NEWS RELEASE
Paso
Private Placement for Gross Proceeds of Approximately US$5.2 Million of Which Approximately US$4.5 Million Was a Strategic Investment from Esan Eczacibasi Endustriyel Hammaddeler Sanayi Ve Ticaret Anonim Sirketi
1/17/2022
Toronto, Ontario--(News
N07A) ("Paso " or the "Company") is pleased to announce that it has closed its non-brokered private placement
(announced December 6th, 2021) of common shares at $0.70 (or US$0.55) per share for gross proceeds of
approximately US$5.2 million (the "O
Common Shares) has been subscribed for by ESAN, a leading Turkish mining company. ESAN has been granted the
right to nominate one director to the Board of the Company and a right to maintain its shareholding interest in the
Company should the Company raise additional funds in the future by way of private placement or prospectus
o
working capital.
All Common Shares issued pursuant to the O
closing day. The O
closing are subject to a hold period expiring on April 16, 2022, the 1,257,295 Common Shares issued pursuant to
the second closing are subject to a hold period expiring on April 18, 2022, and the 4,708,428 Common Shares
issued pursuant to the
Ian Stalker, CEO, commented:
"We are pleased to close this
con
the industry. We look forward to the completion of the feasibility study which will highlight the signi
that exists at Dugbe given the close proximity to port, the large land package, the high-grade zones, and continued
positive relationships with stakeholders in Liberia."
The securities o
o
requirements. This news release shall not constitute an o
there be any sale of the securities in any State in which such o
Quali
Scienti
by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Paso
Resources Limited. He is a member in good standing with the South African Council for Natural Scienti
Professions (SACNASP) and is a Quali
About the Dugbe Gold Project
The 2,559 km2 Dugbe Project is located in southern Liberia and situated within the south westmost part of the
Birimian Supergroup, which is host to the majority of West African gold deposits. To date, two gold deposits have
been identi
open-cut mining. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a
role in large scale gold mineralization in the area. A large amount of exploration in the area was conducted by
Hummingbird including 74,497 m of diamond coring. 70,700 m of this was at the Dugbe F and Tuzon deposits,
discovered by Hummingbird in 2009 and 2011 respectively. In 2020 and 2021 Paso
mostly at Dugbe F and Tuzon. Paso
deposits. In addition, there are a number of gold targets within the Project. In 2019, Hummingbird signed a 25-year
Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term
framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is
3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is
reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project.
About Paso
Paso
its wholly-owned subsidiary, has an option to earn a 49% economic interest (prior to the issuance of the
Government of Liberia's 10% carried interest) in the Dugbe Gold Project.
About ESAN
Established in 1978, Esan Eczacibasi Endustriyel Hammaddeler Sanayi ve Ticaret Anonim Şirketi ("ESAN") is the
world's largest producer of sodium feldspar, Europe's leading producer of industrial minerals, and Turkey's
foremost industrial mineral and metallic mineral producer and exporter.
ESAN's mission is to explore, process and add value to natural resources in a responsible manner towards people,
the environment and the future of the world, and to o
quarries and nine processing plants that collectively produce 3.5 million tons of high-quality raw materials,
including feldspar, quartz, kaolin, ball clay; 135,000 tons of zinc, lead concentrate, and, since 2020, copper
concentrate and gold ingots.
For further information, please visit www.paso | or contact: |
Ian Stalker, President & CEO
- 604 367 8110
- istalker@paso
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is de
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains "forward-looking statements" that are based on expectations, estimates, projections
and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by
words such as "aim", "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest",
"indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and
include, without limitation, statements regarding the ability to raise the funds to
activities including the acquisition of mineral projects and the exploration and development of its projects. Such
forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially di
performance or achievements expressed or implied by such forward-looking statements. Such risks and other
factors may include, but are not limited to, the ability to successfully
Prospectus, the ability to obtain all requisite regulatory approvals in respect of the Qualifying Prospectus, the
results of exploration activities; the ability of the Company to complete further exploration activities; timing and
availability of external
Discussion and Analysis as
information except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.news
SOURCE Paso
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Pasofino Gold Limited published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 13:54:09 UTC.