PNG Copper Inc. Announces Closing of Private Placement and Debt Settlement
Toronto, Ontario–(Newsfile Corp. – January 24, 2022) – PNG Copper Inc. (CSE: PNGC) (“PNG Copper“or the”Society“) is pleased to announce the concurrent closing of a Brokered Private Placement (“Private placement“) and settlement of outstanding debt with senior management of the Company (“Debt settlement“).
The Company, pursuant to the private placement, issued 1,500,000 units for gross proceeds of C$105,000.00. In connection with the closing of the Private Placement, the Company paid a cash consideration of C$9,450.00 and issued 150,000 non-transferable broker warrants to its agent, IBK Capital Corp. (“IBK Capital“). Each broker warrant may be exercised to acquire one unit at a price of $0.07 per unit for a period of five (5) years from the closing date.
Each unit consisted of one (1) Class A common share in the capital of the Company (“Commmon To share“) and one common share purchase warrant (“To guarantee“). Each whole warrant entitles the holder thereof to purchase one additional common share at an exercise price of C$0.10 per common share, for a period of five (5) years from the date of ‘episode.
Proceeds from the private placement will be used for exploration of the Keveri Copper-Gold Porphyry project in Papua New Guinea and for working capital purposes.
The Company, pursuant to the debt settlement, issued 500,000 common shares at a deemed price of $0.07 per common share to settle a debt of C$35,000 owed to the respective senior officer of the Company.
All securities issued and issuable pursuant to the Private Placement and Debt Settlement will be subject to a hold period of four months and one day from the closing date.
About PNG Copper Inc.
PNG Copper Inc. is a mining exploration company focused on the acquisition, exploration and development of quality mineral properties in Papua New Guinea. The company’s core values are respect for the community, landowners, the environment, and operating a safe workplace for its employees. The Company is also committed to adhering to best practice standards in corporate governance.
For more information, please visit the Company’s website at pngcopper.ca or contact:
PNG Copper Inc.
Paul Rokeby, Chief Financial Officer
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including securities in The United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities law and may not be offered or sold in the United States or to, or on behalf of or for the benefit of United States Persons (as defined in Regulation S of the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of applicable securities laws. When used in this document, the words “may”, “would”, “could”, “fly”, “hear”, “plan”, “anticipate”, “believe”, “estimate”, “will expect” and similar expressions are intended to identify forward-looking statements. Forward-looking information contained in this press release includes, but is not limited to, information regarding the private placement and debt settlement and use of proceeds from the private placement, objectives, goals or future plans of society, statements. Because forward-looking statements are based on assumptions and address future events and conditions, they by their nature involve inherent risks and uncertainties that may cause actual results to differ materially from the statements made.
These assumptions include industry assumptions regarding the price of copper, gold and other metals, currency and interest rate fluctuations, and assumptions regarding mineralization, mineral recoveries, ability to conduct exploration activities in Papua New Guinea and assumptions regarding COVID-19. Factors that could cause actual results to vary from the Company’s stated expectations include, but are not limited to, fluctuations in mineral prices and foreign exchange rates, increased competition, and economic and market factors. general, potential mineralization not as predicted, uncertainties inherent in estimating mineral resources, exploration and mine development plans, timing of commencement of operations and estimates of market conditions, inability to identify mineral resources, the inability to convert estimated mineral resources to reserves, the inability to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for projects, political risks, uncertainties relating to the availability and costs of financing required in the future, fluctuations in stock markets, inflation, fluctuations in exchange rates, fluctuations in commodity prices, delays in development projects, investment and operating costs which vary significantly from estimates.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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