MEDELLÍN, Colombia -- (Business Wire)
Orosur Mining Inc. (“Orosur” or the “Company”) (TSX/AIM: OMI)
is delighted to announce that it continues to advance discussions to
finance the next stage of exploration at the Anzá project in Colombia.
In connection with these discussions, a sophisticated international
mining company (the “Subscriber”) has agreed to advance
US$250,000 to subscribe for 3,603,077* common shares of Orosur at a
price of CAD$0.091 (GBP 0.052*) per share (the “Subscription”).
The share price represents a 102% premium to the closing price of the
Company's common shares on the Toronto Stock Exchange (the "TSX")
on July 9, 2018.
Completion of the Subscription is subject to, amongst other things, the
execution of definitive private placement documentation and the approval
of the TSX and admission of the common shares to trading on AIM ("Admission").
Upon Admission, the total number of common shares and voting rights
issued and outstanding will be 121,189,982 and the total number of
options and warrants outstanding shall remain unchanged at 17,241,010.
The common shares issued in connection with the Subscription will be
subject to a hold period expiring four months and one day following the
closing date in accordance with applicable Canadian securities laws. The
Company expects to close the Subscription during August 2018. At
closing, it is anticipated that the Subscriber will own approximately
2.97% of the Company's issued and outstanding common shares on an
undiluted basis.
The net proceeds from the Subscription will be used for general
corporate purposes and working capital requirements.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a fully integrated gold
producer, developer and explorer focused on identifying and advancing
gold projects in South America. The Company operates the only producing
gold mine in Uruguay (San Gregorio) and has assembled an exploration
portfolio of high quality assets in Uruguay, Chile and Colombia.
*CAD exchange rate as at July 9th, 2018
(CAD$1.00:0.576GBP & CAD$1.31:US$1.00)
The information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market
Abuse Regulation ("MAR"). Upon the publication of this announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain. If you have any queries on this,
then please contact Ryan Cohen, VP Corporate Development of the Company
(responsible for arranging release of this announcement on behalf of the
Company) on: +1 (778) 373-0100.
Forward Looking Statements
All statements, other than statements of historical fact, contained in
this news release constitute "forward-looking statements" within the
meaning of applicable securities laws, including but not limited to the
"safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations estimates and projections as of the date of this news
release. Forward-looking statements include, without limitation the
expected completion of a US$250,000 Subscription for common shares, the
negotiation and execution of definitive agreements; the ability to
advance the Anzá property, the approval of the TSX and other approvals.
There can be no assurance that such statements will prove to be
accurate. Such statements are subject to significant risks and
uncertainties, and actual results and future events could differ
materially from those anticipated in such statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events and such forward-looking statements, except to the extent
required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180709005874/en/
Contacts:
Orosur Mining Inc
Ignacio Salazar, Chief Executive Officer
Ryan
Cohen, VP Corporate Development
info@orosur.ca
Tel:
+1 (778) 373-0100
or
Cantor Fitzgerald Europe – Nomad &
Joint Broker
David Porter/Keith Dowsing
Tel: +44 (0) 20
7894 7000
or
Numis Securities Limited – Joint Broker
John
Prior / James Black / Paul Gillam
Tel: +44 (0) 20 7260 1000
Source: Orosur Mining Inc.
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