Nubian Resources Ltd. (TSX-V: NBR) announces that, further to its press releases of May 28 and June 25, 2020, the Company has closed the private placement financing oversubscribed with the issuance of 11,763,542 units at a price of $0.15 per unit for gross proceeds of $1,764,531. Each unit is comprised of one common share and one-half of one common share purchase warrant of the Company, with each Warrant entitling the holder to purchase one common share of the Company at a price of $0.20 for a period of 24 months after the closing date, provided, however that, if, at any time following the expiry of the statutory four month hold period, the closing price of the common shares on the TSX Venture Exchange is greater than $0.50 for 20 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 20th business day following the date of such notice. In connection with the Private Placement, the Company paid finder’s fees of $54,660 cash and issued 364,400 compensation warrants in accordance with the policies of the TSX Venture Exchange.
Martin Walter, President and CEO of Nubian stated, “We are very pleased with the interest received and the upsizing of the financing. The Company is progressing well with the due diligence and finalizing definitive documents for its acquisition of the Yandoit Gold Project. Once completed, the Company will be in a position to test the grade and continuity of quartz reefs that have the potential to host gold along strike and below current mine workings that sit within a 5 kilometre untested structural corridor.”
Final closing of the Private Placement is subject to approval of the TSX Venture Exchange. The securities issued under the Private Placement, and any common shares that may be issuable on exercise of Warrants, are subject to a statutory hold period expiring four months and one day from the date of issuance.
ABOUT NUBIAN
Nubian Resources Ltd. is a public traded precious and base metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals. Nubian’s main asset is the Esquilache Silver-Zinc Project located within the Tintaya porphyry copper belt of southern Peru. In May 2020, Nubian entered into an agreement to acquire and develop the Yandoit Gold Project in central Victoria, Australia.
Significant copper and molybdenum intersections include: HM09: 13... READ MORE
Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE
Key Highlights – Preliminary Economic Assessment Pre-Tax Net Pr... READ MORE
Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) announces its ... READ MORE
Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) announces the results fo... READ MORE