TORONTO, April 27,
2023 /CNW/ - Nubian Resources Ltd. (TSXV: NBR)
(OTCQB: NBRFF) ("Nubian" or the "Company") announces
that, on April 24, 2023, it acquired
ownership and control of 5,000,000 units (the "Units") of
Athena Gold Corporation (the "Athena") at a price of CAD
$0.07 per Unit for total
consideration of CAD $350,000, in
connection with Athena's private placement offering (the
"Private Placement") that was completed on April 24, 2023. Each Unit was comprised of one
share of common stock, $0.0001 par
value (a "Common Share") in the capital of Athena and one
Common Share purchase warrant (a "Warrant") of Athena.
Further information in respect of the Private Placement is
contained in Athena's news release dated April 24, 2023.
Immediately before completion of the Private Placement, the
Company held and controlled an aggregate of 50,000,000 Common
Shares, representing approximately 36.74% of the issued and
outstanding Common Shares on a non-diluted basis and no Warrants.
Upon completion of the Private Placement, the Company held and
controlled an aggregate of 55,000,000 Common Shares and 5,000,000
Warrants, representing approximately 36.52% of the issued and
outstanding Common Shares on a non-diluted basis, and approximately
38.56% of the issued and outstanding Common Shares on a partially
diluted basis, assuming the exercise of the 5,000,000 Warrants.
The Company acquired the 5,000,000 Common Shares and 5,000,000
Warrants comprising the Units purchased under the Private Placement
for investment purposes. Subject to applicable law, the Company may
from time to time dispose of, or acquire, additional securities of
Athena. The Acquiror has no present intention to acquire additional
securities of the Issuer or to distribute any Common Shares to its
shareholders as it originally planned, but may determine to do so
at a later date.
This news release is issued pursuant to National Instrument
62-103 - The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, which also requires a report to be
filed with regulatory authorities in each of the jurisdictions in
which Athena is a reporting issuer containing information with
respect to the foregoing matters (the "Early Warning
Report"). A copy of the Early Warning Report will appear with
Athena's documents on the System for Electronic Document Analysis
and Retrieval at www.sedar.com and may also be obtained by
contacting Charlotte May at 416 471
3366. The Company's head office is located at Suite 202, 2526
Yale Court, Abbotsford, British
Columbia, V2S 8G9. Athena's head office is located at
Suite 312, 2010A Harbison Drive, Vacaville, California, USA, 95687.
ABOUT NUBIAN
Nubian Resources Ltd. is a publicly traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. Nubian's projects are focused on key mining
jurisdictions including Peru and
Australia (central Victoria and Tasmania).
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.
Caution Regarding Forward Looking
Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated", "may" and similar expressions and statements relating
to matters that are not historical facts are intended to identify
forward-looking information and are based on Nubian's current
beliefs or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. Although
such statements are based on reasonable assumptions of Nubian's
management, there can be no assurance that any conclusions or
forecasts will prove to be accurate.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information, including the closing of the
Private Placement and use of proceeds. Such factors include
risks inherent in the exploration and development of mineral
deposits, including risks relating to changes in parameters of the
projects as plans continue to be redefined, risks relating to
variations in grade or recovery rates, risks relating to changes in
mineral prices and the worldwide demand for and supply of minerals,
risks related to the COVID-19 pandemic and current global
financial conditions, increased competition, access and supply
risks, reliance on key personnel, operational risks, regulatory
risks, including risks relating to licenses and permits, financing,
capitalization and liquidity risks and title and environmental
risks.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Nubian Resources Ltd.