Business
SRG Mining and C-ONE Transaction Update
Montreal, Canada – TheNewswire - July 26, 2023 - SRG Mining Inc. (TSXV:SRG) (“SRG” or the “Company”) announced significant progress has been made towards meetin
About this update from Falcon Energy Materials Plc
[{"type":"text","content":"Montreal, Canada – TheNewswire - July 26, 2023 - SRG Mining Inc. (TSXV:SRG) (“SRG” or the “Company”) announced significant progress has been made towards meeting the closing conditions of the proposed private placement, announced on July 10, 2023, to Carbon ONE New Energy Group Co., Ltd (“C-ONE”). Under terms of a subscription agreement between the Company and C-ONE, SRG will issue 28,222,380 common shares to C-ONE (or its designated affiliate) through a private placement at a price of C$0.60 per share. The subscription amount is approximately C$16.9 million (US$12.7 million) (the “Subscription Amount”). On closing, C-ONE will come to own 19.4% of SRG’s issued and outstanding common shares, establishing C-ONE as one of SRG’s largest shareholders. SRG’s current largest shareholder, La Mancha Investments S.a.r.l. (“La Mancha”) will partially exercise its pre-existing anti-dilution right. Under terms of a separate subscription agreement, dated July 25, 2023, between the Company and La Mancha, SRG will issue 779,439 common shares to La Mancha (or its designated affiliate) through a private placement at a price of C$0.60 per share. The aggregate subscription amount of La Mancha’s subscription is approximately C$0.5 million (US$0.3million) (the “La Mancha Subscription Amount”). La Mancha currently owns an aggregate of 27,442,941 SRG common shares representing approximately 24.1% of SRG’s issued and outstanding common shares and following the subscription, and after giving effect to the C-ONE private placement, La Mancha will own an aggregate of 28,222,380 common shares of SRG representing approximately 19.4% of SRG. The transactions are subject to customary closing conditions which have all been met or waived other than delivery of the securities of SRG, as well as additional closing conditions related to regulatory approvals, including approval by the Ministry of Commerce (“MOC”) of the Peoples Republic of China, the National Development and Reform Commission (“NDRC”) of the People’s Republic of China and State Administration of Foreign Exchange (“SAFE”) of the Peoples Republic of China and under the Investment Canada Act. C-ONE has provided evidence of the Subscription Amount being retained for the purpose of completing the placement upon receipt of regulatory approval, and has provided an undertaking to retain the Subscription Amou...