/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, May 26, 2021 /CNW/ - Resources Ltd. ("Sable"
or the "Company") (TSXV: SAE) is pleased to announce that it has
entered into an agreement with Sprott Capital Partners LP and Eight
Capital, as co-lead underwriters (the "Co-Lead Underwriters") and
PI Financial Corp. (referred to collectively as the "Underwriters")
in connection with a bought deal private placement financing of
33,333,333 common shares of the Corporation ("Common Shares") at a
price of $0.30 per Common Share (the
"Issue Price") for aggregate gross proceeds of approximately
C$10 million (the
"Offering").
The Company has granted the Underwriters an option to sell up to
an additional 25% of the Offering, exercisable in whole or in part
at any time up to two business days prior to the closing date.
The proceeds from the sale of Common Shares will be used by the
Company for exploration and general corporate and working capital
purposes.
The Offering is expected to close on or about June 15, 2021, and is subject to certain closing
conditions including, but not limited to, the receipt of all
necessary approvals including the conditional listing approval of
the TSX Venture Exchange and the applicable securities regulatory
authorities. The securities issued under the Offering will be
subject to a four month hold period from the date of issue in
accordance with applicable securities laws.
In consideration for their services, the Company has agreed to
pay the Underwriters a cash commission equal to 6.0% of the gross
proceeds from the Offering and issue to the Underwriters
non-transferable warrants ("Compensation Warrants") equal to 3.0%
of the aggregate number of Common Shares issued under the Offering.
The Compensation Warrants will be exercisable into Common Shares at
a price per Compensation Warrant equal to the Issue Price for a
period of 24 months from the closing of the Offering.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
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 level. Sable is
actively exploring the San Juan Regional Program (128,992 ha)
incorporating the Don Julio, El Fierro, La Poncha, and los Pumas
Projects in San Juan Province, Argentina; and the Mexico Regional Program
(1.16Mha in application, 39,000ha titled) incorporating the Vinata
and El Escarpe projects.
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
timing for closing of the Offering, the receipt of regulatory
approvals, the use of proceeds from the Offering and the listing of
the Common Shares on the TSX Venture Exchange.
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.
