Sulliden Mining Capital Inc. Announces Update on Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, Nov. 20, 2019 (GLOBE NEWSWIRE) — Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to provide an update on its non-brokered private placement financing, as more particularly described in the Company’s press release dated November 4, 2019 (the “Offering”).
The terms of the Offering have been revised such that the private placement will now be comprised of: (i) up to 9,090,909 common shares of the Company issued on a “flow-through basis” (each, a “Flow-Through Share”) at a price of $0.055 per Flow-Through Share, and (ii) up to 10,000,000 non-flow-through common shares of the Company (each, a “Share”) at a price of $0.050 per Share for aggregate gross proceeds to the Company of up to $1,000,000 (collectively, the “Revised Offering”).Each Flow-Through Share and each Share issued in connection with the Revised Offering will be subject to a statutory hold period of four-months and one day. Completion of the Revised Offering is subject to a number of conditions, including the approval of the Toronto Stock Exchange (the “TSX”). The Company intends to use the net proceeds of the Revised Offering to fund exploration expenditures on its East Sullivan property and for general corporate purposes. The Revised Offering is expected to close on or about December 15, 2019.Finder’s fees may be paid to eligible finders in accordance with the policies of the TSX consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Revised Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 7% of the number of Flow-Through Shares and Shares sold pursuant to the Revised Offering. Each Finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.10 per Common Share for a period of 24 months following the closing date of the Revised Offering.About Sulliden Mining CapitalSulliden Mining Capital is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.Sulliden Mining Capital Inc.
On behalf of the Board
Interim Chief Executive OfficerFor more information:
Chief Financial Officer
+1 (416) 861-2267Cautionary statement regarding forward-looking informationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the proposed use of proceeds and the size of the Revised Offering. Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS NEWS RELEASE.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.