Business
Adyton Resources Announces Non-Brokered Private Placement and Option to Acquire Interest in Cuban Projects
PORT MORESBY, Papua New Guinea, July 18, 2023 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) (“Adyton” or the “Company”) is pleased to anno
About this update from Adyton Resources Corporation
[{"type":"text","content":" PORT MORESBY, Papua New Guinea, July 18, 2023 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) (“Adyton” or the “Company”) is pleased to announce a non-brokered private placement of up to 104,758,886 common shares (the “Shares”) at a price of $0.0133 per Share for aggregate gross proceeds of up to C$1,393,293 (the “Financing”). The Company intends to use the net proceeds of the Financing as follows: Use of funds (indicative and subject to change) ExpenditureC$ Corporate costs (including personnel costs) for the 9 months to March 31, 2024 $655,000 Due diligence costs (including preparation of 43-101 technical report) in relation to the potential option transaction with Caribe Metals Corporation (see below) $153,000 Holding costs and costs related to a strategic review of the Company’s existing Papua New Guinea (“PNG”) mineral exploration projects $140,000 Exploration and development programs for the Company’s mineral exploration projects based on the results of the due diligence of the Caribe Metals Corporation projects and the strategic review of the Company’s PNG projects $445,293 $1,393,293 All Shares issued pursuant to the Financing will be subject to a hold period of four months and one day from the date of issuance under applicable Canadian securities laws and TSX Venture Exchange policies. Adyton is also pleased to announce that on July 17, 2023 it entered into an option agreement with Caribe Metals Corporation (“Caribe”) pursuant to which Adyton has been granted the exclusive right (the “Option”) to acquire up to an 80% interest in Caribe’s interests in certain mineral projects in Cuba. Caribe is an arm’s length private Australian company which owns a 49% interest in Minera del Sur S.A., a joint venture company formed under the laws of Cuba (“Minera”), which in turn owns 100% of the El Cobre copper/gold project in Cuba. The other 51% of Minera is owned by the Cuban state mining company Geominera S.A. In addition, Caribe is party to an International Economic Association Contract (the “IEA Contract”) with Commercial Caribbean Nickel S.A. in respect of the Cajalbana nickel/copper project in Cuba. The El Cobre project is a gold/copper/zinc project located in the Sierra Maestra Paleogene volcanic arc of the south-eastern part of Cuba and hosted the oldest copper mine in the...