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MONTREAL, Nov. 28, 2017 (GLOBE NEWSWIRE) -- SRG Graphite Inc. (TSXV:SRG) (“SRG”, the “Company” or the “Issuer”) today announced that Coris Capital SA (“Coris”) has filed an early warning report (the “Report”) regarding the exercise of 2,625,000 share purchase warrants at a price of $0.50 per warrant share (the “Warrants”), thereby securing beneficial ownership of, or control and direction over an additional 2,625,000 common shares (the “Transaction”).
The Warrants were previously issued by way of private placement at which time Coris acquired the beneficial ownership of, or control and direction over 7,500,000 share units (“Units”) of SRG at a price of $0.40 per Unit, with each Unit consisting of one common share and one/half of one non-transferable share purchase warrant. Each whole warrant entitled the holder to purchase one common share under the terms of a subscription agreement for an aggregate purchase price of $0.40 and each Warrant entitled the Coris to acquire one common share at a purchase price of $0.50 for a period of 24 months following the closing date of the private placement.
The proceeds of the Transaction will be used to build an on-site laboratory to prepare graphite concentrate for potential offtakers. Funds will also be used to extend the current drilling program by an additional 6,000 meters.
Immediately following the Transaction, Coris owns, beneficial ownership of, or control and direction over (i) 10,125,000 common shares of the Issuer, representing approximately 16.58% of SRG’s issued and outstanding common shares; and (ii) 1,125,000 Warrants. Assuming the exercise of the 1,125,000 Warrants, Coris would own 11,250,000 common shares of SRG, representing approximately 18.09% of SRG’s common shares that would be issued and outstanding.
About Coris Capital SA
Coris Capital SA is a Mauritius-based company and a member of the Coris Group, which is controlled by Mr. Idrissa Nassa and includes Coris Capital SA and Coris Holdings SA. It has activities and investments in finance, telecom, mining and in the industrial sector. Coris Holdings SA is a private company based in Burkina Faso with investments in the banking (Coris International Bank), insurance (Coris Insurance), wealth management (Coris Financial Management) and industrial sectors (General Mining Logistics). Its activities are focused mainly in West Africa.
A copy of the Report filed by Coris in connection with the Transaction described above is available on SEDAR under SRG’s profile.
About SRG Graphite Inc. (SRG)
SRG is a Canadian-based company focused on developing the Lola Graphite Deposit, located in the Republic of Guinea, West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner.
For additional information, please visit SRG’s website at www.srggraphite.com.
For more information contact:
SRG Graphite Inc. (SRG)
Dr. Marc-Antoine Audet, President & CEO
Tel.: (514) 726-4158
Email: ceo@srggraphite.com
Jean-Paul Blais
NXT Communications
Tel.: +1 (514) 867-7447
Email: jp@thenxtgroup.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain of the statements made and information contained herein are "forward-looking statements" or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.