ARSMF - ARES Announces Convertible Debenture Offering
(TheNewswire)
Vancouver, B.C. – TheNewswire - November 22, 2022 – Ares Strategic Mining Inc. (the“ Company ” or “ Ares ”)) (CSE:ARS ) ; ( OTC:ARSMP ) ; ( FRA:N81) wishes to announcethat it intends to undertake an offering (the “ Offering ”) of secured convertibledebentures in the aggregate principal amount of $1,000,000 (the“ Debentures ”), for thepurposes of a potential mine acquisition. The Company intends to usethe majority of the proceeds of the Debentures to finance potentialacquisitions of assets or businesses in the mineral resource sector.
The Debentures will mature on the date that is two (2) years from thedate of issuance (the “ MaturityDate ”) and bear interest at a rate of 12% per annum, payablesemi-annually. The holders shall have the right to convert theprincipal sum of the Debentures and any unpaid interest into commonshares of the Company (each, a “ Conversion Share ”) at a price of $0.26 per Conversion Shareat any time and from time to time until the Maturity Date, or suchother conversion price that is acceptable to the Canadian SecuritiesExchange (the “ CSE ”). Assecurity for the repayment of the principal sum and interest under theDebentures, the Company intends to grant to the holder of theDebentures a security interest in certain of the Company’s presentand after-acquired personal property.
The Company may pay registered persons a fee in accordance with thepolicies of the CSE and applicable securities laws comprised of cash,in an amount equal to 8% of the gross proceeds of the Debentures, andsuch number of share purchase warrants equal to 8% of the number ofcommon shares issuable upon the conversion of the Debentures. Eachfinder’s warrant shall be exercisable into one common share in thecapital of the Company at an exercise price of $0.26 per share for aterm of two (2) years from the date of issuance. The Offering willbe subject to approval of the CSE. The Debentures, finder’swarrants, and any securities issued upon the conversion or exercisethereof, as applicable, will be subject to a hold period of fourmonths and one day from the date of issuance.
ON BEHALF OF THE BOARD OF DIRECTORSOF
ARES STRATEGIC MINING INC.
James Walker
Chief Executive Officer and President
For further information, please contact James Walker byphone at 604-345-1576 or by email at jwalker@aresmining.com
The CSE (operatedby CNSX Markets Inc.) has neither approved nor disapproved of thecontents of this press release .
Forward Looking Statements
Certain information in this newsrelease may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements other than statements of historical factincluded in this news release are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Forward-looking statements in this news release include,but are not limited to, statements regarding the proposed Offering,management’s expectations regarding the use of proceeds from theproposed Offering, closing conditions for the Offering, the expiry ofhold periods for securities distributed pursuant to the Offering, theterms of the security interest and property included in the securityinterest and CSE approval of the proposed Offering. Importantfactors that could cause actual results to differ materially from theCompany’s expectations include a failure to complete the Offering onterms favourable to the Company or at all, a failure to obtain CSEapproval for the Offering, the proceeds may not be used as stated inthis news release, the Company may not satisfy all of the conditionsto close the Offering and other risks detailed from time to time inthe filings made by the Company with the securities regulatory authorities. The reader iscautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although consideredreasonable by management at the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement. Theforward-looking statements contained in this news release are made asof the date of this news release and the Company disclaims anyintention or obligation to update or revise such information, exceptas required by applicable law.
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