One Bullion Limited announces first closing of C$1,020,000 through a non-brokered private placement & the signing of a LOI in connection with the company’s go public strategy
TORONTO, Oct. 23, 2020 (GLOBE NEWSWIRE) — One Bullion Ltd. (“One Bullion” or the “Company”) is pleased to report that it has closed a first tranche of a C$2 million non-brokered private placement (the “Private Placement”), raising gross proceeds of C$1,020,000 through the issuance of 10,200,000 units in the capital of the Company (the “Units”). Each Unit consists of one (1) common share of the Corporation (a “Common Share”) and one half (1/2) of one common share purchase warrant (each whole such share purchase warrant, a “Warrant”) with each whole Warrant being exercisable at a price of $0.25 per Warrant, for a period of two years from the date of issuance.
The Company intends to carry out an Induced Polarization (IP) Geophysical Survey over individual lines covering 107km of the Kraaipan greenstone belt. Several of the zones within the belt exhibit evident potential pyrrhotite replacement. These zones are interpreted to be ‘Kalgold D-zone’ type targets and should, in all probability, produce significant Induced Polarisation (IP) anomalies. The second type of target, gold associated with gently dipping quartz veins, were more difficult to identify over the Kalgold prospects as that type of geological setting produces more subtle and complex responses with pyrite, as opposed to pyrrhotite, the dominant sulphide mineral.Arno Brand CO-CEO and COO commented: “Our team has worked hard bringing the project up to a level where we are now ready to start doing detailed exploration work on the Bullion Licenses. I anticipate that with a well-executed plan, we will define the value hosted within this robust and very prospective project.”The Company is further planning to conduct 2 more geophysics Programs over the Vumba and Tati Greenstone belts in Northern Botswana as well as over its Licenses covering the Molopo Farms complex in Central Botswana. Once the Geophysics programs are concluded the company intends to also conduct a vast geochemical Program over the defined Target Areas.“We are pleased to have obtained such substantial land holdings in an extremely promising region of Botswana. Outstanding efforts have been made by the entire One Bullion team to reach this important milestone and we are thrilled to finally begin the exploration phase of this exciting project.” said Sheldon Inwentash, Chairman of One Bullion.Furthermore, One Bullion is pleased to announce that it has entered into a Letter of Intent (“LOI”) with a company pursuant to the Company’s plans to go public that is expected to occur in January 2021. Further details on this will be followed shortly.About One Bullion Inc.One Bullion is a junior gold exploration company in Botswana, focused on three high potential projects covering a total of 5,600km2 in Africa’s optimum mining and business jurisdiction. 1) The Kraaipan Gold Project (2,542km2), where One Bullion has control over a Botswana parcel with an 80km strike in a highly prospective greenstone belt. 2) Molopo Farms PGM/Ni-Cu Project (1,867km2), where One Bullion has strategic licenses over a 60km expanse of the West margin of Bushveld-related Molopo Farms Complex, which is vastly underexplored. 3) Northern Gold Project (1,187km2), where One Bullion has strategic licenses covering portions of Botswana’s exposed greenstone belt terrain on the Southern Zimbabwe craton.For further information, please contact:Arno Brand
Chief Executive Officer
[email protected]Forward-Looking Information & StatementsCertain statements in this press release constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events or One Bullion Inc.’s (“One Bullion Inc.” or “the Company”) future performance, business prospects or opportunities. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but no always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “outlook” and similar expressions) are not statements of historical fact and may be forward looking information.Forward-looking information in this press release may include, but is not limited to, statements with respect to the Company’s future plans to acquire additional targets or properties including equity positions with partners, enter into joint venture, earn‐in, royalty or streaming structure agreements, or dispose of properties, achieve an income stream which would permit it to pay a dividend on its outstanding shares, the timing and amount of future exploration and expenditures and the possible results of such exploration.Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the risk that the Company will not be successful in completing additional acquisitions, risks relating to the results of exploration activities and risks relating to the ability of the Company to enter into joint venture, earn‐in, royalty or streaming structure agreements, or dispose of properties, future prices of mineral resources; accidents, labor disputes and other risks of the mining industry including continued community and government support of the Company’s projects. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward looking information should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.