative expenses of the Company, and for the purposes of
identifying and conducting due diligence in respect of additional
project acquisitions.
On Behalf of the Board of Directors,
ESV RESOURCES LTD.
Frederic Leigh, Chief Executive
Officer
Phone: 604.609.6110
Email: investors@denariussilver.com
Website: www.denariussilver.com
The TSX Venture Exchange has in no way passed upon the merits
of the Guia Antigua Acquisition, or the Zancudo Acquisition, and
has neither approved nor disapproved the contents of this press
release. 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.
Completion of the Guia Antigua Acquisition, and the Zancudo
Acquisition, are subject to a number of conditions, including but
not limited to Exchange acceptance and shareholder approval, if
applicable. The acquisitions cannot be completed until such
approvals are obtained. There can be no assurance that the
acquisitions will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
filing statement to be prepared in connection with the
acquisitions, any information released or received with respect to
the acquisitions may not be accurate or complete and should not be
relied upon. Trading in the securities of the Company should
be considered highly speculative.
Statements included in this announcement, including
statements concerning our plans, intentions and expectations, which
are not historical in nature are intended to be, and are hereby
identified as, "forward–looking statements".
Forward–looking statements may be identified by words
including "anticipates", "believes", "intends", "estimates",
"expects" and similar expressions. The Company cautions readers
that forward–looking statements, including without
limitation those relating to the Company's future operations and
business prospects, are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in the forward–looking statements.
SOURCE ESV Resources Ltd.
