VANCOUVER, BRITISH COLUMBIA – February 10, 2019 – Secova Metals Corp. (“Secova” or the “Company“) (TSXV: SEK, Frankfurt: N4UN, USA: SEKZF) Secova Metals Corp. (“Secova” or the “Company“) announces that it has extended the offering period on its private placement announced on December 19, 2018 to February 23, 2019. This private placement a non-brokered private placement (the “Financing”) pursuant to which the Company will now issue up to 10,000,000 units at a purchase price of $0.05 per unit (the “Units”) for total gross proceeds of $500,000 (an increase of 2.0 million Units). Each Unit consists of one common share and one additional common share warrant for a period of two years from issuance at an exercise price of $0.10 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. The Company has completed its first tranche of the Financing with the receipt of subscriptions for 4.0 million Units.
“The reason for the extension and small increase in this offering is a direct result of the recent appointment of Daniel Danis to the Board of Directors,” stated Brad Kitchen, C.E.O. of Secova. “We have received a very positive response from investors who have expressed interest in participating in the private placement at these levels.”
In connection with the Financing, the Company may pay an 8% cash finder’s fee and issue 8% finder’s warrants (the “Finder’s Warrants“). The Finder’s Warrants for the Units will be exercisable into common shares for a period of one year at an exercise price of $0.05 per common share.
The issuance of the Units and Finder’s Warrants will be subject to TSX Venture Exchange approval and once issued, subject to a fourth month hold period.
Proceeds from the Financing will be used for exploration and development of the company’s advanced gold projects in Quebec.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian exploration company focused on building a strong asset base through exploration of undervalued projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec.
For more information on Secova Metals Corp. please contact firstname.lastname@example.org, Tel: +1 604-506-7555 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.
Chairman, CEO and Director
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.