Baker Steel Transaction Closed

About this update from Azarga Metals Corp.

[{"type":"text","content":"Baker Steel Transaction ClosedVANCOUVER, BC / ACCESSWIRE / April 15, 2019 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSX-V:AZR) is pleased to announce that the Company has drawn and Baker Steel Resources Trust Ltd. (\"BSRT\") has funded the first tranche of US$1 million pursuant to the Investment Transaction announced on 10 April 2019. As previously reported the second advance of US$2 million is drawable by the Company in four to six months time, provided however that the second advance is subject to earlier drawdown in certain circumstances set out in the definitive documentation. Mr Trevor Steel, Managing Partner and Chief Investment Officer of Baker Steel Capital Managers LLP (\"BSCM\") has now been appointed to the Company's Board of Directors, subject to approval by the TSX Venture Exchange. Mr Steel co-founded BSCM in 2001 and prior to that he was a senior portfolio manager at Merrill Lynch Investment Managers where he specialised in the natural resources sector.On April 12, 2019 the Company issued 13,490,414 warrants (the \"Warrants\") to BSRT, being the Canadian dollar equivalent of US$1,714,285 using the Bank of Canada closing rate on April 11, 2019. Each Warrant is exercisable until April 12, 2021 at a price per common share of C$0.17.On April 18, 2019 the Company will issue 554,166 common shares to Alexey Mikhaylovskiy (the \"Finder\") as a finder's fee for his role in the Investment Transaction. The Finder is entitled to 5% of the value of each tranche as it is drawn by the Company by the issue of common shares of the Company at a fixed conversion rate of 1.33 and a share price of C$0.12.The securities issued are subject to a four-month and a day hold period. The Investment Transaction is subject to the final approval of the TSX Venture Exchange.Following the funding made available from the Investment Transaction, Azarga Metals has commenced plans to start the second major physical exploration phase at Unkur which will commence during the 2019 field season and will include a diamond drilling program which will have the potential of discovering additional copper and silver mineralization from at least three target concepts: (i) along strike or down dip from currently defined mineralization; (ii) confirming the presence of at least one additional mineralized zone postulated to occur stratigraphically...

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