SRG:CC - SRG Update on Redomiciliation and Strategic Partners
(TheNewswire)
Montreal, Quebec – TheNewswire - February 26, 2024 - SRG MiningInc. (TSXV:SRG) (“ SRG ” or the“ Company ” ) today announced further details on the previously announcedredomiciliation of SRG to another jurisdiction as well as an update onthe strategic partnership and financing discussions.
Redomiciliation to United ArabEmirates
Following a comprehensive review of variousjurisdictions the Company has selected the Abu Dhabi Global Market(the “ ADGM ”) in the United Arab Emirates (the “ UAE ”) as thepreferred jurisdiction for redomiciliation (the “ UAE Redomiciliation ”). The UAE Redomiciliation will provide the Company withexpanded strategic optionality. Additionally, the UAE has a doubletaxation treaty and a bilateral investment treaty with the Republic ofGuinea, where SRG’s main asset, the Lola Graphite Project, islocated.
The Company is taking immediate steps towards the UAERedomiciliation which is not conditional on the previously announcedtransaction with Carbon ONE New Energy Group Co., Ltd(“ C-ONE ”). The UAE Redomiciliation shareholder vote is anticipatedin Q2 2024. The Company intends to retain its listing on the TSXVenture Exchange (“ TSXV ”), and therefore, will require approvalfrom the TSXV for the UAE Redomiciliation. The Company must complete aformal application process for the UAE Redomiciliation with the ADGMRegistration Authority in order to continue as an ADGM company, andconsequently, will also require approval from the ADGM RegistrationAuthority for the UAE Redomiciliation. The Company has retained NortonRose Fulbright and a specialist tax advisor to assist with the UAERedomiciliation.
Strategic Partnership and FinancingDiscussions Progressing
Following the announcement of the transaction withC-ONE, the Company has met with several other strategic partners whohave expressed interest to become a Tier One supplier to the Westernbattery end markets. The Company is currently evaluating the variousstrategic options.
Concurrently, the Company has been advancingdiscussions with multiple high-quality partieswho have expressed interest in providing financing to advance SRGtowards first production. The Company is seeking both debt and equityfinancing to fund the construction of the first phase of the LolaGraphite Project, as well as the anode material plant to produce coated spherical purified graphite(“ CSPG ”).
SRG will provide further commentonly if a specific transaction or process is concluded, or if furtherdisclosure is required or deemed appropriate. There can be noassurance that the Company will pursue any transaction or that atransaction, if pursued, will be completed.
About SRG Mining
SRG Mining is focused on developing the Lola GraphiteProject located in the Republic of Guinea, West Africa. The LolaGraphite Project has Proven and Probable Reserves of 42Mt at a gradeof 4.2% Cg. SRG aims to develop a fully integrated source of batteryanode material to supply the European lithium-ion and fuel cellmarkets. With attractive operating costs, proximity to Europeanend-markets and strong ESG credentials, the Company is poised tobecome a reliable supplier while promoting sustainability and supplychain transparency. SRG is committed togenerating sustainable, long-term benefits thatare shared with the host countries and communities where itoperates.
For additional information, please visit SRG’swebsite at www.srgmining.com .
Contact :
Matthieu Bos Matt Johnston
President & CEO CorporateDevelopment Advisor
Email: m.bos@srgmining.com Email: m.johnston@srgmining.com
Telephone: +1 514 923 6886
Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy or accuracy of thisrelease.
This press releasecontains "forward-looking information" within the meaning ofCanadian securities legislation. All information contained herein thatis not clearly historical in nature may constitute forward-lookinginformation. Generally, such forward-looking information can beidentified by the use of forward-looking terminology such as“advance”, “provide”, “interest”, “anticipated”,“progress”, “result”, “confirm”, “target”,“increase”, “expect”, “scheduled”, “enable”,projected”, “drive”, “aim”, “realise”, “growth”,“goals”, “continue”, “advance”, “potential”,“will”, “demonstrate”, “deliver”, “believe”, orvariations of such words and phrases or state that certain actions,events or results "may", "could","would" or "might". Forward-looking information issubject to known and unknown risks, uncertainties and other factorsthat may cause the actual results, level of activity, performance orachievements of the Company to be materially different from thoseexpressed or implied by such forward-looking information, includingbut not limited to: (i) volatile stock price; (ii) the general globalmarkets, geopolitical and economic conditions; (iii) the possibilityof write-downs and impairments; (iv) the risk associated withexploration, development and operations of mineral deposits and mineplans for the Company’s mining operations; (v) the risk associatedwith establishing title to mineral properties and assets includingpermitting, development, operations and production from theCompany’s operations being consistent with expectations andprojections; (vi) fluctuations in commodity prices, finding offtaketakers and potential clients or enforcing such agreements againstsame; (vii) the Company may not be able to obtain the requiredapproval for the UAE Redomiciliation from shareholders, the TSXV orthe ADGM Registration Authority in a timely manner, or at all; and(viii) other risks and factors described or referred to in the sectionentitled "Risk Factors" in the MD&A of the Company andwhich is available at www.sedar.com, all of which should be reviewedin conjunction with the information found in this news release.
Although the Company has attempted to identifyimportant factors that could cause actual results to differ materiallyfrom those contained in the forward-looking information, there may beother factors that cause results not to be as anticipated, estimatedor intended. There can be no assurance that such forward-lookinginformation will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchforward-looking information. Such forward-looking information has beenprovided for the purpose of assisting investors in understanding theCompany's business, operations and exploration plans and may not beappropriate for other purposes. Accordingly, readers should not placeundue reliance on forward-looking information. Forward-lookinginformation is given as of the date of this press release, and theCompany does not undertake to update suchforward-looking information except in accordance with applicablesecurities laws.
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