QUÉBEC CITY, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Robex Resources Inc. (“Robex” and/or “the Company”) (TSXV: RBX / FWB : RB4) announces a proposed offering of unsecured and non-convertible debentures for a principal amount of up to CAD $11,790,000 (“the 2018 Debentures”) with accredited investors, including persons related to the Company. The 2018 Debentures will bear interest at an annual rate of 10% and will mature on November 26, 2020. Some or all of the 2018 Debentures may be denominated in euros, based on the Bank of Canada exchange rate on November 26, 2018. The 2018 Debentures will be redeemable by Robex, in whole or in part (by increments of €1,000), at any time prior to the maturity date at a redemption price equal to their principal amount plus accrued and unpaid interest (“the Offering”).
The net proceeds of the Offering will be used to repay the 2013 convertible debentures maturing on November 21, 2018, which will allow Robex to use its current cash flow to fund its operations and advance its exploration project.
The closing of the Offering is conditional upon obtaining the applicable regulatory authorizations. Moreover, the closing of the Offering shall require the execution of usual and customary definitive legal and corporate documentation, including a subscription agreement to be entered into by Robex and all proposed subscribers.
NEW BANK FINANCING
The Company has obtained a loan from a Malian bank for an amount of CAD $3.4 million bearing interest at the rate of 7% annually and repayable over three years. This loan will be used partially to fund the new exploration and drilling campaign reported in the news release dated September 24, 2018.
NI 43-101 TECHNICAL REPORT
Reported in the news release dated September 24, 2018, the Company officially files NI 43-101 Technical Report completed by Alain Carrier, M.Sc., P.Geo. (InnovExplo), regarding the Nampala Mineral Resource estimate. The Technical Report in conformity with the National Instrument 43-101 entitled “NI 43-101 Technical Report for the Nampala and Mininko Permits (Mali) and Mineral Resource Estimate for the Nampala Gold Mine” (“the Technical Report”) was prepared by François Kerr-Gillespie, P.Geo., Eric Kinnan, P.Geo., and Alain Carrier, M.Sc., P.Geo.. All are considered "Qualified Persons" as defined by NI 43-101. The Technical Report has an effective date of July 15, 2018 and a signature date of November 1st, 2018. The Technical Report may be found on the Company web site (www.robexgold.com) and under Robex's profile on SEDAR (www.sedar.com).
FOR INFORMATION :
Robex Resources Inc.
Augustin Rousselet, CFOO
Guillaume Emond, CPA, CMA, VP Admin
Head office: (581) 741-7421
info@robexgold.com
This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.