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Kore Announces Closing of Macquarie Strategic Investment and Increased Placement
Kore Announces Closing of Macquarie Strategic Investment and Increased Placement C...
About this update from Kore Mining Ltd.
[{"type":"text","content":"\n\n\n\nKore Announces Closing of Macquarie Strategic Investment and Increased Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnml80{\nMARGIN-LEFT:6.67em\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 23, 2019\n\n\n\nAll figures in Canadian dollars. \n VANCOUVER, May 23, 2019 /CNW/ - KORE Mining Ltd. (TSXV: KORE) (\"KORE\" or the \"Company\") is pleased to announce that it has closed its previously announced investment (\"Investment\") by Macquarie Bank Ltd. and its affiliates (collectively \"Macquarie\") and has increased total proceeds to the Company to $4,300,000. The Company will issue an additional 1,200,000 common shares for a total issuance of 7,200,000 common shares at a price of $0.25 per common share (the \"Financing\").\nInvestment Highlights\nAs part of the Investment, Macquarie will subscribe for 6,000,000 common shares of Kore and acquire a 1% NSR royalty (the \"Macquarie Royalty\") on the Imperial Project. Provides funding for KORE to advance permitting of the Imperial Project, generating a compelling investment opportunity with proximity to existing operations. Includes provisions for certain rights for Macquarie to provide project development financing. Kore maintains a right to buy back the Macquarie Royalty on the following terms:i) within 6 months of the closing date for the Macquarie Royalty, if the Company is acquired at a price of no less than $0.75 per share, the Company may buy back the Macquarie Royalty for $4,750,000; or\nii) within greater than 6 months but less than 12 months of the closing date for the Macquarie Royalty, if the Company is acquired at a price of no less than $1.00 per share, the Company may buy back the Macquarie Royalty for $6,750,000.\nTh...