Announces Closing of Private Placement and Acquisition of Zambezi Rainbow Minerals (Private) Limited
CALGARY, AB / ACCESSWIRE / November 22, 2021 / Poplar Creek Resources Inc. (the "Corporation") announces the following:
- The Corporation closed its offering by way of a non-brokered private placement of 12,100,000 Common Share at a price of $0.10 per Common Share for gross proceeds of $1,210,000, which included the conversion of convertible promissory notes in the principal amount of $200,000 (the "Private Placement").
- The Corporation acquired 99.9% of the issued and outstanding shares of Zambezi Rainbow Minerals (Private) Limited (the "Zambezi Shares"), a private company registered to do business in Zimbabwe. The primary asset of Zambezi is an Option Sale and Purchase Agreement (the "Option Agreement") dated April 12, 2021 between Zambezi and SMM Holdings (Private) Limited relating to the option (the "Option") granted to Zambezi to purchase certain mining claims (the "Mining Claims") located in Zimbabwe, for a purchase price of US$3,500,000. The Option is exercisable during an initial term of six months commencing on June 14, 2021 (the "Option Period") with a further extension of six months available to the Corporation at a cost of US$10,000 per month. During the Option Period, the Corporation through its subsidiary Zambezi, as the optionee, shall have the right to conduct due diligence on the Mining Claims as shall be necessary to satisfy itself as to the quality and quantity of mining resources available. If the Option is exercised, the Corporation will issue 5,000,000 Common Shares in full payment for the Zambezi Shares.
FORWARD LOOKING INFORMATION
The information and statements in this news release contain certain forward-looking information. In particular, this news release contains forward-looking information and statements regarding the exercise of the Option to purchase the Mining Claims. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of the forward-looking information, as well as the actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.
For further information contact;
Poplar Creek Resources Inc.
Attention: Richard Edgar
Chief Executive Officer
Phone: (403) 616-5387
SOURCE:Poplar Creek Resources Inc.
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