VANCOUVER, British Columbia, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) announces completion of loans for $400,000 (“Loans”) from several directors (the “Lenders”) of the Company. The Loans will bear an annual interest of 7.0% and will be payable in cash every quarter. The term of the Loans is 18 months from the closing date or March 4, 2020 (“Maturity Date”) and the Loans will be due in full on the Maturity Date. The Company may prepay the Loans, in whole or in part, at any time prior to the Maturity Date.
The Company issued 1,333,333 common shares at a deemed price of $0.06 per common share to the Lenders as Bonus Shares. All Bonus Shares issued pursuant to the Loans are subject to a hold period expiring four months and a day following the date of issue.
The Company will use the proceeds of the Loans for general working capital purposes.
As insiders of the Company have participated in the Loans and have received Bonus Shares, the issuance of such Bonus Shares to the insiders (the “Insider Participation”) is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of the Insider Participation.
All dollar figures in this press release are in Canadian currency.
About Calibre Mining Corp.
Calibre owns a 100% interest in over 413 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Gold-Copper Project and Santa Maria Gold Project. Additionally, the Company has a Joint Venture with IAMGOLD (176 km2) and optioned to Centerra Gold (253 km2) concessions covering an aggregate area of 429 km2 and is party to a joint venture on the 33.6 km2 Rosita D gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and management.
Calibre Mining Corp.
Greg Smith, P.Geo.
President and CEO
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Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.