TSX accepts PNN NI-43-101 TSX Venture Exchange accepts NI 43-101 technical report on Zimbabwe property
CALGARY, Canada (April 4, 2022)–Pennine Petroleum Corporation ("Pennine" or "the Corporation") (TSX-V: PNN) provides an update on the status of the previously announced Conditional Approval of the Earn-in Agreement, and on the Private Placement.
Earn-in agreement
As announced on Jan. 17, 2022, the TSX Venture Exchange (the “Exchange”) granted Pennine Conditional Approval of the Earn-in Agreement (the “Agreement”) signed with Techshed Investments (Private) Limited (“Techshed”), which owns and operates a producing gold mine in Zimbabwe.
Final Acceptance of the Agreement was conditional on Pennine satisfying the filing requirements outlined in Section 5 of the Exchange’s Policy 5.3. The Corporation is pleased to announce that the Exchange has accepted the NI 43-101 technical report (the “Report”) on the property.
Obtaining the Report in such a short time is not only a credit to the perseverance of both Techshed and Pennine, but also shows that the necessary technical skills are readily available in Zimbabwe. Given that the Report was a major element of the filing requirements, the Corporation expects that the Exchange will now grant Final Approval of the Agreement in the next few days.
The Report will be filed on SEDAR and made available on the Pennine website following Final Approval.
Private placement
The Closing of the Offering, originally announced on Dec. 3, 2021, is expected to follow soon after the Corporation receives Final Approval for the Agreement, and will be confirmed in the news release announcing the Final Acceptance of the Agreement.