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    VEIN   CA7026573054


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Pasofino Gold : Announces a Non-Brokered Private Placement of up to US$5.5 Million Supported by a Strategic Investment of Approximately US$4.5 Million Subscription from ESAN

12/06/2021 | 09:12am EST



Placement of up to US$5.5 Million Supported by a Strategic Investment of Approximately US$4.5 Million Subscription from ESAN


Toronto, Ontario--(News

N07) ("Paso

" or the "Company") is pleased to announce a non-brokered private placement of common shares at

$0.70 (or US$0.55) per share for gross proceeds of up to US$5.5 million (the "O

million of the O

ESAN, a leading Turkish

mining company. ESAN has been granted the right to nominate one director to the Board of the Company and a

right to maintain its shareholding interest in the Company should the Company raise additional funds in the future

by way of private placement or prospectus o


This round of funding provides su

With the updated Mineral Resource Estimate just completed, Paso

Q2/22 and the study includes scheduling of the mine plan to optimize the projects economics by taking

advantage of a higher-grade zones carrying 2.9Moz grading 1.58 g/t gold (Measured and Indicated).

Ian Stalker, CEO, commented;

"This strategic investment further con

become a major gold producer within the industry. We look forward to the completion of the FS which will highlight

the signi

zones, and continued positive relationships with stakeholders in Liberia."

The O

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 O

placement in Canada. The securities issued under the O

four months and one day from the closing date of the O

The securities o


requirements. This news release shall not constitute an o

there be any sale of the securities in any State in which such o



by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Paso

Resources Limited. He is a member in good standing with the South African Council for Natural Scienti

Professions (SACNASP) and is a Quali

About the Dugbe Gold Project

The 2,559 km2 Dugbe Project is located in southern Liberia and situated within the south westmost part of the

Birimian Supergroup, which is host to the majority of West African gold deposits. To date, two gold deposits have

been identi

open-cut mining. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a

role in large scale gold mineralization in the area. A large amount of exploration in the area was conducted by

Hummingbird including 74,497 m of diamond coring. 70,700 m of this was at the Dugbe F and Tuzon deposits,

discovered by Hummingbird in 2009 and 2011 respectively. In 2020 and 2021 Paso

mostly at Dugbe F and Tuzon. Paso

deposits. In addition, there are a number of gold targets within the Project. In 2019, Hummingbird signed a 25-year

Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term

framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is

3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is

reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project.

About Paso


its wholly-owned subsidiary, has an option to earn a 49% economic interest (prior to the issuance of the

Government of Liberia's 10% carried interest) in the Dugbe Gold Project.

About ESAN

Established in 1978, Esan Eczacibasi Endustriyel Hammaddeler Sanayi ve Ticaret Anonim Şirketi ("ESAN") is the

world's largest producer of sodium feldspar, Europe's leading producer of industrial minerals, and Turkey's

foremost industrial mineral and metallic mineral producer and exporter.

ESAN's mission is to explore, process and add value to natural resources in a responsible manner towards people,

the environment and the future of the world, and to o

quarries and nine processing plants that collectively produce 3.5 million tons of high-quality raw materials,

including feldspar, quartz, kaolin, ball clay; 135,000 tons of zinc, lead concentrate, and, since 2020, copper

concentrate and gold ingots.

For further information, please visit www.paso

or contact:

Ian Stalker, President & CEO

  1. 604 367 8110
  1. istalker@paso

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is de

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Statements

This news release contains "forward-looking statements" that are based on expectations, estimates, projections

and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by

words such as "aim", "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest",

"indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and

include, without limitation, statements regarding the ability to raise the funds to

activities including the acquisition of mineral projects and the exploration and development of its projects. Such

forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially di

performance or achievements expressed or implied by such forward-looking statements. Such risks and other

factors may include, but are not limited to, the ability to successfully

Prospectus, the ability to obtain all requisite regulatory approvals in respect of the Qualifying Prospectus, the

results of exploration activities; the ability of the Company to complete further exploration activities; timing and

availability of external

Discussion and Analysis as

information except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.news



Pasofino Gold Limited published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 14:11:09 UTC.

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Sales 2022 - - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 27,1 M 21,7 M 21,7 M
Capi. / Sales 2022 -
Capi. / Sales 2023 -
Nbr of Employees -
Free-Float 98,5%
Duration : Period :
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 0,66 CAD
Average target price 2,20 CAD
Spread / Average Target 233%
Managers and Directors
John Ian Stalker President & Chief Executive Officer
Lincoln E. C. Greenidge Chief Financial Officer
Krisztian Toth Chairman
John Worthington Sanders Chief Operating Officer & Director
Darryl Levitt Director
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