LECRF - Leocor Gold Completes Strategic Investment in Intrepid Metals
(TheNewswire)
VANCOUVER, British Columbia – TheNewswire - January 8, 2024 — Leocor Gold Inc. (CSE:LECR) (OTC:LECRF) (“ Leocor ” or the“ Company ”) announces that it has completed its strategic investment(the “ Investment ”) in Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) (“ Intrepid ”). The Company has subscribed for and acquired 6,600,000units (each, a “ Unit ”) and 2,223,529 pre-funded specialwarrants (each, a “ SpecialWarrant ”) of Intrepid at a price of $0.34 perUnit and Special Warrant for an aggregate investment of $3million.
Each Unit consists of one common share of Intrepid andone common share purchase warrant (each a “ Warrant ”) entitlingthe Company to acquire one additional common share at a price of $0.40until January 5, 2026. Each Special Warrant entitles the Company toacquire one Unit, for no additional consideration, but subject to anexercise limitation such that the Company may not exercise if it wouldresult in them having beneficial ownership over common shares inexcess of 19.9%, for a period of five years.
Intrepid has agreed that no less than $2,800,000 fromthe Investment will be utilized for the exploration and development ofits mineral properties located in Cochise County, Arizona. Inconnection with completion of the Investment, the Company has receivedthe right to nominate two members of the board of directors ofIntrepid. Initially, the Company has nominated Alex Klenman andBrian Shin, both of which were appointed to the board of directorsIntrepid upon completion of the Investment.
Prior to completion of the Investment, the Company didnot hold any securities of Intrepid. As a result of the closing ofthe Investment, Leocor now holds 6,600,000 common shares equal toapproximately 19.98% of the issued and outstanding common shares ofIntrepid. The Company holds an additional (i) 6,600,000 Warrantsthat if exercised will result in the issuance of 6,600,000 commonshares and (ii) 2,223,529 Special Warrants that if exercised(including the underlying Warrants issued upon exercise of the SpecialWarrants) will result in the issuance of an additional 4,447,058common shares of Intrepid.
If all convertible securities held by the Company areexercised it would result in the Company holding 17,647,058 commonshares of Intrepid equal to approximately 40.03% of the then issuedand outstanding common shares of the Company. However, theconvertible securities held by the Company are subject to an exerciselimitation such that the Company may not exercise if it would resultin them having beneficial ownership over common shares in excess of19.9%.
The Company has acquired the securities of Intrepid forinvestment purposes. Depending on market conditions and other factors,the Company may from time to time acquire or dispose of securities ofIntrepid or continue to hold its current position.
A copy of the early warning report required to be filedwith the applicable securities commission in connection with theInvestment will be available on SEDAR+ at www.sedarplus.com and can beobtained by contacting the Company.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resourcecompany involved in the acquisition and exploration of precious metalprojects, with a current focus in Atlantic Canada. Leocor, throughoutright ownership and earn-in agreements, currently controls severalgold-copper projects in prime exploration ground located within theprolific Baie Verte Mining District. Leocor’s Bae Verte portfolioincludes the Dorset, Dorset Extension, Copper Creek and Five MileBrook projects, creating a contiguous nearly 2,000-hectare explorationcorridor. The Company also controls three district scale land packagesin North Central Newfoundland, known as Robert’s Arm, Hodge’sHill, and Leamington, (collectively “Western Exploits”)representing over 144,000 hectares (1,440 square kilometers) ofprospective exploration.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email: aklenman@leocorgold.com
Telephone: (604) 970-4330
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of thisrelease .
Cautionary Statements RegardingForward-Looking Information
This press release containsforward-looking information within the meaning of Canadian securitieslaws. Such information includes, without limitation, informationregarding the expected completion of the Investment and the intendeduse of the proceeds by Intrepid. Although Leocor believes that suchinformation is reasonable, it can give no assurance that suchexpectations will prove to be correct.
Forward looking information istypically identified by words such as: “believe”, “expect”,“anticipate”, “intend”, “estimate”, “postulate” andsimilar expressions, or are those, which, by their nature, refer tofuture events. Leocor cautions investors that any forward-lookinginformation provided by Leocor is not a guarantee of future results orperformance, and that actual results may differ materially from thosein forward looking information as a result of various factors,including, but not limited to: the results of preliminary explorationwork; the state of the financial markets for Leocor's securities; thestate of the natural resources sector; recent market volatility;circumstances related to COVID-19; Leocor's ability to raise thenecessary capital or to be fully able to implement its businessstrategies; and other risks and factors that Leocor is unaware of atthis time. The reader is referred to Leocor's initial public offeringprospectus for a more complete discussion of applicable risk factorsand their potential effects, copies of which may be accessed throughLeocor’s issuer page on SEDAR at www.sedar.com.
The forward-looking statementscontained in this press release are made as of the date of this pressrelease. Leocor disclaims any intention or obligation to update orrevise any forward-lookingstatements, whether because of new information, future events orotherwise, except as required by law.
Copyright (c) 2024 TheNewswire - All rights reserved.