Base Metals

Usha Resources Ltd. ("Usha" or the "Company") (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that its Board of Directors is currently evaluating a proposal for Usha to transfer the Company's Nicobat Nickel property (the "Property") located in Dobie Township, Northwest Ontario to a newly formed subsidiary ("SpinCo") and subsequently spin out the shares of SpinCo ("SpinCo Shares") to Usha's shareholders at a ratio yet to be determined (the "Transaction"). The Company will retain an interest in SpinCo

Deepak Varshney, CEO stated: "With nickel prices soaring, we see this as the perfect backdrop to unlock value for investors by spinning out what was once our flagship property into a separate, battery-metals oriented public company. We don't believe the market is fully valuing the sum of our parts and we see this as the ideal solution to ensure our projects get the attention and command the valuation they deserve. Spinning out the Nicobat property will allow Usha to streamline its focus while also allowing shareholders to participate in and benefit from the creation of a new battery-metals focused exploration company. With shareholders of Usha receiving shares in the SpinCo, we feel that the contemplated transaction would create a compelling new dynamic to our investment thesis as investors would stand to own shares in two public companies that are on two clear paths."

The completion of the proposed Transaction and contemplated distribution of SpinCo Shares to Usha shareholders are subject to a number of conditions, including the completion of corporate, legal and tax structuring, completion of SpinCo financing, determination of final details of the transaction, the appointment of a Board and management team for SpinCo, required regulatory and shareholder approvals, and the subsequent listing of the SpinCo Shares on the TSX Venture Exchange.

There is no certainty that the Transaction will be completed on the terms proposed or at all. The Board of Usha may determine to not proceed with the Transaction should there be a change in market conditions or investor interest or should another opportunity arise that would similarly enhance value to Usha shareholders.

The Company will provide updates when further details of the proposed Transaction are determined.

About the Nicobat Nickel Property

The Nicobat Nickel Property is a nickel-copper-PGE project located in Dobie Township, Northwest Ontario 21 kilometres south of New Gold's Rainy River Mine which hosts the Zone 34 nickel discovery.

Historic exploration work between 1952 and 1972 included over 15,000 metres of drilling, 220 drill holes and numerous bulk samples that identified a non-compliant historic resource of 5.3 Mt grading 0.24% Ni that contained a high-grade zone of approximately 225,000 tons grading 0.87% Ni.

Recent exploration work includes over 4,000 metres of drilling that has confirmed high-grade nickel-copper shoots do exist and are considerably better than previously recorded in the historical drilling, with drillhole A-04-15 intersecting from surface to approximately 63.75 metres a weighted average of 1.05% nickel and 2.18% copper that included an approximately 9.8-metre interval of 1.92% Ni from 53.95 to 63.75 metres.

The targeted feeder conduit measures approximately 305 metres by an average of 60 metres in width to a depth of 245 metres that is potentially open at depth and down-plunge to the north and is composed of cumulate textured olivine gabbro. This magma conduit sits in a larger norite body at the base of the Dobie Gabbro. The historical assessment data records high-grade "ribs", one of which includes the zone described above. Future work will, therefore, focus on making the historic resource compliant current and expanding on the work completed to assess for other high-grade "ribs" and the potential high-grade feeder zone as shown in the model below.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.

About Usha Resources Ltd.

Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha's portfolio of strategic properties provides diversification and mitigates investment risk.

We seek Safe Harbor.

Usha Resources Ltd.

"Deepak Varshney" CEO and Director

For more information, please call 778-899-1780, email info@usharesources.com, or visit www.usharesources.com.

Neither 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.

Forward-looking statements:

This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

These statements include proposed terms of the spinout transaction, proposed business plans for each of Usha and SpinCo, the listing of the SpinCo Shares, the anticipated benefits of the transaction, and disclosure of additional details concerning the transaction. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Usha cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: determination of acceptable terms for the proposed spinout transaction, risks and uncertainties relating to the receipt of approvals to proceed with and complete the transaction and the satisfaction of the conditions precedent to the completion of the transaction, unexpected tax consequences, the market valuing Usha and SpinCo in a manner not anticipated by management of the Company, the benefits of the spinout transaction not being realized or as anticipated, and each of Usha and SpinCo being unable to add additional properties to their respective portfolios. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Usha Resources Ltd.



