/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Aug. 13, 2020 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) is pleased to announce that
it has entered into an agreement with Sprott Capital Partners LP as
lead agent, and, if applicable, on behalf of a syndicate of one or
more additional agents (referred to collectively as the "Agents")
in connection with a "best efforts" private placement financing of
up to 33,333,334 units of the Corporation ("Units") at a price of
C$0.15 per Unit (the "Unit Price")
for aggregate gross proceeds of up to C$5
million (the "Offering"). Each Unit will consist of
one common share of the Company (a "Common Share") and one half of
one common share purchase warrant (each whole common share purchase
warrant, a "Warrant"). Each whole Warrant will entitle the
holder thereof to purchase one Common Share at an exercise price of
C$0.20 for a period of 36 months from
the date of issuance thereof.
![Sable Resources Ltd. Logo (CNW Group/Sable Resources Ltd.) Sable Resources Ltd. Logo (CNW Group/Sable Resources Ltd.)](https://mma.prnewswire.com/media/1228125/Sable_Resources_Ltd__Sable_Announces_C_5_Million_Private_Placeme.jpg)
The Company has granted the Agents an option to sell up to an
additional 20% of the Offering, exercisable in whole or in part at
any time up to three business days prior to the closing date.
The proceeds from the sale of Units will be used by the Company
for exploration and general corporate and working capital
purposes.
The Offering is expected to close on or about September 10, 2020, and is subject to certain
closing conditions including, but not limited to, the receipt of
all necessary approvals including the conditional listing approval
of the TSX Venture Exchange and the applicable securities
regulatory authorities. The securities issued under the
Offering will be subject to a four month hold period from the date
of issue in accordance with applicable securities laws.
In consideration for their services, the Company has agreed to
pay the Agents a cash commission equal to 6.0% of the gross
proceeds from the Offering and issue to the Agents non-transferable
warrants ("Compensation Warrants") equal to 3.0% of the aggregate
number of Units issued under the Offering. The Compensation
Warrants will be exercisable into Units at a price per Compensation
Warrant equal to the Unit Price for a period of 24 months from the
closing of the Offering.
The securities offered have not been 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 the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the
discovery of new precious metal projects through systematic
exploration in endowed terranes located in favorable, established
mining jurisdictions. Sable's main focus is developing its large
portfolio of new greenfields projects to resource stage utilizing
their Upper Level Epithermal Strategy. Sable is actively exploring
the San Juan Regional Program (68,718ha) incorporating the Don
Julio Project and the El Fierro Project in San Juan Province,
Argentina; the Mexico Regional
Program (1.16Mha in application, 39,000ha titled) incorporating the
Margarita, Vinata and El Escarpe projects; and the Scorpius Project
in Ayacucho, Peru.
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Sable's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Although such statements are based
on reasonable assumptions of Sable's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate. In particular, this release contains
forward-looking information relating to, among other things, the
timing for closing of the Offering, the receipt of regulatory
approvals, the use of proceeds from the Offering, the listing of
the Common Shares on the TSX Venture Exchange.
While Sable considers these assumptions to be reasonable based
on information currently available, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters as plans
continue to be redefined, risks relating to variations in grade or
recovery rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to
increased competition and current global financial conditions and
the COVID-19 pandemic, access and supply risks, reliance on key
personnel, operational risks, and regulatory risks, including risks
relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is
made as of the date hereof, and Sable is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Sable Resources Ltd.