CALGARY, AB / ACCESSWIRE / October 7, 2021 / Poplar Creek Resources Inc. (the " Corporation ") announces the following:
- The Corporation proposes to offer by way of a non-brokered private placement of up to 12,000,000 Common Share at a price of $0.10 per Common Share for gross proceeds of up to $1,200,000 (the " Private Placement "). See item (c) below.
- The Corporation has approved the borrowing (the " Financing ") of up to an aggregate principal amount of $200,000 to be repaid together with interest at the rate of 5% per annum, upon and subject to the terms contained in a series of promissory notes designated as "Series 1 Convertible Promissory Notes (each a " Note "). The maturity date of each Note is February 10, 2022. The principal amount of each Note is convertible by the holder of such Note at any time, and from time to time, into Common Shares of the Corporation at a conversion price of $0.10 per Common Share. The principal amount of each Note will be automatically converted into Common Shares if the Corporation completes the Private Placement in a minimum amount of $1,000,000 prior to the maturity date of February10, 2022.
- Further to the Corporation's News Release of October 1, 2021 wherein the Corporation announced entering into a share purchase agreement (the " Transaction ") to purchase 100% of the issued and outstanding shares of Zambezi Rainbow Minerals (Private) Limited (the " Zambezi Shares ") and that the closing of the purchase of the Zambezi Shares is subject to (among other terms) receipt by the Corporation of subscriptions pursuant to a private placement(which is the Private Placement referred to in item (a) above), there was an typographical error in the amount to be raised pursuant to the private placement and should have indicated a minimum of $1,200,000. The closing date of the Transaction has been extended from October 21, 2021 to October 28, 2021.
FORWARD LOOKING INFORMATION
The information and statements in this news release contain certain forward-looking information. In particular, this news release contains forward-looking information and statements regarding the completion of the Private Placement and the closing of the Transaction. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The outcome and timing of the forward-looking information, as well as the actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.
For further information contact:
Poplar Creek Resources Inc.
Attention: Richard Edgar
Chief Executive Officer
Phone: (403) 616-5387
E-mail: [email protected]
SOURCE: Poplar Creek Resources Inc.