Sandfire Resources America Inc. (TSX.V: "SFR"; OTCQB:
"SRAFF") ("Sandfire America" or the "Company") is pleased
to announce that it has closed its previously announced rights
offering, issuing 200,539,763 common shares of the Company for
gross proceeds of $30,080,965 (the "
Rights
Offering"), representing 100% of the total rights offered.
The Company’s largest shareholder, Sandfire BC
Holdings Inc. (“Sandfire BC”), fully exercised its
basic subscription privilege to purchase its pro rata share of the
common shares offered, being 170,869,433 common shares, and also
purchased an additional 17,739,705 common shares through the
exercise of its additional subscription privilege, for a total
subscription of 188,609,138 common shares.
In total, 181,725,334 common shares issued in
the Rights Offering were distributed under basic subscription
privileges, of which 59,379 were distributed to insiders of the
Company and 181,665,955 were distributed to non-insiders.
18,814,429 common shares were issued under additional subscription
privileges, up to 50,000 of which were distributed to insiders of
the Company and up to 18,764,429 were distributed to non-insiders.
To the knowledge of the Company, no person became an insider as a
result of the Rights Offering.
Upon completion of the Rights Offering, the
total number of issued and outstanding common shares of the Company
is now 1,022,752,794. Sandfire BC now owns 86.93% of the Company’s
issued and outstanding common shares. The Company did not pay any
fees or commissions in connection with the distribution of
securities in the Rights Offering.
The Company intends to use the net proceeds of
the rights offering to further advance the Black Butte Copper
project, repay loans owed to Sandfire BC and for general working
capital purposes. Further details of the Rights Offering are
contained in the Company’s rights offering circular, which has been
filed on SEDAR under the Company’s profile at www.sedar.com.
This news release shall not constitute an offer
to sell or solicitation of an offer to buy the securities of the
Company. There shall be no offer or sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification of such
securities under the laws of any such jurisdiction.
ABOUT SANDFIRE RESOURCES AMERICA
INC.
Sandfire Resources America Inc. is a growth
company focused on the exploration, development, and mining of its
100% owned flagship property, the Black Butte Copper project in
central Montana, USA. The Company is led by a highly experienced
executive management team that has a successful track record of
building shareholder value through exploration, corporate finance,
and mine development.
Contact Information: Sandfire
Resources America Inc. Nancy Schlepp, Director of Public
AffairsMobile: 406-224-8180 Office: 406-547-3466 Email:
nschlepp@sandfireamerica.com
Cautionary statement regarding forward‐looking
information
Certain disclosures in this release constitute
“forward-looking information” within the meaning of Canadian
securities legislation. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes,
potential and similar expressions. Forward-looking statements also
include reference to events or conditions that will, would, may,
could or should occur, including, without limitation, statements
regarding the Company’s plans for advancing the Black Butte Copper
Project (including plans to complete permitting), the intended use
of proceeds of the Rights Offering, resource estimates and expected
outcomes. In making the forward-looking statements in this news
release, the Company has applied certain factors and assumptions
that the Company believes are reasonable, including that the
Company will be able to use the proceeds of the Rights Offering as
anticipated, the Company’s permitting will proceed as expected;
that the results of exploration and development activities are
consistent with management’s expectations and that the assumptions
underlying mineral resource estimates are valid. However, the
forward-looking statements in this news release are subject to
numerous risks, uncertainties and other factors that may cause
future results to differ materially from those expressed or implied
in such forward-looking statements, including without limitation:
the Company will not be able to use the proceeds of the Rights
Offering as anticipated, the results of exploration and development
activities will not be consistent with management’s expectations,
the risk of unexpected variations in mineral resources, grade or
recovery rates, delays in obtaining or inability to obtain required
government or other regulatory approvals or financing, failure of
plant, equipment or processes to operate as anticipated, the risk
of accidents, labor disputes, inclement or hazardous weather
conditions, unusual or unexpected geological conditions, ground
control problems, earthquakes, flooding and all of the other risks
generally associated with the development of mining facilities and
the operation of a producing mine. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Readers are cautioned not to place undue reliance
on forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
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.
Sandfire Resources America (TSXV:SFR)
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