(TheNewswire)
April 13, 2022 – TheNewswire - Vancouver, Canada - Lovitt Resources Inc.(“Lovitt” or the “Company”) (TSXV:LRC ) (OTC:LRCFF) is pleased to announce that,further to its news release of February 28, 2022, it has closed itsoversubscribed non-brokered private placement (the “ Private Placement ”), of 1,884,742 units of the Company at a priceof $0.12per Unit for gross proceeds of $226,169.
Each unit consists of one common share of the Company(a “Common Share”) and one common share Purchase warrant (a“Warrant”). Each Warrant entitles the holder thereof to purchaseone additionalCommon Share at a price of $0.18 for a period of sixmonths. The Warrants are subject to an acceleratedexpiry date, whichcomes into effect if the trading price of the Company's common shareson 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”) to Warrantholders and the expiry date of the Warrants will be deemed to be 21days from theNotice date.
The funds will be used for working capital and toconduct a diamond drill exploration program on the Company’swhollyowned Lovitt Gold Mine in WA State through its subsidiary WA Stateincorporated Lovitt Mining Company. A diamond drill capable of deepdrilling has been sourced and the company expects to begin drillingwithin threeweeks.
The securities issued pursuant to the Offering have ahold period of four months and one day from closing, expiring onAugust 13, 2022 .
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 20employees at the 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: www. lovittresources.com . This data will beinvaluable in spotting future diamond drillholes, but it should benoted that all material at the link is historic, pre-dates 43-101,andtherefore cannot be totally 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 Website: www.lovittresources.com
Telephone: (509) 668-8170 or (604) 725-9952
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the
TSX Venture Exchange) acceptsresponsibility for the adequacy 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 by words such as"expects”, "anticipates”, "believes”,"intends”, "estimates”, "potential”,"possible”, and similar expressions, or statements that events,conditions, or results "will”, "may”, "could”, or"should” occur or be achieved. Forward-looking statements inthis news release relate to, among other things completion of thePrivate Placement. Actual future results may differ materially. Therecan be no assurance that such statements will prove to be accurate,and actual results and future events could differ materially fromthose anticipated in such statements.
Forward-looking statements reflect the beliefs,opinions and projections on the date the statements are made and arebased upon a number of assumptions and estimates that, whileconsidered reasonable by the respective parties, are inherentlysubject to significant business, economic,competitive, political and social uncertainties and contingencies.Many factors, both known and unknown, could cause actual results,performance or achievements to be materially different from theresults, performance or achievements that are or may be expressed orimplied by such forward-looking statements and the parties have madeassumptions and estimates based on or related to many of thesefactors. Such factors include, without limitation, the risk that theCompany is not able to find suitable investors for the PrivatePlacement 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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