VANCOUVER, BRITISH COLUMBIA – February 6, 2017 – Secova Metals Corp. (“Secova” or the “Company”) (TSXV: SEK, Frankfurt: N4UN, USA: SEKZF) Secova Metals Corp. (“Secova” or the “Company”) is pleased to announce it intends to complete a non-brokered private placement (the “Financing”) to raise up to $500,000 through the issuance of up to 10,000,000 units at a purchase price of $0.05 per unit (the “Units”).
Each Unit will consist of one common share and one additional common share warrant for a period of two years from issuance at an exercise price of $0.08 per common share. There is an acceleration clause that if the common shares of Secova trade at or above $0.20 per share for a period of 10 trading days during the last year of the warrant period, then the warrant must be exercised within 15 business days.
All securities issued in connection with the Financing, including any finder’s warrants, will be subject to statutory hold periods in accordance with Canadian securities laws for a minimum of four months and one day. The Company may pay finder’s fees to eligible persons in accordance with applicable securities laws and regulatory policies.
Proceeds from the Financing will be used for exploration and development of the company’s advanced Duvay gold project as well as preliminary exploratory work at the Eagle River gold project in Quebec and for general corporate purposes.
Secova Metals Quick Facts:
• 7,766-hectare representing 174 contiguous claims (Duvay/Chenier Gold Project) in the Amos Township in Québec.
• 2017 Exploration Program underway – up to 5,250 meters of drilling and an additional 1.3 km of mineralization modeling using IPower 3D survey.
• 2,165-hectare Eagle River gold project in the Windfall Lake camp of Urban-Barry township, Quebec.
• The Company will be planning its initial exploration program based on historic drilling information from the site and an intimate knowledge of the gold mineralization of the Windfall Lake gold camp.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian gold exploration company focused on building a strong asset base through exploration of undervalued gold projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova has the exclusive right and option to acquire from Tres-OR Resources Inc. (“Tres-Or”), an undivided 65% right, title and interest in the contiguous Duvay and Chenier Gold Projects. Secova can earn up to 90% of the property (an additional 25% ownership) by funding a pre-feasibility study after the initial exploration expenditures to bring the property towards production. The Company has a total contiguous land package of 174 claims covering over 7,766 hectares (17,458 acres) of land. The Duvay/Chenier project is located within the Abitibi gold belt, one of Quebec’s premier mining jurisdictions. The Company has plans to advance the development of Duvay/Chenier and Eagle River as well as seek other avenues of growth through acquisition and/or mergers.
For more information on Secova Metals Corp. please contact Morgan Good, Secova’s President, at firstname.lastname@example.org and Tel: +1 604-715-4751 or visit the website at www.secovametals.com for past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
SECOVA METALS CORP.
CEO, Director and Chairman
Tel: +1 604-506-7555
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.