Montreal, Quebec – TheNewswire – January 21, 2022 – SRG Mines Inc. (TSXV: SRG) (“GIS“or the”Society) today provides an update on recent activities related to its Lola graphite project located in the Republic of Guinea (the “Project”).
The Company recently announced the closing of a CA$4,800,000 private placement with two European businessmen, Messrs. Eric Swenden and Christian Dumolin, through their related entities.
With funding in place, and in order to continue the development of the Project, the Company is pleased to announce that it has established a field work program to commence preliminary civil works at the Project site starting in the coming weeks. . The Company also intends to begin detailed engineering work in the coming weeks with a view to optimizing and advancing the Project.
To complete its mining license on the Project, the Company will also seek to advance and finalize a mining agreement with the State which it hopes to conclude during the first half of fiscal 2022.
The Company is also pleased to announce a non-brokered private placement for the sale of 500,000 common shares (“Shares”) at a price of $0.54 per share for gross proceeds of C$270,000 (the “Offer”). No warrants are issued in connection with the Offer.
The Offering is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including final approval from the TSX Venture Exchange. All securities issuable under the Offering are subject to a four month hold period from the date of issue in accordance with applicable Canadian securities laws.
No intermediary fees or commissions are payable. The net proceeds from the private placement will be used for the further development of the project.
About SRG Mining
SRG Mining is a Canada-based mining company focused on the development of the Lola graphite deposit located in the Republic of Guinea, West Africa. SRG is committed to acting in a socially, ecologically and ethically responsible manner.
For more information, please visit the SRG website at www.srgmining.com.
Benoît La Salle, FCPA FCA
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This press release contains “forward-looking information” within the meaning of Canadian securities laws. Any information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “firm”, “anticipated”, “potential”, “will”, “continues”, “demonstrates”, “delivers”, ” believes”, or variations of such words and phrases or state that certain actions, events or results “could”, “might”, “could” or “could”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) general world markets and economic conditions; (iii) the possibility of impairments and impairments; (iv) the risk associated with exploration, development and operation of s mineral deposits and mining plans for the Company’s mining operations; (v) the risk associated with establishing title to mineral properties and assets, including permits, development, operations and production of the Company’s operations, is consistent with expectations and projections; (vi) fluctuations in commodity prices, the search for pick-up takers and potential customers or the enforcement of such agreements against the same and other risks and factors described or referred to in the section entitled “Risk Factors in the Company’s management report, which is available at www. sedar.com, all of which should be considered in conjunction with the information contained in this press release.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operating and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.