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Bullboard - Stock Discussion Forum Pambili Natural Resources Corporation V.PNN

Alternate Symbol(s):  PNNEF

Pambili Natural Resources Corporation is a Canada-based natural resources exploration and development company. The Company is focused on activities in Zimbabwe, including exploration and evaluation of gold mining properties. Its projects include the Golden Valley Project, and Happy Valley Mine. The Golden Valley Project is a typical Orogenic-style gold deposit located in the Bulawayo Greenstone... see more

TSXV:PNN - Post Discussion

Pambili Natural Resources Corporation > Old but important news for this .02 gold producer!!
View:
Post by Oldschool2022 on Aug 01, 2022 9:20pm

Old but important news for this .02 gold producer!!

 

Pennine signs earn-in agreement on Zimbabwe gold mine

 

2021-12-03 15:37 ET - News Release

 

Mr. Jon Harris reports

EARN-IN AGREEMENT SIGNED WITH GOLD PRODUCER $500,000 PRIVATE PLACEMENT ANNOUNCED

Pennine Petroleum Corp. has signed an earn-in agreement and has arranged a private placement to raise $500,000. 

Earn-in agreement

As announced on Feb. 17, 2021, Pennine has been investigating projects in the mining sector. These efforts are based on the reality that there are currently more business opportunities in mining than exist in the junior oil and gas sector. Pennine has signed an earn-in agreement with Techshed Investments (Private) Ltd., which owns and operates a producing gold mine in Zimbabwe. The mine, located 15 kilometres from the city of Bulawayo, has installed capacity to process 40 tonnes of ore per day, but, due to capital constraints, is currently processing less than half that amount. By addressing those capital constraints, Pennine can almost immediately start earning a return on its investment in operations. The agreement, which is subject to financing, allows the corporation to earn up to 75 per cent of the increased future production of the mine by investing $7.5-million (U.S.) in capital expansion and development (including exploration) over the next five years. The minimum expenditure commitment is $1-million (U.S.) over the next two years, including a minimum of $200,000 (U.S.) on exploration, which will provide Pennine with a 51-per-cent share of increased gold production. Pennine's earn-in interest will accrue in proportion to the cumulative earn-in expenditure from time to time, in accordance with the schedule outlined in an attached table.

The corporation will not be paying any finders' fees in respect of this transaction, which does not involve any non-arm's-length parties or insiders. Under Policy 5.3 of the TSX Venture Exchange, the proposed transaction constitutes a fundamental acquisition and, therefore, is a reviewable transaction. Accordingly, the agreement and the completion of the transaction remain subject to TSX-V review and approval. 

Private placement

As stated above, the agreement is also subject to financing. Therefore, Pennine will be undertaking a non-brokered financing of up to 20 million units for proceeds of $500,000. Each unit will be offered at 2.5 cents and comprises one common share and one common share purchase warrant with an exercise price of five cents, exercisable for a period of one year from the closing of the offering. 

All units issued under the offering will be subject to a four-month-and-one-day hold period from the date of issue.

If, on any 10 consecutive trading days occurring after the hold period has elapsed, the closing price of the common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX-V is greater than seven cents per common share, the corporation may provide written notice to the holders of the warrants by the issuance of a news release advising that the expiry date of the finders' warrants will be accelerated to the 10th day after the date of such notice. 

This offering will allow Pennine to complete the agreement and immediately start earning in to the future gold production of the mine. The proposed use of proceeds are summarized in an attached table.

 

 Capital expansion of the mine $250,000 Initial exploration 100,000 General and administrative expenses 50,000 Transaction costs 50,000 Contingencies 50,000 Total 500,000 

 

About Pennine Petroleum Corp.

Pennine Petroleum is a natural resource exploration and development company currently active in the province of Alberta.

Comment by Storm23 on Aug 01, 2022 11:09pm
it's always about how good management is.Aparently they were a   failure in the o&g sector .
Comment by Peterpan333 on Aug 02, 2022 2:02am
reakity    triple your money in next couple months
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