Nubian Resources arranges $4.2M private placement
2020-08-07 08:53 ET – News Release
Mr. Martin Walter reports
NUBIAN ANNOUNCES $4.2 MILLION INVESTMENT BY ERIC SPROTT
Nubian Resources Ltd. has arranged a non-brokered private placement offering of units of the company at a price of 42 cents per unit for aggregate gross proceeds of up to $4.2-million. Eric Sprott intends to subscribe for the entirety of the offering.
Each unit will consist of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant will be exercisable to purchase a common share of the company at an exercise price of 55 cents per warrant share for a period of 24 months following the closing of the offering.
Martin Walter, president and chief executive officer 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 Aug. 14, 2020. 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 in cash equal to 6 per cent of the gross proceeds from the sale of units and broker warrants equal to 6 per cent of the units pursuant to the offering. Each broker warrant shall entitle the holder thereof to purchase one common share at a price of 55 cents 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 Ltd.
Nubian Resources is a public traded precious and base metals exploration company listed on the TSX Venture Exchange.
We seek Safe Harbor.
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