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Usha Resources Initiates Expanded Exploration Program at Jackpot Lake Lithium Brine Project

Usha Resources Initiates Expanded Exploration Program at Jackpot Lake Lithium Brine Project

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has begun exploration work at its Jackpot Lake Lithium Brine Project in Clark County, Nevada . The Company has contracted Rangefront Mining Services to provide geological services and now plans to increase the scope of its maiden drilling program.

The upcoming program is focused on sourcing a domestic supply of lithium in Nevada in line with President Biden's initiative:

"To help make electric vehicles work, we need also to increase the production of lithium-ion batteries and we need responsible and sustainable domestic sourcing of the critical materials used to make lithium-ion batteries such as lithium, cobalt, nickel, and graphite," infrastructure implementation coordinator and senior Biden adviser Mitch Landrieu told reporters on May 2, 2022 .

Program Highlights:
  • Rangefront Mining Services, a local Nevada firm, has been retained to provide geological services
  • Permitting process now underway following a successful site visit from USHA's technical team to review drill sites for the construction of access roads and drill pads in preparation for drilling
  • USHA has increased the anticipated scope of the drill program to 2,700 metres over 6 holes
  • Plans to commence drilling in late summer / early fall (pending permit approvals)
  • Drill program is fully financed as USHA has recently completed an oversubscribed private placement for gross proceeds of $2,895,401 ( https://bit.ly/3tOdqUu )

The Company is pleased to announce that a site visit has been completed at the Jackpot Lake Lithium Brine project and that permitting for its maiden drilling program is underway. The purpose of the visit was to assess the Site to review drill sites for the construction of access roads and drill pads in preparation for drilling.

Rangefront Mining Services (Rangefront), a local Nevada firm, has been selected to provide geological services for the design, execution, and management of exploration work at Jackpot Lake. Rangefront is a comprehensive geology and mining consulting firm with personnel that specialize in the planning and execution of lithium brine exploration, including resource estimation, as the Company works towards its goal of completing a 43-101 resource estimate by Q4 of 2022 ( https://bit.ly/3tD9ndz ).

Furthermore, based on its review and discussion with Rangefront and the successful completion of its oversubscribed private placement for gross proceeds of $2,895,401 , the Company has elected to increase the planned scope of its maiden drilling program from 900 metres over 3 holes to 2,700 metres over 6 holes to better define a 43-101 resource. Pending permit approvals, the Company anticipates commencing drilling in the late summer, early fall.

Deepak Varshney , CEO of Usha Resources stated: "USHA is very excited to have begun our journey at Jackpot Lake and capitalize on our geographical advantage on US soil and to partner with the team at Rangefront. We believe they are the right team to work with and their engagement will provide us with consistency and accessibility to a variety and depth of innovative approaches that will accelerate our goals. With a well-funded treasury, we anticipate the remainder of 2022 to be an extremely active year and we look forward to a busy and productive field season at Jackpot Lake as we also proceed with our other catalysts including the Nicobat Nickel spinout."

Jackpot Lake Lithium Brine Property

The Jackpot Lake Lithium Brine Property is located within Clark County , 35 kilometres northeast of Las Vegas, Nevada , and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a "playa" which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle's Silver Peak Nevada Lithium Mine which has operated continuously since 1966, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.

The project is considered to be "drill-ready" based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:

  • 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.
  • Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.
  • Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters.
Corporate Video

The Company is also pleased to premiere its corporate introduction video, which allows shareholders and the general public to meet Deepak Varshney , CEO of USHA, and learn about the Company and its project. The video can be accessed at the Company's homepage and at the following link: https://youtu.be/3rCA9SjUpps .

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson , P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada ; Nicobat, a nickel‑copper‑cobalt project in Ontario ; and Lost Basin, a gold-copper project in Arizona . Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

Usha Resources LTD.
"Deepak Varshney" CEO and Director

For more information, please call Tyler Muir , Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com , or visit www.usharesources.com .

Neither 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.

Usha Resources logo (CNW Group/Usha Resources Ltd.)

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SOURCE Usha Resources Ltd.

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Usha Resources Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Totalling $2,895,401

Usha Resources Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Totalling $2,895,401

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0) is pleased to report that, further to its previous news releases (see news releases dated April 4, 2022 May 16, 2022 and May 18, 2022 ) and subject to the approval of the TSX Venture Exchange (the " Exchange "), it has closed its final tranche of its non-brokered private placement (the " Private Placement ") issuing an additional 4,512,007 units (each a " Unit ") at a price of $0.30 per Unit for total gross proceeds of $1,353,602 . In total, USHA has raised gross proceeds of $2,895,401 in all four tranches.

