(via TheNewswire)
The HKEX listing represents a significant milestone for Persistence’s entry into the
Persistence successfully conducted a global offering of the Shares by way of issuing 500,000,000 shares at
The allocation of net proceeds by Persistence will be as follows: 55.0% will be allocated to acquisition of gold mining assets, 20.4% towards its mine optimization plan; and 12.6%, 10.0%, and 2.0% for the repayment of existing bank loan guarantees, working capital, and additional exploration activities to upgrade gold reserves, respectively.
Allocation of Proceeds
Selective acquisition of gold mining assets to increase market share
Persistence will direct 55.0% of net proceedstowards the selective acquisition of surrounding high-quality gold mining assets wherebyexpanding its mineral resources and market share. The criteria for acquisition targets include mines located in
Mine optimization plan
Persistence will dedicate 20.4% of net proceeds to implementing the mine optimization plan, involving the expansion the mining surface area around 150 meters south of the existing boundary of
Working capital, and bank loan repayment
Approximately 12.6% of net proceeds will be utilized to repay existing bank loans and approximately 10% will be allocated for working capital purposes.
Additional exploration at existing mine area to increase gold reserves
2.0% will be allocated for additional exploration activities at the
As previously announced, Persistence issued its Prospectus in respect of its listing of shares on the HKEX on
Majestic confirms that all necessary approvals, including those from the TSX.V and HKEX have been obtained for the successful closing of the listing.
About
Currently focused in
(1)Source: Frost & Sullivan Report, based on mine production volume in 2022
For further information, please contact:
Telephone: (604) 560-9060
Email:info@majesticgold.com
Website: www.majesticgold.com
Majestic invites the public to visit its website atwww.majesticgold.com or e-mail the company atinfo@majesticgold.comto be added to the company's e-mail list for press releases and updates.
Cautionary Notes
Certain statements contained herein may constitute forward‐looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward‐looking statements are statements which relate to future events. Such statements include estimates, forecasts, and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives, and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
In some cases, you can identify forward‐looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward‐looking statements.
While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith, and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggestions herein. Except as required by applicable law, Majestic does not intend to update any forward‐looking statements to conform these statements to actual results.
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