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Secova Metals Initiates NI 43-101 Technical Report for the Montauban Site and announces a Private Placement of Convertible Debentures for Gross Proceeds of up to $5.0 million
VANCOUVER, BRITISH COLUMBIA – TheNewswire - November 25, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK), (CSNX:SEK.CN), (OTC:SEKZF) is pleased
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[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA – TheNewswire - November 25, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK), (CSNX:SEK.CN), (OTC:SEKZF) is pleased to announce the Company has retained John Langton, M.Sc., P. Geo of JPL GeoServices Inc. to produce a NI-43-101 Technical Report and Mineral Resource Estimate on the Montauban Site project located in the Montauban Mine Property, sector of Notre-Dame-de-Montauban municipality, Quebec (“Montauban” or the “Project”). “The Company is very pleased to engage M. Langton to prepare the NI 43-101 Technical Report and Mineral Resource as he has extensive experience with the Project,” stated Brad Kitchen, President and CEO of Secova. “John has worked with DNA Canada, the prior owners of the Montauban Project, to build an extensive database and model of the mineralization and prepared the most recent NI 43-101 Technical Report on the Project in March 2019.” Convertible Debenture Private Placement The Company announces a non-brokered private placement of unsecured convertible debentures (the “Debentures”) at a price of $1,000 per debenture for gross proceeds of up to $5,000,000 (the “Offering”). The Offering is expected to close in tranches with the first tranche expected to close on or about December 15, 2021. The Debentures will pay interest of 10% per annum on a semi-annual basis, payable in cash or common shares of the Company (“Shares”). The form of interest payment will be at the discretion of Secova with the exception of the first interest payment which will be paid in Shares at a deemed price of $0.20. The Debentures will mature on the date that is 36 months following the closing date of the Offering (the “Maturity Date”). The principal amount of the Debentures will be convertible into Shares at a conversion price of $0.25 (the “Conversion Price”) at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The Company will have the right to force conversion at the Conversion Price if the Shares trade at a volume weighted average price of $0.50 or greater for 10 consecutive days, for a period that commences after the statutory hold period commences. All securities issued in connection with the Offering will be subject to a statutory hold period expiring...