Regulus Announces Closing of C$11.5 Million Financing
December 27 2019 - 8:23AM
Regulus Resources Inc. ("
Regulus" or the
"
Company") is pleased to announce that it has
closed its previously announced bought deal financing, including
the exercise in full of the underwriter's option. A total of
7,783,875 units of the Company, each comprising one common share
and one half of one common share purchase warrant
("
Units") were sold at a price of C$1.06 per Unit
(the "
Offering Price"), for aggregate gross
proceeds of approximately $8.25 million (the "
Public
Offering").
Pursuant to a concurrent non-brokered private
placement, 3,066,375 Units were sold to certain funds managed by
Route One Investment Co. LP, the Company's largest shareholder, at
the Offering Price, for additional aggregate gross proceeds of
approximately $3.25 million. Together with the Public Offering, the
Company raised total gross proceeds of approximately $11.5 million
(the "Offering").
BMO Capital Markets acted as the sole
underwriter for the Offering.
The net proceeds of the Offering will be used to
fund exploration and development activities at the Company's
AntaKori project, for working capital, and general corporate
purposes.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
For further information, please contact:
John E. BlackCEO / DirectorPhone: +1 303 618-7797 mobile+1 720
514-9036 officeEmail: john.black@regulusresources.com
Adam GreeningVice President, Corporate DevelopmentPhone: +1 647
923 7799Email: adam.greening@regulusresources.com
Laura Brangwin Manager, Investor RelationsPhone:
+447517313833Email: laura.brangwin@regulusresources.com
About Regulus Resources Inc. and the AntaKori
Project
Regulus Resources Inc. is an international
mineral exploration company run by an experienced technical and
management team. The principal project held by Regulus is the
AntaKori copper-gold-silver project in northern Peru. The AntaKori
project currently hosts a resource with indicated mineral resources
of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and
7.5 g/t Ag and inferred mineral resources of 267 million tonnes
with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (see press
release dated March 1, 2019). Mineralization remains open in most
directions and drilling is currently underway to confirm and
increase the size of the resource.
For further information on Regulus Resources
Inc., please consult our website at www.regulusresources.com.
Cautionary Note Regarding Forward
Looking Statements. This news release contains certain
forward-looking statements, including statements regarding the
Offering, the level of insider participation therein and the use of
proceeds therefrom. These statements are subject to a number of
risks and uncertainties. Actual results may differ materially from
results contemplated by the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: changes in metal prices,
changes in the availability of funding; unanticipated changes in
key management personnel and general economic conditions. Mining is
an inherently risky business. Accordingly, the actual events may
differ marginally from those projected in the forward-looking
statements. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and should not place
undue reliance on such forward-looking statements. The Company does
not undertake to update any forward looking statements, oral or
written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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