/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.
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.
For further information: Ruben Padilla, President & CEO at [email protected] or +1 (520) 488-2520
Sable Resources Ltd 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. Sables’ main focus is developing their large...