Lions Bay Capital Inc. (TSXV: LBI) (“Lions Bay” or “the Company”) advise the Company has agreed to underwrite a placement of 200 million shares in Elementos Ltd at A$0.006 cents a share to raise A$1.2 million. The placement is expected to be sub underwritten with closing in September. Lions Bay will be paid a fee for arranging the Elementos placement, as well as for corporate advisory services, of 100 million warrants over new Elementos shares exercisable at $0.007 per share until 30 June 2020.
Elementos is listed on the Australian stock exchange and has announced it is acquiring the advanced Oropesa tin deposit from Eurotin Inc (TSXV) in exchange for the issue of 1,000 million shares in Elementos. These shares will be distributed pro-rata to Eurotin shareholders. As a 12.5% shareholder in Eurotin, Lions Bay will receive over 100 million Elementos shares in the enlarged entity.
The CEO of Lions Bay, Mr John Byrne commented, “This latest move is a key step in creating the platform for growth in Lions Bay. We are pleased to instigate and contribute to the development of a new global tin company at a time when institutional investors are looking for strategic opportunities in this area. Upon completion of the acquisition of the Oropesa project, Elementos will become one of the five cornerstone investments of Lions Bay.
“The four others are Jervois Mining Ltd; Kalina Power Ltd; Montan Mining Corporation and Consolidated Potash Corporation (unlisted at this time).”
Jervois Mining is active in the nickel-cobalt sector and this week announced a strategic shareholding in TSX listed eCobalt Solutions. Kalina Power is moving forward with the roll out of its proprietary power technology and is focused on projects in North America. Montan Mining has gold mining interests in Peru, including a processing plant which is expected to be recommissioned in the near future. Consolidated Potash owns the rights to a proprietary membrane technology with applications in the recovery of potash and other minerals and is expected to be listed early next year.
“The Lions Bay book is solid and growing,” Mr Byrne said. He added, “We anticipate these investments will produce above average returns over the next few years.”
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSXV-listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it will provide public and private companies early-stage financial support by way of equity or debt.
On behalf of the Board of Lions Bay.
John Byrne
Director
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com
Bahay Ozcakmak
Director
Tel: +61 3 9236 2800
Email: bahay@lionsbaycapital.com
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
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 NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing Lions Bay and other forward-looking statements are discussed in Lions Bay’s Management’s Discussion and Analysis which is available under the Company’s profile on www.sedar.com.
Forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, for the Company and the companies it is invested in, but are not limited to, commodity prices, fluctuations in revenues and expenses, need for additional funding, availability of such additional funding and that funding will be on acceptable terms, retention of key employees, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The post Lions Bay Announces Underwriting of Elementos Placement as Step in the Creation of a Large Diversified Tin Company appeared first on Investing News Network.
From:: Investing News Network