Orovero Resources Announces Financings up to $1,440,000
29 10월 2013 - 3:34AM
Access Wire
Orovero Resources Corp. (formerly Golden
Alliance Resources Corp.) (TSX-V: OVR, Frankfurt: GA0, "Orovero"
or the "Company") is pleased to
announce a non-brokered private placement financing of up to
7,500,000 units at a price of $0.09 per unit for aggregate proceeds
up to $675,000; and an additional financing arrangement by way of a
share exchange at a price of $0.09 for a value of approximately
$477,000, and up to $765,000 if the non-brokered private placement
is fully subscribed.
Private Placement
Orovero has arranged a non-brokered
private placement financing ("Private Placement") of up to
7,500,000 units at a price of $0.09 per unit for aggregate proceeds
up to $675,000.
Each unit will be
comprised of one common share and one-half transferable share
purchase warrant. Each full warrant ("PP Warrant") will entitle the
holder, on exercise, to purchase one additional common share of the
Company at an exercise price of $0.15 per PP Warrant share for two
years from the date of issue of the PP Warrant. A finder's fee of
up to 10% may be payable to arm's length finders on part of the
Private Placement. Directors, officers and employees of the Company
may participate in a portion of the financing.
The proceeds from the
Private Placement will be used by the Company to identify, acquire,
refurbish and commission a toll mill in Peru with its partnership,
as announced in Orovero's news release dated October 23, 2013.
Funds will also be used for general working capital. This Private
Placement is subject to regulatory approval and the Private
Placement securities will be issued subject to a minimum four-month
hold period from the date of issuance.
Share Exchange
Orovero has also
arranged a financing arrangement by way of a share exchange
agreement ("Share Exchange") with Global Resources Investments Ltd.
("GRIL",) an arm's length party to Orovero. Under the Share
Exchange agreement, Orovero will issue to GRIL 5,300,000 common
shares of Orovero at a deemed price of $0.09 per common share, or
up to 8,500,000 common shares of Orovero if the Private Placement
is fully subscribed. The minimum subscription proceeds will be
$477,000, or up to $765,000 if the Private Placement is fully
subscribed. Additionally, 2,650,000 transferrable Share Exchange
Warrants ("Share Exchange Warrants") of Orovero, at an exercise
price of $0.15 per Share Exchange Warrant for two years from the
date of issue of the Share Exchange Warrant will be issuable;
however, if the Private Placement is fully subscribed, Orovero may
issue up to 4,250,000 Share Exchange Warrants. A finder's fee of up
to 8% may be payable to arm's length finders on the Share
Exchange.
GRIL has been established to exploit
investment opportunities in the junior mining and natural resource
sectors worldwide, with an investment objective to generate medium
and long-term capital growth.
GRIL will re-register as a public company and be constituted as an
investment trust with the name Global Resources Investment Trust
Plc. ("GRIT") and seek admission of its ordinary shares on the main
market for listed securities on the London Stock
Exchange.
In consideration for acquiring the Orovero shares, GRIT will issue
and deliver to Orovero 287,349 new ordinary shares of GRIT at a
deemed value of ?1.00 per share (the "GRIT Shares"), or up to
460,843 GRIT Shares if the Private Placement is fully subscribed.
Orovero will then sell the GRIT Shares through the facilities of
the London Stock Exchange to realize the Private Placement
proceeds.
As of the date hereof, Orovero has
26,713,403 Common Shares issued and outstanding, and could have up
to 34,213,403 upon completion of the Private Placement if fully
subscribed. Upon completion of the Share Exchange transaction, GRIT
would hold 5,300,000 common shares of Orovero representing
approximately 16.56% of Orovero's issued and outstanding Common
shares post-closing, if the Private Placement does not complete. If
the Private Placement is fully subscribed, GRIT would hold
8,500,000 Common Shares of Orovero representing about 19.90% of
Orovero's issued and outstanding Common Shares, based on
post-closing shares representing42,713,403 common shares, on a
non-diluted basis.
Closing of the transaction is
subject to a number of conditions precedent, including approval of
the TSX Venture Exchange, and GRIT successfully listing on the
London Stock Exchange.
About Orovero
Resources Corp.
Orovero is a company
focused on pursuing near term production opportunities with cash
flow. The Company is working in partnership to develop its first
gold toll milling operation in Peru with a goal of becoming Peru's
processor of choice with multiple facilities processing in excess
of 1000 tonnes per day. In addition, the Company has a portfolio of
highly prospective exploration properties including its' flagship
property called Rio Tabaconas located in Northern Peru.
ON BEHALF OF THE BOARD
"Len Clough"
_______________________________________
Mr. Len Clough, Chairman, President, CEO and
Director
For further information please contact:
Mr. Shawn Perger, Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@oroveroresources.com
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.
This news release
may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Readers are encouraged to refer to the Company's public disclosure
documents for a more detailed discussion of factors that may impact
expected future results. The Company undertakes no obligation to
publicly update or revise any forward-looking statements. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO
OR THROUGH US NEWSWIRE SERVICES-
Orovero Resources Corp (TSXV:OVR)
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Orovero Resources Corp (TSXV:OVR)
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