Usha Resources Logo (CNW Group/Usha Resources Ltd.)

Deepak Varshney , CEO of Usha Resources stated: "Given the current market conditions, completion of this oversubscribed placement speaks to the strong demand and growing confidence in our team, our Lithium, Gold-Copper and Nickel projects and future vision for where we intend to take this Company. We are very pleased to welcome many new subscribers in this financing, including our latest institutional investor, and thank our existing shareholders who participated for their on-going support. With a well-funded treasury, USHA is positioned to execute at each of our projects and we look forward to a busy and productive field season."

Each Unit issued consists of one common share (a " Share ") in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant, a " Warrant ") with each whole Warrant exercisable at $0.45 per Share for a period of 2 years from the date of closing (the " Expiry Date ").

In connection with the final tranche of the Private Placement, the Company paid finders' fees of $7,920 cash and 26,400 non-transferable finder warrants (the " Finder Warrants ") to PI Financial Corp., $1,800 cash and 6,000 Finder's Warrants to Leede Jones Gable Inc., and $4,208.02 cash and 14,027 Finder's Warrants to Research Capital Corporation. The Finder's Warrants are exercisable on the same terms as the Warrants issued in the Private Placement and were issued in accordance with applicable securities laws and Exchange Policy.

All securities issued in the fourth tranche of the Private Placement are subject to the Exchange hold period, plus a hold period of four months and one day following the closing dates of the Private Placement expiring on October 15, 2022 .

The proceeds raised under the Private Placement will be used for working capital and general corporate purposes including:

  • Aggressive exploration at the Jackpot Lake Lithium Brine project, where the Company intends on completing its maiden drilling program with the goal of completing a 43-101 resource estimate by Q4 of 2022 ( https://bit.ly/3tD9ndz );
  • Exploration at the Lost Basin Gold-Copper project, where the Company intends on completing its maiden drilling program following more than a year of target development and generation ( https://bit.ly/39mFN59 ); and
  • Subject to a number of conditions, completion of the spinout of its Nicobat Nickel Project into its wholly-owned subsidiary, Formation Metals Corporation ("FMC"), giving shareholders a "20% share dividend" of one (1) share of FMC with respect to every five (5) shares of USHA owned on the share distribution record date ( https://bit.ly/3b3cRjd ).
About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada ; Nicobat, a nickel‑copper‑cobalt project in Ontario ; and Lost Basin, a gold-copper project in Arizona . Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

"Deepak Varshney" CEO and Director

For further information: please call Tyler Muir , Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com , or visit www.usharesources.com .

Neither 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.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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SOURCE Usha Resources Ltd.

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Usha Resources Closes Second Tranche of Oversubscribed Non-Brokered Private Placement at Premium to Market Price

Usha Resources Closes Second Tranche of Oversubscribed Non-Brokered Private Placement at Premium to Market Price

NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES

Increase and Extension Granted for Non-Brokered Private Placement

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Usha Resources Announces Creation of Formation Metals Spinout through Signing of Arrangement Agreement

Usha Resources Announces Creation of Formation Metals Spinout through Signing of Arrangement Agreement

Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce unanimous Board of Director approval and support for its previously announced spin-out transaction (the "Spinout") and that the Company has now entered into an arrangement agreement (the "Arrangement") with its wholly-owned subsidiary, Formation Metals Corporation ("Formation Metals" or "FMC"), to transfer the Nicobat Nickel-Copper-Cobalt property to FMC

Under the terms of the Arrangement dated May 10, 2022, USHA shareholders will be issued one (1) share of FMC with respect to every five (5) shares of USHA owned on the share distribution record date (the "Share Distribution Record Date"), which will be predetermined by USHA's Board of Directors and announced by a news release -in advance. Holders of USHA options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one (1) share of FMC with respect to every five (5) shares of USHA.

