TORONTO, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Camrova Resources Inc. (“Camrova” or “Company”) (TSX-V: CAV; OTC: BAJFF; SSE: CAVCL.CAV US$ - Chile) is pleased to announce a number of initiatives to further the completion of its proposed slag processing project in Chile. Camrova is actively focused on the completion of a potential transaction which could result in near term copper revenues to the Company from the sale of copper concentrates produced by flotation of slag coming from Anglo American’s Chagres smelter.
Acquisition of Slag Agreement
The Company continues to work towards satisfying requirements to close the asset purchase agreement (the “ Asset Purchase Agreement ”) dated May 1, 2019 between the Company and Sociedad Asesorias Comerciales e Inversiones MAYG SpA (“ MAYG ”) for assignment of rights in a slag agreement (the “ Slag Agreement ”) dated February 18, 2019 between MAYG and Anglo American Sur S.A. The closing of the Asset Purchase Agreement requires the Company, inter alia , to complete a CDN $9 million financing (see below).
The Slag Agreement will give Camrova the right to remove material from the Chagres slag pile for processing. The slag pile currently stands at approximately 2.4 million metric tons, growing at a rate of 30,000 metric tons per month, containing approximately 1% copper. Camrova plans to process the slag to produce a 20% copper concentrate.
Proposed Financing
Camrova intends to raise Cdn $9 million by a combination of convertible debt and equity financings by signing a formal term sheet within the next 30 days to enable acquisition of the Slag Agreement and the e Las Vacas flotation plant of Compañia Don Alberto located near Illapel, Chile.
Tom Ogryzlo, Interim CEO of Camrova, stated, "This potential transaction is mineral processing only, as a result, there is no mining risk involved which significantly simplifies the project. Upon completion of raising a total of Cdn $9 Million, Camrova will be on its way to generating near term copper revenues. We thank our existing shareholders for their patience as we put financing in place for this potential long life project."
Annual and Special Meeting of Shareholders
Camrova will hold an annual and special meeting of shareholders (the “ Meeting ”) on December 29, 2020. The Meeting has been delayed due to the pandemic.
Camrova Resources Inc.
Camrova is a Canadian mining company whose common shares are listed on the TSX-V. Presently, the Company is in discussion with various interested parties regarding finalizing its potential smelter slag copper processing project in Chile, utilizing the Las Vacas flotation plant. Camrova also currently owns 7.07% of the Boleo copper mine in Mexico, which is majority owned by KORES.
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.
For further information, please contact:
Camrova Resources Inc.
www.camrovaresources.com
Cautionary Statements
Certain statements contained in this press release constitute "forward-looking information", within the meaning of applicable securities legislation, which may relate to future events or future performance. While these forward-looking statements and any assumptions upon which they are based are made in good faith, actual results will almost always vary, sometimes materially from estimates, predictions, projections, assumptions or other future results suggested herein. When used in this press release, words such as "could", "intend", "expect", "believe", "will", "projected", "estimated" and other similar expressions and statements are intended to identify forward-looking statements. In particular, this press release contains forward-looking information relating to the proposed assignment of the Slag Agreement, the proposed acquisition of the Las Vacas project, the proposed convertible debt financing and equity financing and the holding of the Company’s Meeting. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and are based on management of Camrova's current belief or assumptions and actual or future results may differ materially. These risks, uncertainties and factors may include, but are not limited to: general business, economic competitive, political, regulatory and social uncertainties, and in particular, uncertainties relating to COVID-19, risks related to factors beyond the control of the Company, including risks related to COVID-19, risks related to the Company's shares, including price volatility due to events that may or may not be within such parties' controls, including risks related to COVID-19, the ability to raise capital, disruptions or changes in the credit or securities markets, global economic climate, and regulatory risks. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information.
The preceding list of risks, uncertainties, assumptions and other factors are not exhaustive. Information contained in this press release is made as of the date hereof, and Camrova is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this press release nor anything contained in it shall form the basis of any contract or commitment. In particular, this press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the " Securities Act "), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
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