TORONTO, Sept. 7, 2016 /CNW/ - Stonegate Agricom Ltd. ("Stonegate" or the "Company") (TSX: ST) is pleased to announce that it has recommenced work on permitting at its Paris Hills Project. With the recommencement of permitting work, the Company now expects to submit its three major permit applications before the end of 2016. All other permit applications and notices will be submitted throughout 2016 and 2017, as required, with the intention of obtaining final permits and approvals by the end of 2017.
With completion of a previously announced $1.47 million private placement in June 2016 with Zaff LP, and the recent acquisition by Zaff 2 LP of 70,950,462 common shares of Stonegate, Zaff LP (together with Zaff 2 LP, the "Zaff Entities"), the Zaff Entities own 154,950,462 common shares, representing 36.6% of the issued and outstanding common shares of Stonegate.
With the support of the Zaff Entities, Stonegate expects to raise additional financing in 2016 to continue development of the Paris Hills Project and for general corporate purposes.
Stonegate is also pleased to announce that Brian R. Zatarain, managing partner at Zatarain Resources, an advisory company, and an advisor to the Zaff Entities, has joined its Board of Directors. Ian J. McDonald, Chairman and CEO of Stonegate stated, "Stonegate welcomes Brian to its Board of Directors and appreciates the support shown by the Zaff Entities for its Paris Hills Project."
The technical contents of this news release have been reviewed and approved by Daniel Thompson, P.E., consultant to the Company, who is a qualified person as defined in National Instrument 43-101.
About Stonegate Agricom Ltd.
Stonegate Agricom, which is engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of the Paris Hills Phosphate Project located in Idaho. The Company believes that the deposit has sufficient size and grade to become a strategic, cost-effective source of phosphate supply for major fertilizer producers. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law, including the forward looking information relating to completion of additional financing. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to having a significant shareholder, uncertainty of additional capital and the Company's ability to continue as a going concern, dilution to the common shares, currency fluctuations, uncertainty regarding the timing of receipt of required permits, as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this news release are included for the purpose of providing investors with information to assist them in understanding the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE Stonegate Agricom Ltd
For further information: Ian J. McDonald, Chairman and Chief Executive Officer, Stonegate Agricom Ltd., Tel: 416-864-0303 or [email protected]