Completion of the Placing is subject amongst other things to admission of the New Common Shares to trading on AIM ('Admission').
The net proceeds of the Placing will be used to fund the general working capital of the Company, to strengthen the Company's position in relation to the Anza project and to allow the Company to evaluate and potentially pursue other attractive exploration projects.
Details of the Placing
The Placing Price represents a discount of approximately 22 per cent. to the 5 day VWAP of the common shares up to and including
The Placing Shares will, when issued, represent approximately 14.4 per cent of the existing common shares and will represent approximately 12.6 per cent. of the enlarged share capital of the Company.
Appointment of Joint Broker
The Placing was undertaken by
Placing Agreement, Admission and Total Voting Rights
The Company and Turner Pope have entered into a placing agreement ('Placing Agreement') pursuant to which Turner Pope agreed to use its reasonable endeavours to procure placees pursuant to the Placing. The Placing Agreement contains certain warranties and indemnities given by the Company in favour of Turner Pope. It also contains provisions entitling Turner Pope to terminate the Placing Agreement prior to Admission if, among other things, a breach of any of the warranties occurs.
Completion of the Placing is subject amongst other things to the 23,529,412 New Common Shares being admitted to trading on AIM and is also conditional upon the Placing Agreement becoming unconditional in all respects and not being terminated in accordance with its terms. Application will be made for Admission. It is expected that Admission will become effective at
Following the issue of the 23,529,412 New Common Shares, which on Admission will rank pari passu with the existing common shares, the total number of common shares in issue with voting rights in the Company will be 187,058,753.
Principal Terms of the Warrants
The Warrants are constituted pursuant to a Warrant Indenture to be entered into between the
The principal terms of the Warrants are as follows: a) a holder of Warrants (a 'Warrantholder') will have the right at any time prior to
Commencement of Drilling in
As previously announced on
The Company is pleased to announce that drilling at the Anza project commenced as planned on
A second drilling rig has now arrived on site and once the required logistical requirements are fully in place, it is anticipated that this rig will commence operation within the next seven days.
Orosur CEO
Contact:
Tel: +1 (778) 373-0100
Email: info@orosur.ca
About
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute 'forward looking statements' within the meaning of applicable securities laws, including but not limited to the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, statements relating to completion of the Placing, the use of proceeds and the exploration plans in
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