12:08:26 EST Fri 03 Dec 2021
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Secova Metals Corp (3)
Symbol SEK
Shares Issued 136,737,129
Close 2021-11-25 C$ 0.17
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Secova Metals begins NI 43-101 report for Montauban

2021-11-25 11:30 ET - News Release

Mr. Brad Kitchen reports


Secova Metals Corp. has retained John Langton, MSc, PGeo, of JPL GeoServices Inc., to produce a National Instrument 43-101 technical report and mineral resource estimate on the Montauban site project located in the Montauban mine property, sector of Notre-Dame-de-Montauban municipality, Quebec.

"The company is very pleased to engage M. Langton to prepare the NI 43-101 technical report and mineral resource as he has extensive experience with the project," stated Brad Kitchen, president and chief executive officer of Secova. "John has worked with DNA Canada, the prior owners of the Montauban project, to build an extensive database and model of the mineralization and prepared the most recent NI 43-101 technical report on the project in March, 2019."

Convertible debenture private placement

The company announces a non-brokered private placement of unsecured convertible debentures at a price of $1,000 per debenture for gross proceeds of up to $5-million. The offering is expected to close in tranches with the first tranche expected to close on or about Dec. 15, 2021. The debentures will pay interest of 10 per cent per annum on a semi-annual basis, payable in cash or common shares of the company. The form of interest payment will be at the discretion of Secova with the exception of the first interest payment which will be paid in shares at a deemed price of 20 cents. The debentures will mature on the date that is 36 months following the closing date of the offering.

The principal amount of the debentures will be convertible into shares at a conversion price of 25 cents at the option of the holder at any time prior to the close of business on the last business day immediately preceding the maturity date. The company will have the right to force conversion at the conversion price if the shares trade at a volume-weighted average price of 50 cents or greater for 10 consecutive days, for a period that commences after the statutory hold period commences.

All securities issued in connection with the offering will be subject to a statutory hold period expiring in accordance with applicable securities legislation. The net proceeds of the offering will be used for development of the company's Montauban project and for working capital.

The company will pay eligible finders a fee on the offering within the amount permitted by the policies of the Canadian Securities Exchange.

About Secova Metals Corp.

Secova Metals is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in Quebec. Secova's principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometres west of Quebec City. The company is proposing to commence operations by the middle of 2022. The company's main exploration focus is its 100-per-cent ownership of the Eagle River project, which is adjacent to and on trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. Secova will use its expertise in early-stage exploration to create shareholder value by attempting to prove out the resource in these assets.

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