(TheNewswire)
April 29, 2021 – TheNewswire - Vancouver, Canada - Lovitt Resources Inc.(“Lovitt” or the “Company”) (TSXV:LRC) (OTC:LRCFF) ispleased to announce a non-brokered private placement financing of upto 1,000,000 units (the “ Units ”) at a price of $0.19 per Unit toraise gross proceeds of up to $190,000 (the “ Private Placement ”).
Each Unit will consist of one common share and onecommon share purchase warrant (a “ Warrant ”). EachWarrant will entitle the holder to acquire an additional common sharefor $0.29 for a period of six months from the date of closing of thePrivate Placement. The Warrants are subject to an accelerated expirydate, which comes into effect if the trading price of the Company'scommon shares on the TSX Venture Exchange (" Exchange ") closeat or above $0.39 per common share for any five days over any periodof seven consecutive trading days. If that event occurs, the Companywill give an expiry acceleration notice (" Notice ") toWarrant holders and the expiry date of the Warrants will be deemed tobe 21 days from the date of the Notice.
Proceeds of the Private Placement will be used tocomplete a 3D drill matrix program and pay for a shallow four-holediamond drill program on the Lovitt Gold Mine to explore near-surfacegold to a depth of 400 feet and some general working capital.
About the Lovitt Gold Mine
The Lovitt Gold mine produced 420,000 oz of gold at anaverage grade of 0.40 oz/ton (13.7 gm/t) and 620,000 oz silver over asixteen-year period, suspending operations in 1966 due to pooreconomics for gold when expenses were rising and the gold price wasfixed. The adjoining Cannon mine to the north produced 1,200,000 oz ofgold and 1,900,000 oz of silver between 1984 and 1995 at an averagegold grade of 0.30 oz /ton (10.3 gm Au/t) with 180 employees vs 20 atthe Lovitt Mine.
The Company has a substantial historic database ofin-house and third-party diamond drill holes, geologic and workingmaps, and operational gold assays that precede 43-101. Currentlycompliant 43-101 drilling is required to develop a modern resourcethat may or may not be economic. Historic operational maps with assaysmay be viewed at: LovittResources.com . Thisdata will be invaluable in spotting future diamond drillholes, but itshould be noted that all material at the link is historic, pre-dates43-101, and therefore cannot be relied upon for investmentpurposes.
On behalf of Lovitt Resources Inc.:
“C. Lorne Brown”,President
For further information, please contact:
C. Lorne Brown
Email: lovittresources@gmail.com
Telephone: (509) 668-8170 or (604) 725-9952
www.lovittresources.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Cautionary Note RegardingForward-Looking Information
This news release includes statements containingforward-looking information about the Company, its business and futureplans (“forward-looking statements”). Forward-looking statementsare frequently, but not always, identified bywords such as "expects”, "anticipates”,"believes”, "intends”, "estimates”,"potential”, "possible”, and similar expressions, orstatements that events, conditions, or results "will”,"may”, "could”, or "should” occur or be achieved.Forward-looking statements in this news release relate to, among otherthings completion of the Private Placement. Actual future results maydiffer materially. There can be no assurance that such statements willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such statements.Forward-looking statements reflect the beliefs, opinions andprojections on the date the statements are made and are based upon anumber of assumptions and estimates that, while considered reasonableby the respective parties, are inherently subject to significantbusiness, economic, competitive, political and social uncertaintiesand contingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Such factors include, without limitation, therisk that the Company is not able to find suitable investors for thePrivate Placement or does not receive the approval of the TSX VentureExchange. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.
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