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Usha Resources Begins Trading on the Frankfurt Stock Exchange as FSE:JO0

Usha Resources Begins Trading on the Frankfurt Stock Exchange as FSE:JO0

Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce the listing of its common shares for trading on the Frankfurt Stock Exchange ("FSE") under the symbol "JO0" with ISIN CA91734F1080 and WKN A3DK8K

"With the recent acquisition of the Jackpot Lake Lithium Project, three planned drill programs and mounting investor interest in our Nicobat Nickel Project spin out, it makes sense to broaden USHA's visibility and connect with a larger, global community of potential European institutional and retail investors," commented Deepak Varshney, CEO of Usha Resources. "Anytime we can make it easier and help facilitate investment in the Company by the European investment community. we'll take action so that all shareholders benefit."

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Avrupa Minerals CEO Paul Kuhn: Drills Turning Soon in 3 Countries

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Lundin Mining Announces Updated Share Capital and Voting Rights

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TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

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Kiplin Metals Inc.

KIPLIN METALS Permitting Exploration Program on Cluff Lake Athabasca, Saskatchewan, Canada

(TheNewswire)

Kiplin Metals Inc.

June 29 th 2022 TheNewswire - Kiplin Metals Inc. (TSXV:KIP) (the " Company " or " Kiplin ") announces that the Company has applied for the requisite exploration permits for its Summer geophysical program at the Cluff Lake Road (CLR) Uranium Project in northwestern Saskatchewan. Approval for the proposed IP (Induced Polarization) program is expected in the near term. Data from the survey will be integrated with legacy datasets to develop targets for diamond drilling.

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VIDEO — Joe Mazumdar: Good vs. Bad Financings — What to Look for When Juniors Raise Money

Joe Mazumdar: Good vs. Bad Financings — What to Look for When Juniors Raise Moneyyoutu.be

Raising money is a key challenge for juniors in today's markets — and even when companies are able to secure funds, it's key to remember that not all financings are equal.

Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, Joe Mazumdar, editor of Exploration Insights, shared his thoughts on how investors can differentiate between good and bad financings.

Along with considerations like warrants, he told the Investing News Network that before buying shares of an exploration company it's a good idea to look at when it last went to market.

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Teck Named to 2022 Best 50 Corporate Citizens in Canada

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") has been named to the Best 50 Corporate Citizens in Canada ranking as one of the top 50 companies in Canada for corporate citizenship. This marks the 16th consecutive year Teck has been named to the Best 50 by Corporate Knights.

"This acknowledgment is really a reflection of the dedication and passion of Teck's employees, who are focused on caring for people, communities and the environment in every aspect of their work," said Don Lindsay, President and CEO. "Teck is committed to being a positive corporate citizen while responsibly producing the materials needed to build a better quality of life for people around the world and support the low-carbon transition."

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Cyprium Metals Ltd $16m Placement and $10m Non-renounceable Entitlement Offer

Perth, Australia (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to announce a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $26 million before costs.

HIGHLIGHTS

- Firm commitments received for a Placement to raise $16M at 11.5 cents per share

- Additional pro rata non-renounceable entitlement offer to raise up to $10M

o 1 new share for every 8 held on the record date at 11.5 cents per share
o Offer will be open to all eligible Cyprium shareholders

- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty Copper Project

- Equity raise supports recently announced $50M Offtake Prepayment Facility with Glencore

- Advanced discussions are continuing with Senior Debt counterparties

Managing Director Barry Cahill commented:

"The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023."

The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.

The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).

The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa.

As announced on 27 June 2022, Cyprium has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for $50 million in respect of a copper cathode offtake secured prepayment facility, as part of the debt financing package for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs. The LOI is a non-binding term sheet for both offtake arrangement and project funding and is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project. The Company continues to advance discussions with senior debt providers who are undertaking due diligence activities and reviewing financing documentation.

Details of Placement

Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of 11.5 cents per share to raise $16 million before costs, under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 (82,648,514 Placement Shares) and 7.1A (56,481,921 Placement Shares).

Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.

Entitlement Offer

Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at 5.00 pm (AEST time) on Friday, 8 July 2022 (Record Date) at the Offer Price.

The Offer Price represents a:

- 28.1% discount to last close on 27 June 2022;

- 19.6% discount to the 10-day VWAP up to and including 27 June 2022;

- 23.9% discount to the 15-day VWAP up to an including 27 June 2022; and

- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on 27 June 2022.

Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.

Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.

Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers to the Placement. The fees payable to the Joint Lead Managers will be set out in further detail in the Prospectus.

Longreach Capital is acting as financial advisor and Steinepreis Paganin is acting as legal advisor to Cyprium.

*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



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Cyprium Metals Ltd

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