/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
VANCOUVER, BC, March 31, 2021 /CNW/ - Orca Gold Inc.
(TSXV: ORG) ("Orca" or the "Company") announces that the
previously announced non-brokered private placement (see the
Company's news releases dated March
17 and March 23, 2021) (the
"Offering") has been over-subscribed and has closed on a
total of 19,649,998 common shares for gross proceeds of
approximately $10,807,500.
All common shares issued under the Offering will be subject to a
hold period expiring on July 31,
2021, in accordance with applicable Canadian securities
laws.
The proceeds of the Offering will primarily be used to fund
ongoing operations at the Company's 70%-owned Block 14 Gold Project
in the Republic of the Sudan and
for general working capital.
The common shares issued under the Offering have not been, and
will not be, registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act"), or any state
securities laws, and accordingly, may not be offered or sold within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the Corporation's securities in the United States.
Commenting upon the successful financing, Richard Clark, CEO, said: "After nine years of
working in the Republic of Sudan,
delineating a resource with very strong economics and acquiring all
the necessary permits for development, the Company is ready to
proceed towards the construction of the Block 14 Gold Project.
Today, the political environment in the Republic of
Sudan is stabilizing at a rapid
pace. With all sanctions removed, negative designations withdrawn,
and sovereign immunity restored, the country is poised to be a
go-to jurisdiction for many industries, not just mining. In
particular, the Republic of Sudan's recent clearing of financial arrears
to the World Bank now opens the door to significant international
financial assistance. For Orca, we are fortunate to have the
support of the new Cabinet in advancing the Block 14 Gold Project
and using it to set the stage for a commercial gold mining industry
for the country. I would like to extend our sincere appreciation to
Orca's shareholders for their ongoing support and a warm welcome to
new investors who see the great potential of Block 14 and the
potential of the Republic of the Sudan. The Company will provide a more
detailed corporate update regarding Orca's plans and budget in the
coming weeks. I very much look forward to providing more details of
the Company's financing and development opportunities and plans for
the development of Block 14".
On behalf of the Board of Directors,
"Richard P. Clark"
Richard P. Clark| CEO &
Director | Orca Gold Inc. | 604.689.7842
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource
company focused on exploration and development opportunities in
Africa. Led by a board of
directors made up of industry experts and a management team with a
track record of discovering and building significant mines
globally, Orca is developing one of the leading gold projects in
Africa. The Company is currently
focused on the 70%-owned Block 14 Gold Project in the Republic of
the Sudan on which a Feasibility
Study was completed in November 2018
and a revised Study filed in September
2020.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this
press release constitutes "forward-looking information",
within the meaning of applicable Canadian and U.S. securities laws.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". The forward-looking
information contained herein is provided for the purpose
of assisting readers in understanding
management's current expectations and plans relating to the future.
Readers are cautioned that such information may
not be appropriate for other purposes.
Forward-looking statements contained in this press release
may include statements regarding the use of proceeds, the closing
of the Offering, the future operating or financial performance of
the Company and the financial metrics reported in our feasibility
study, which involve known and unknown risks and uncertainties
which may not prove to be accurate. Actual results and outcomes may
differ materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: the requirement for
regulatory approvals; enhanced uncertainty in global financial
markets as a result of the current COVID-19
pandemic; unquantifiable risks related to
government actions and interventions; stock
market volatility; regulatory restrictions; that the Feasibility
Study may not represent a viable development option for Block 14
and that the assumptions set out therein (particularly with respect
to the economics of Block 14) may prove to be untrue or inaccurate;
that actual Mineral Reserves and Resources at Block 14 and the
grades thereof may be less or different in nature than those
contained in the Feasibility Study; that the Company may not meet
the production estimates set out in the Feasibility Study; that the
life of mine at Block 14 may be shorter than anticipated; that the
Company may not receive the necessary permits on time, or at all;
risks related to cost overruns and the changes of the cost of
inputs; that the development and mining of Block 14 may experience
delays and may not proceed on the expected timeline, or at all;
that the Company may develop Block 14 in a different manner than is
set forth in the Feasibility Study and
other risk factors listed from time to time in our reports filed
with Canadian securities regulators on SEDAR at
www.sedar.com. The forward-looking statements included in
this press release are made as of the date of this press release
and the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
Neither the 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.
SOURCE Orca Gold Inc.