Secova Metals Completes Financing to Commence Initial Drill Program at Duvay Project, Quebec
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2016) - Secova Metals Corp. (TSXV: SEK) (FSE: N4UN) (OTC: SEKZF) ("Secova" or the "Company") is pleased to announce that it has closed the private placement that was announced on September 13, 2016. This closing included gross proceeds raised of $536,550.
Subject to acceptance of the TSX Venture Exchange, the Company will close on 7,515,000 Flow-Through Shares ("FT Shares") at $0.05 per FT Unit for proceeds of $375,750 and 3,216,000 Non-Flow-Through Units ("NFT Units") at $0.05 for proceeds of $160,800.
The NFT Units will consist of one common share and one share purchase warrant (a "Warrant"). Each warrant will entitle the holder to purchase one additional share of the Company at a price of $0.08 per share for a period of 24 months from closing. The FT Unit will not contain a share purchase warrant attached.
All securities hereunder are subject to a four month and a day hold from the closing date. Finders fees paid in conjunction with this closing will be $3,200.00 cash and the issuance of 96,960 broker warrants to Leede Jones Gable and $800.00 cash and the issuance of 24,24 broker warrants to Canaccord Genuity. The broker warrants are exercisable for 12 months from closing at $0.05 per share.
The proceeds received from the private placement will be used by the Company to fund the upcoming winter exploration program at the Duvay/Chenier claims in Quebec. A detailed Phase 1 exploration program is currently being planned and details will be available shortly. The proceeds will also be utilized for corporate development and general and administrative costs.
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. 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. Secova Metals trades on the TSX Venture under the symbol SEK, in the United States under the symbol SEKZF and on the Frankfurt Exchange as 4NUN.
For more information on Secova Metals Corp. please contact Morgan Good, Secova's President, at morgan.good@secovametals.com 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.
"Brad Kitchen"
CEO, Director and Chairman
Tel: +1 604-506-7555
info@secovametals.com
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.