Camrova Resources Announces Second Closing of Private Placement
TORONTO, April 18, 2019 (GLOBE NEWSWIRE) -- Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V: CAV; OTC: BAJFF; SSE :CAVCL.CAV US$ - Chile) announces that it has issued 200,000 common shares and 200,000 common share purchase warrants ("Warrants") in the second tranche of the previously announced private placement ("Private Placement") of units of the Company for proceeds of $12,000. This brings the total raised in the first two tranches of the Private Placement to 1,096,667 common shares and 1,096,667 Warrants for total combined proceeds of $65,800. The third and final tranche of the Private Placement is expected to close in early May.
The securities issued in connection with the Private Placement will be subject to a hold period expiring four months and one day from the date of issuance of such securities.
MAYG Negotiations
Camrova and Asesoria y Inversiones MAYG SpA ("MAYG") are continuing discussions in connection with the proposed acquisition by Camrova of a slag trading contract (the "Slag Agreement") dated February 19, 2018 entered into between Anglo American Sur S.A. and MAYG. Subject to further due diligence review, the parties presently consider that the Slag Agreement should be acquired by assignment rather than by the acquisition of the MAYG shares.
Status of Armex Transaction
In other news, Camrova wishes to advise that it has not made any payments or incurred any expenses under the option agreement (the "Option Agreement") dated December 24, 2018 with Armex Mining Corp. ("Armex"). Accordingly, the option granted to Camrova to earn up to a 50% interest in and to certain mineral claims adjacent to and forming part of Armex's Goldstream Mine Project has terminated in accordance with its terms. Camrova will not be pursuing the proposed flow through financing nor will it be pursuing the proposed acquisition of a 50% interest in the Goldstream Mine Project in the future.
About Camrova Resources Inc.
Camrova is a Canadian mining company whose common shares are listed on the TSX-V. Camrova owns a 7.24% interest in the Boleo copper-cobalt-zinc mine located in Baja California Sur, Mexico.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
| For further information contact: | |
| Camrova Resources Inc. | |
| Tom Ogryzlo | Kris Misir |
| Interim Chief Executive Officer | Chief Financial Officer |
| Tel: 416-271-0879 | Tel: 647-632-3444 |
| Email: info@camrovaresources.com | Email: kris.misir@camrovaresources.com |
Cautionary 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 the Camrova’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete the maximum amount of the Private Placement.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Forward-looking statements contained in this press release include the ability of the Company to successfully close the balance of the Private Placement and its ability to enter into a binding agreement with MAYG to acquire the Slag Agreement. Those assumptions and factors are based on information currently available to Camrova. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Camrova 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.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
This document may not be distributed or released in the United States or through U.S. Newswire Services.
