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SRG and C-ONE sign strategic cooperation and investment agreement C-ONE to acquire 19.4% stake in SRG SRG and C-ONE to sign Anode Material Alliance to jointly develop large-scale anode material facility and become the largest anode material supplier outside of China C-ONE to assist SRG with development and construction of Lola Graphite Project through Technical Cooperation Agreement
(TheNewswire) Montreal, Canada, July 10, 2023 - SRG Mining Inc. (TSXV: SRG) (“ ...
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[{"type":"text","content":"SRG and C-ONE sign strategic cooperation and investment agreement C-ONE to acquire 19.4% stake in SRG SRG and C-ONE to sign Anode Material Alliance to jointly develop large-scale anode material facility and become the largest anode material supplier outside of China C-ONE to assist SRG with development and construction of Lola Graphite Project through Technical Cooperation Agreement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Montreal, Canada, July 10, 2023 - SRG\nMining Inc.\n \n \n (TSXV: SRG) (“\n \n \n SRG\n \n \n ” or the\n“\n \n \n Company\n \n \n ”\n \n \n ) announced today that\n \n \n Carbon ONE New\nEnergy Group Co., Ltd\n \n \n (“\n \n \n C-ONE\n \n \n ”) has agreed\nto acquire a 19.4% stake in SRG. C-ONE is an innovative anode material\nindustry leader and one of the lowest cost anode material producers in\nChina.\n \n \n \n \n Under terms of the agreement, SRG will issue 28,222,380\ncommon shares to C-ONE (or its designated affiliate) through a private\nplacement at a price of C$0.60 per share, yielding gross proceeds to\nSRG of approximately C$16.9 million (US$12.7 million).\n \n \n \n \n SRG intends to use the proceeds for the advancement of\nthe company’s large-scale mine development project in the Republic\nof Guinea ─ the Lola Graphite Project ─ as well as to accelerate\nthe development of an anode material plant in a country with access to\nmarkets in the European Union and North America and for general\nworking capital and corporate purposes.\n \n \n \n \n On closing, C-ONE will come to own 19.4% of SRG’s\nissued and outstanding common shares establishing C-ONE as one of\nSRG’s largest shareholders. SRG’s largest shareholder, La Mancha\nFund SCSp (“\n \n \n La\nMancha\n \n \n ”), which acquired a 24.1% stake in SRG\nin 2022, will partially exercise its anti-dilution right such that at\nclosing both La Mancha and C-One come to own 19.4% of SRG’s enlarged\nissued and outstanding common shares.\n \n \n \n \n Matthieu Bos, President and Chief Executive Officer of\nSRG, commented that “the investment allows SRG to benefit from\nC-ONE’s extensive technical experience and globally recognized brand\nto position SRG as a\n \n \n fully integrate...