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VANCOUVER, Aug. 5,
2015 /CNW/ - PNO Resources Ltd. (PNO.H: TSX-V) ("PNO")
is pleased to announce that, further to the press releases dated
July 6, 14 and 20, 2015, it has now
closed the first tranche of the previously announced private
placement financing (the "Private Placement") raising
gross proceeds of $4,105,000.
PNO issued an aggregate of of 20,525,000
subscription receipts ("Subscription Receipts") at a price
of $0.20 per Subscription Receipt
pursuant to the Private Placement. Each Subscription Receipt
will, immediately prior to the closing of the previously announced
acqusition (the "Acquisition") of all of the issued and
outstanding shares of PNO by Sandspring Resources Ltd.
("Sandspring") convert into one PNO common share and one PNO
warrant, which common shares and warrants will be exchanged for
common shares of Sandspring on a post-consolidation basis (3:1)
(the "Post-Consolidation Sandspring Shares") and Sandspring
warrants ("Sandspring Warrants") pursuant to the
Acquisition. Each Sandspring Warrant will entitle the holder
to acquire one Post-Consolidation Sandspring Share for a period of
five years at an exercise price of $0.30.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PNO RESOURCES LTD.
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"Christy
Louth"
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Per:
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__________________
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Christy
Louth
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President and
Director
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Additional information on PNO can be viewed on
SEDAR under the Company's profile at www.sedar.com
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.
This news release contains certain
forward-looking information and statements within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "might", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking information
and/or statements. Forward-looking statements and/or information
are based on a number of material factors, expectations and/or
assumptions of PNO which have been used to develop such statements
and/or information but which may prove to be incorrect. Although
PNO believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue
reliance should not be placed on forward-looking statements as PNO
can give no assurance that such expectations will prove to be
correct. In addition to other factors and assumptions which may be
identified herein, assumptions have been made regarding, among
other things, that the Acquisition will be effected as currently
proposed. The forward-looking information and
statements included in this news release are not guarantees of
future performance and should not be unduly relied upon. Such
information and/or statements, including the assumptions made in
respect thereof, involve known and unknown risks, uncertainties and
other factors that may cause actual results and/or events to differ
materially from those anticipated in such forward-looking
information and/or statements including, without limitation: risks
associated with the failure to complete the Acquisition as
currently proposed or at all. Furthermore, the forward-looking
statements contained in this news release are made as at the date
of this news release and the Company does not undertake any
obligations to publicly update and/or revise any of the included
forward-looking statements, whether as a result of additional
information, future events and/or otherwise, except as may be
required by applicable securities laws.
SOURCE PNO Resources Ltd.