Each Unit consists of one common share of Southern Empire (a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional Common Share for a period of three years from the date of issue at an exercise price of
Certain directors and insiders of Southern Empire acquired 2,146,000 Units pursuant to the Offering (the "Insider Participation").
The Insider Participation is a "related party transaction" as defined in the Canadian Securities Administrators' Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
All securities issued pursuant to the Offering are subject to restrictions on resale until
The proceeds of the Offering will be used for exploration programs on Southern Empire's mineral properties, and for general working capital purposes.
Subsequent to the Offering, Southern Empire will have 60,906,800 Common Shares issued and outstanding.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within
Qualified Person
The scientific and technical information contained in this news release has been prepared, reviewed and approved by
About
Southern Empire is focused on the acquisition, exploration and development of metals and minerals deposits in
In northeastern Durango State, México, Southern Empire has an option to acquire a 100-per-cent beneficial interest in the 1,750-hectare
In the Cargo Muchacho mountains of
At Oro Cruz, extensive historical drilling and large-scale open-pit and underground mining of the American Girl, Padre y Madre, Queen and Cross oxide gold deposits by the American Girl Mining Joint Venture (AGMJV; ultimately owned 53 per cent by
On behalf of the Board of Directors of
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain forward-looking information or forward-looking statements that are based on assumptions as of the date of this news release. Such information or statements reflect management's current estimates, beliefs, intentions and expectations and are not guarantees of future performance. Southern Empire cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond its respective control. Such factors include, among other things: risks and uncertainties relating to Southern Empire limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on its projects and those risks and uncertainties identified in its annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Southern Empire undertakes no obligation to publicly update or revise forward-looking information
Cautionary Notice Regarding Historical Resource Estimate
The historical resource estimate outlined above is disclosed in a technical report dated
Work Programs During the COVID-19 Pandemic
Timing of Southern Empire's exploration programs will be contingent on governmental regulations regarding the COVID-19 pandemic and the availability of exploration-related personnel, drill contractors, equipment, lodging, et cetera. Southern Empire will adhere to COVID-19 directives regarding safe working practices putting worker, community and national safety first and will proceed with exploration and development work programs only if potential COVID-19 risks can be effectively managed.
Neither the
SOURCE
© Canada Newswire, source