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La Mancha Capital Confirms Completion of Confirmatory Due Diligence and Receipt of Internal Approvals Necessary to Complete its Investment in SRG Mining
Montreal, Quebec – TheNewswire - March 21, 2022 - SRG Mining Inc. (TSXV:SRG) (“SRG” or the “Company”) announced today that La Mancha Fund SCSp (the “Fund”), a f
About this update from Falcon Energy Materials Plc
[{"type":"text","content":"Montreal, Quebec – TheNewswire - March 21, 2022 - SRG Mining Inc. (TSXV:SRG) (“SRG” or the “Company”) announced today that La Mancha Fund SCSp (the “Fund”), a fund advised by La Mancha Capital Advisory LLP (“La Mancha”), has completed its confirmatory due diligence and has received the internal approvals necessary to complete the private placement in SRG. The private placement now remains subject only to customary closing conditions, including TSX Venture Exchange approval, and is expected to close on or before March 31, 2022. About the Fund, La Mancha and the Terms of the Private Placement On March 18, 2022, La Mancha Investment S.à.r.l (the “Subscriber”) entered into a subscription agreement (the “Subscription Agreement”) with SRG pursuant to which the Subscriber has agreed to subscribe for 22,442,941 common shares in the capital of SRG (the “Common Shares“) at a price of C$0.56 per Common Share for aggregate cash consideration of $12,568,047. The Subscriber does not otherwise currently own or have control or direction over any Common Shares. Following completion of the private placement, the Subscriber will beneficially own and have control and direction over an aggregate of 22,442,941 Common Shares, representing 19.9% of the currently issued and outstanding Common Shares. At the closing of the private placement, the Subscriber and SRG will enter into an investment agreement, upon which the Subscriber or an affiliate will be granted the right to nominate two directors to SRG’s board as well as certain anti-dilution and registration rights. The Common Shares to be acquired by the Subscriber on completion of the private placement have been acquired for investment purposes. In the future, the Subscriber may, from time to time, increase or decrease its investment in SRG through market transactions, private arrangements, treasury issuances or otherwise. The Subscriber is a wholly-owned subsidiary of the Fund. The Fund is a Luxembourg-based deep value fund focused on investments in the precious metals and energy transition space. La Mancha advises the Fund on strategic investments made in publicly listed and private exploration, royalty and mining companies with a global outlook. La Mancha is a long-term minded investor, with a mandate to support mining companies to achieve sustained growth by providing long-term equity capital as ...