VANCOUVER, BC, June 17,
2022 /PRNewswire/ - Orea Mining Corp. ("Orea")
(TSX: OREA) (OTCQX:
OREAF) (FSE:
3CG) is pleased to announce that it
has closed the first tranche of its previously announced private
placement (the "First Tranche") (see news
release dated June 13, 2022), raising
gross proceeds of CAD$215,000 through
the issuance of 4,300,000 units of Orea (each a
"Unit") at a price of CAD$0.05 per Unit. Each Unit is comprised of one
common share of Orea (a "Share")
and a full warrant. Each warrant entitles the holder, on exercise,
to purchase one Share at a price of CAD$0.10 for a period of 18 months from the
closing date of the First Tranche. One insider of Orea
participated in the First Tranche. A total of CAD$12,000 is being paid as finders' fees in
connection with the First Tranche.
The proceeds from the First Tranche will be used primarily to
fund an action plan, that Orea management and its advisors have
initiated, in response to the sanctions imposed by the United States on Nord Gold plc ("Nordgold"), Orea's
joint-venture partner (see press release of June 7, 2022).
The securities offered have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") or any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, United States persons absent registration or
any applicable exemption from the registration requirements of the
U.S. Securities Act and applicable U.S. state securities laws. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor in any other
jurisdiction.
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the timing, processes, outcome and
other matters related to the renewal of the Montagne d'Or
concessions, including the appeal from the French Government; the
satisfaction of regulatory requirements in respect of the
permitting, construction and operation of the Montagne d'Or
project, including but not limited to, the submission and
processing of mine permit applications, the timing thereof and the
timing of completion of environmental and engineering studies; the
Company's ability to renew the concessions for the Montagne d'Or
project and to comply with the conditions thereof; economic
analysis for the Montagne d'Or project and related exploration
objectives and plans; the conversion of mineral resources into
mineral reserves and the conversion of inferred mineral resources
into higher resource classification categories; the Company's
objective of become an emerging gold producer; the acquisition of
exploration projects including terms of acquisition, exploration or
development plans, intentions to acquire additional exploration or
development interests and the implications thereof; the production
capacity and potential of future plant and equipment; future
exploration and mine plans, objectives and expectations and
corporate planning of the Company, use of proceeds from financings;
future studies and environmental impact statements and the
timetable for completion and content thereof and statements as to
management's expectations with respect to, among other things, the
matters and activities contemplated in this news release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are those of the
Company's. There can be no assurance that such statements will
prove to be accurate. Forward-looking statements are based on
numerous assumptions regarding present and future business
strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the sufficiency of Company's working capital; the
Company's ability to secure additional funding for the continued
exploration and development of its properties; the price of gold
and other metals; and the Company's ability to retain key
personnel. You are hence cautioned not to place undue reliance on
forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Concessions and the possible outcomes thereof; possible negative
outcomes of any appeals from the decision of the Administrative
Court of Cayenne in French Guiana;
regulatory risk including but not limited to unforeseen changes in
regulatory requirements, the Company's ability to enforce its
contractual and other legal rights to explore and exploit its
properties, risks related to exploration and development,
permitting and licensing risk, the estimation of mineral resources
and mineral reserves and related interpretations and assumptions,
future profitability of the Company, the ability to obtain
additional financing on a timely basis, the price of gold and
marketability thereof, government regulations including with
respect to taxes, royalties, land tenure and land use, title to the
Company's properties, currency exchange rates and fluctuations,
environmental risks, dilution resulting from the issuance of
additional securities of the Company, joint venture risks, reliance
on Nord Gold plc as operator of the
Montagne d'Or project, the availability of equipment, conflicts of
interest, competition in the mining industry, uninsured risks,
market fluctuations, global financial conditions, credit risk and
risks arising from pandemics and epidemics such as the COVID-19
pandemic. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. These
statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 15, 2021 for the year ended September 30, 2021 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.