/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, BC, May 11, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to announce that it has entered into an agreement with
Canaccord Genuity Corp. on behalf of a syndicate of underwriters
including PI Financial Corp. and Cormark Securities
Inc. (collectively, the "Underwriters"), pursuant to
which the Underwriters have agreed to purchase, on a "bought deal"
basis, 8,422,000 units (the "Units") of the Company at a
price of $0.95 per Unit (the
"Offering Price"), for aggregate gross proceeds of
$8,000,900 (the
"Offering").
Each Unit will consist of one common share in the capital of the
Company (a "Unit Share") and one half of one common share
purchase warrant (each whole common share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one common share of the Company (a "Warrant Share")
at a price of $1.35 for a period
of two years following the closing of the Offering.
The Company has agreed to grant the Underwriters an option,
exercisable at the Offering Price for a period of 30 days following
the closing of the Offering, to purchase up to an additional
1,263,300 Units, Warrants, or a combination thereof, to cover
over-allotments, if any, and for market stabilization purposes (the
"Underwriters' Option"). If the Underwriters' Option is
exercised in full, an additional $1,200,135 in gross proceeds will be raised
pursuant to the Offering and the aggregate gross proceeds of the
Offering will be $9,201,035.
The Company plans to use the net proceeds from the Offering for
the advancement of its gold assets in California, as well as for general corporate
and working capital purposes.
The Offering is scheduled to close on or about June 3, 2021, or such other date as agreed to
between the Company and the Underwriters, and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange and the securities regulatory authorities.
The Units will be offered by way of a short form prospectus to
be filed in all of the provinces of Canada (other than the Province of
Quebec) pursuant to National
Instrument 44-101 Short Form Prospectus Distributions and in
the United States on a private
placement basis pursuant to an exemption from the registration
requirements of the United States
Securities Act of 1933, as amended.
This press release is not an offer or a solicitation of an
offer of securities for sale in the
United States. The Common Shares have not been and will not
be registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration.
About KORE Mining
KORE is 100% owner of the Imperial
and Long Valley gold projects in
California. Both projects have
positive economic assessments that put KORE on the path to produce
up to 350,000 ounces of gold production per year. KORE is supported
by strategic investor Eric Sprott
who owns 26% of KORE's basic shares. KORE management and Board are
aligned with shareholders, owning an additional 38% of the basic
shares outstanding. KORE is actively developing its Imperial Gold
project and is aggressively exploring across its portfolio of
assets.
Further information on KORE can be found on the Company's
website at www.koremining.com or by contacting us as
info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Certain of the statements made and information contained herein,
including the use of proceeds, closing of the Offering and receipt
of regulatory approval is "forward-looking information" within the
meaning of applicable Canadian securities legislation or
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934 of the United
States. Generally, these forward-looking statements or
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "will" "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without
limitation, risks and uncertainties relating to foreign currency
fluctuations; risks inherent in mining including environmental
hazards, industrial accidents, unusual or unexpected geological
formations, ground control problems and flooding; risks associated
with the estimation of mineral resources and reserves and the
geology, grade and continuity of mineral deposits; the possibility
that future exploration, development or mining results will not be
consistent with the Company's expectations; the potential for and
effects of labor disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; actual ore
mined varying from estimates of grade, tonnage, dilution and
metallurgical and other characteristics; the inherent uncertainty
of production and cost estimates and the potential for unexpected
costs and expenses, commodity price fluctuations; uncertain
political and economic environments; changes in laws or policies,
foreign taxation, delays or the inability to obtain necessary
governmental permits; and other risks and uncertainties, including
those described under risk factors in the Company's current Annual
Information Form and management discussion and analysis. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements. The
forward-looking information contained herein is presently for the
purpose of assisting investors in understanding the Company's plans
and objectives and may not be appropriate for other purposes.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements.
SOURCE Kore Mining
