Each Unit consists of one Class A common share of the
The funds raised will enable continued development of GoviEx's projects, bringing the Company closer to its target of becoming a uranium producer by 2025, subject to project financing. With the release of the Feasibility Study results for its Madaouela project in
The Company paid a cash commission equal to 6% of the Units sold under the Private Placement to Sprott and a finder.
The Private Placement is subject to receipt of final approval by the
The securities issued pursuant to the Private Placement have not been, and will not be, registered under the
Certain insiders of the Company subscribed for a total of 277,000 Units under the Private Placement, which is a 'related party transaction' within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Units issued to the related parties did not exceed 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the Private Placement and the participation therein by related parties of the Company were not settled until shortly prior to closing of the Private Placement.
About
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in
Neither the
Contact:
Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.
Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as 'will', 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should,' and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements include those with respect to: the Company's target of becoming a uranium producer by 2025; the Company progressing offtake and debt financing options for the Madaouela project; the use of the proceeds of the Private Placement; the closing of an additional tranche of units in the coming days; completion a Feasibility Study of the Muntanga project in
Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: final
Factors that could cause actual results to differ materially from expectations include (i) the Company's inability to make effective use of the proceeds of the Private Placement; (ii) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (iii) the Company's inability to obtain
In addition, the factors described or referred to in the section entitled 'Financial Risks and Management Objectives' in the MD&A for the year ended
Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful, including any of the securities in
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