VANCOUVER, BRITISH COLUMBIA – June 1, 2018 – Secova Metals Corp. (“Secova” or the “Company“) (TSXV: SEK, Frankfurt: N4UN, USA: SEKZD) announces that it has re-priced its previously announced non-brokered private placement (see news release dated April 2, 2018). The private placement is being re-priced in order to more accurately reflect the current market price of the Company’s common shares.
The private placement will consist of up to 5.0 million Flow-Through Units (“FT Unit”) at a price of $0.15 per FT Unit and 5.0 million Non-Flow-Through Units (“NFT Unit”) at a price of $0.13 per NFT Unit, for gross proceeds of approximately $1,400,000 (“the Offering”). The FT Units consist of one flow-through common share and one whole warrant exercisable into one non-flow-through common share priced at 20 cents for a period of 18 months from the date of issuance. The NFT Units consist of one non-flow-through common share and one whole warrant exercisable into one non-flow-through common share priced at 20 cents for a period of two years from the date of issuance.
The Company may pay finder’s fees in connection with the Offering, in accordance with the TSX Venture Exchange policies. All securities issued under the Offering will be subject to a four-month plus one day hold period in accordance with applicable Canadian securities laws. The Offering is subject to the approval of the TSX Venture Exchange.
The Company will apply the proceeds from the Offering to advance the Company’s Eagle River, Duvay/Chenier and its Cobalt projects, all positioned in Quebec, Canada, as well as for general working capital.
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. 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/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. Duvay/Chenier is located in the Abitibi gold belt, one of Quebec’s premier mining jurisdictions. The Company has plans to advance the development of Duvay/Chenier as well as seek other avenues of growth through acquisition and mergers. The Company also has 100% ownership of the Eagle River project which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. In addition, the Company has made a strategic investment by entering into agreements to acquire 100% of a portfolio of four cobalt projects consisting of 76 claims or approximately 4,182 hectares in Quebec. Secova will use its expertise in early stage exploration to create shareholder value by attempting to prove out the potential resource in these assets.
For more information on Secova Metals Corp. please contact firstname.lastname@example.org, Tel: +1 604-558-5397 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: +1 604-558-5397
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.