/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 10, 2020 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company")
(TSXV:SAE) (OTCQB:SBLRF) is pleased to announce that it
has closed its previously announced and upsized "best efforts"
private placement for total gross proceeds of approximately
$9.9 million (the "Offering").
The Offering was conducted by a syndicate of agents led by Sprott
Capital Partners and included Haywood Securities Inc.
(collectively, the "Agents"). In connection with the
Offering, the Company has issued an aggregate of 65,914,707 units
of the Company (the "Units") at a price of $0.15 per Unit (the "Offering Price"),
which included close to full exercise of the over-allotment option
by the Agents.
Each Unit is comprised of one common share of the Company (a
"Common Share") and one-half of one common share purchase
warrant (each whole warrant, a "Warrant"). Each Warrant
entitles the holder thereof to purchase one common share at an
exercise price of $0.20 until
September 10, 2023.
The net proceeds from the sale of the Units will be used by the
Company for exploration and general corporate and working capital
purposes.
In connection with the Offering, the Company paid the Agents a
cash commission of 6.0% of the gross proceeds of the Offering and
issued to the Agents broker warrants (the "Broker Warrants")
equal to 3.0% of the number of Units sold pursuant to the Offering.
Each Broker Warrant is exercisable to acquire one Unit at the
Offering Price until September 10,
2022.
The Common Shares, Warrants and Broker Warrants issued pursuant
to the Offering, and any securities issued upon the exercise of the
Warrants and Broker Warrants, are subject to a four month hold
period pursuant to applicable securities laws. The Offering remains
subject to final approval of the TSX Venture Exchange
("TSXV"). The TSXV has conditionally approved the listing of
all Common Shares issuable under the Offering.
The Company relied on the exemptions from the formal valuation
and minority shareholder approval requirements of Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101") contained in Sections
5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party
participation in the Offering as the Company is listed on the TSXV
and neither the fair market value (as determined under MI 61-101)
of the subject matter of, nor the fair market value of the
consideration for, the transaction, insofar as it involves the
related parties, exceeded 25% of the Company's market
capitalization (as determined under MI 61-101).
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the
discovery of new precious metal projects through systematic
exploration in endowed terranes located in favorable, established
mining jurisdictions. Sable's main focus is developing its large
portfolio of new greenfields projects to resource stage utilizing
their Upper Level Epithermal Strategy. Sable is actively exploring
the San Juan Regional Prograchm (68,718ha) incorporating the Don
Julio Project and the El Fierro Project in San Juan Province,
Argentina; the Mexico Regional
Program (1.16Mha in application, 39,000ha titled) incorporating the
Margarita, Vinata and El Escarpe projects; and the Scorpius Project
in Ayacucho, Peru.
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" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Sable's current belief 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 Sable's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate. In particular, this release contains forward-looking
information relating to, among other things, the receipt of final
approval from the TSXV and the use of proceeds from the
Offering.
While Sable considers these assumptions to be reasonable based
on information currently available, they may prove to be incorrect.
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. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters 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
increased competition and current global financial conditions and
the COVID-19 pandemic, access and supply risks, reliance on key
personnel, operational risks, and regulatory risks, including risks
relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is
made as of the date hereof, and Sable 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 Sable Resources Ltd.