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TORONTO, Aug. 7, 2020 /CNW/ - Nubian Resources Ltd.
("Nubian" or the "Company") (TSXV: NBR) is pleased to announce a
non-brokered private placement offering of units of the Company
(the "Units") at a price of $0.42 per Unit (the "Offering Price") for
aggregate gross proceeds of up to $4,200,000 (the "Offering"). Eric
Sprott intends to subscribe for the entirety of the Offering.
Each Unit will consist of one common share of the Company (a
"Common Share") and one-half of one common share purchase
warrant of the Company (each whole common share purchase warrant, a
"Warrant"). Each Warrant will be exercisable to purchase a
common share of the Company (a "Warrant Share") at an
exercise price of $0.55 per Warrant
Share for a period of 24 months following the closing of the
Offering.
Martin Walter, President &
CEO of Nubian stated, "Nubian management appreciates Eric Sprott's support, not only for our own
Company but his unmatched commitment to support the mineral
exploration industry. We are moving forward at Nubian with a
lot of energy now and this funding will enable us to bring our
Peruvian-based Esquilache Silver Project and our Victoria and Tasmanian Gold projects to their
next stage of development."
The Company intends to use the net proceeds from the Offering
for working capital requirements and other general corporate
purposes. The Offering is anticipated to close on or about
August 14, 2020 (the "Closing
Date" or "Closing"). The Units and the underlying
securities to be issued under the Offering will have a hold period
of four months and one day from Closing.
In connection with the Offering, the Company has agreed to pay a
finders' fees (the "Finder's Fee") in cash equal to 6% of
the gross proceeds from the sale of Units and broker warrants equal
to 6% of the Units pursuant to the Offering. Each broker
warrant shall entitle the holder thereof to purchase one Common
Share at a price of $0.55 per Common
Share.
The issuance of the Units and payment of the Finder's Fee are
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
TSX Venture Exchange.
About Nubian Resources
Nubian Resources Ltd. is a public traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. In May 2020, Nubian
entered into an agreement to acquire and develop the Yandoit Gold
Project in central Victoria,
Australia and in July 2020,
Nubian entered into an agreement to acquire Stavely Mineral
Limited's Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian's main asset is the
Esquilache Silver Project located within the Tintaya porphyry
copper belt of southern Peru.
Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Various assumptions or factors
are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Nubian. Although such statements are based on
reasonable assumptions of Nubian's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate. While Nubian considers these assumptions to be
reasonable based on information currently available to them, they
may prove to be incorrect. Forward looking information
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include risks inherent in the exploration
and development of mineral deposits, including risks relating to
changes in project parameters as plans continue to be redefined,
risks relating to variations in grade or recovery rates, risks
relating to changes in mineral prices and the worldwide demand for
and supply of minerals, risks related to the COVID-19 pandemic
and current global financial conditions, increased competition,
access and supply risks, reliance on key personnel, operational
risks regulatory risks, including risks relating to the acquisition
of necessary licenses and permits, financing, capitalization and
liquidity risks, title and environmental risks and risks relating
to delay or failure to satisfy the closing conditions of its
recently announced property acquisitions and the Offering.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
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.
SOURCE Nubian Resources Ltd.