NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / June 22, 2021 / Sombrero Resources Inc. ("Sombrero" or the "Company") is pleased to announce that the Company has filed an election with the Canada Revenue Agency to become a public corporation under the Income Tax Act (Canada) (the "Tax Act"). As a result, Sombrero's common shares are now eligible investments for Canadian RRSP, TFSA and the other registered accounts described below.
The election will be retroactively effective to a date prior to the October 9, 2020 transaction, pursuant to which the Sombrero shares were spun out from Auryn Resources.
As a result of making this election, the shares of the Company are now considered to be qualified investments under the Tax Act and the Regulations thereto in respect of Canadian residents holding shares via trusts covered by a "registered retirement savings plan" ("RRSP"), "registered retirement income fund" ("RRIF"), "tax-free savings account" ("TFSA"), "registered education savings plan" ("RESP"), "registered disability savings plan" ("RDSP") (collectively referred to as "Registered Plans") and a "deferred profit sharing plan" (collectively with the Registered Plans referred to as "Plans"). Further information is available on the Company's website.
A Message from Ivan Bebek, President, CEO & Director:
"We elected to make Sombrero a public company prior to listing on a Canadian stock exchange, which we are working toward finalizing this year and we will provide more specific timing once we have it."
"The Company has over C$6 million in its treasury and we are proceeding to achieve the necessary surface access agreements with the communities near to Sombrero. We are pleased with the long-term relationships we have been able to form with the local communities and believe that once access is obtained both sides will benefit considerably from the increased economic activity that would be associated with our exploration work."
ON BEHALF OF THE BOARD OF DIRECTORS OF SOMBRERO RESOURCES INC.
Ivan Bebek
President, CEO and Director
For further information on Sombrero Resources Inc., please visit www.sombreroresources.com or contact Natasha Frakes, Manager of Corporate Communications at (778) 729-0600 or [email protected].
About Sombrero
Sombrero Resources is a base metals exploration company focused on creating value for shareholders and stakeholders through the exploration and discovery of world-class copper-gold deposits in southeastern Peru. The Company's management and technical teams have a successful track record in raising capital, discovery and monetization of exploration successes. The Company's focus is the Sombrero copper-gold project, a 130,000-hectare district-scale land position with numerous significant targets. The Company believes Sombrero is the northwestern extension of the Andahuaylas-Yauri belt, which hosts world-class skarn deposits such as Las Bambas, Haquira, Los Chancas, Cotambambas, Constancia, Antapaccay and Tintaya. Sombrero is currently an unlisted reporting issuer and is seeking Canadian and U.S. listings with a targeted first listing in 2021. For more information, visit www.sombreroresources.com.
Cautionary Note Regarding Forward Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events, including the goal of a stock exchange listing about which there cannot be any certainty. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular, and without limitation, this news release contains forward-looking statements pertaining to the Company's intention to secure surface access for exploration. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company's continuous disclosure filings with the Canadian Securities Administrators, available at www.sedar.com.
No regulatory organization has approved the contents hereof.
SOURCE: Sombrero Resources Inc.