Institutional Placement
(firmenpresse) - This ASX announcement is not for release to US wire services or distribution in the United States
Sovereign Metals Limited (Sovereign or the Company) is pleased to announce that it has secured commitments from two well regarded North American and United Kingdom based institutional investors in addition to a small number of high net worth investors to subscribe for 22,222,222 new ordinary shares of the Company at an issue price of A$0.09 to raise gross proceeds of A$2.0 million (Placement).
Sovereign is very pleased to be able to include affiliates of the Sprott Group (Sprott) in the Placement. Sprott is a leading North American-based asset management firm with an enviable track record of identifying and funding successful early stage resource projects.
The Placement will fund exploration and development activities on the Companys rutile project in Malawi where work continues to unlock a potentially globally significant, strategic rutile province.
The Company has a number of advanced rutile prospects with clear and well-defined exploration programs well underway. Substantial shallow hand-auger and deeper (10m-30m) air-core drilling was completed in late 2019 and early 2020 on four priority prospects, with a significant number of results near completion and expected to be announced progressively over the coming weeks.
Following securing the commitments, Sovereigns Managing Director Dr Julian Stephens commented:
We are extremely pleased to bring these high calibre Investors, including Sprott, onto the Companys register. This is a strong testament to the quality of Sovereigns emerging rutile assets in Malawi. The additional funds will allow the Company to continue to unlock this new, potentially globally significant, strategic rutile province
Enquiries
Dr Julian Stephens (Perth)
Managing Director
+61(8) 9322 6322-
Sam Cordin (Perth)
+61(8) 9322 6322-
Sapan Ghai (London)
+44 207 478 3900
This ASX announcement has been approved and authorised for release by the Companys Board of Directors.
Not for release to US wire services or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereigns expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
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Datum: 29.01.2020 - 01:02 Uhr
Sprache: Deutsch
News-ID 1555516
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