VANCOUVER, BC / ACCESSWIRE / December 30, 2024 / Sendero Resources Corp. (TSXV:SEND) (the "Company" or "Sendero") is pleased to announce that it has now completed its second and final tranche (the "Second Tranche") of its non-brokered private placement (the "Offering") of units of the Company (each a "Unit") previously announced on December 12, 2024. Under the Second Tranche of the Offering 11,880,001 Units were issued at a price of $0.12 per Unit for gross proceeds of $1,425,600.
Each Unit consists of one common share of the Company (each a "Common Share") and one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant shall be exercisable to acquire one (1) additional Common Share at an exercise price of $0.16 until December 30, 2029.
No finder's fees were paid in connection with the Offering. The Units were offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. All securities issued under the Second Tranche are subject to a hold period expiring May 1, 2025, in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "TSXV").
In total, the Company issued 12,695,001 Units and raised proceeds of $1,523,400.
The Company intends to use the net proceeds raised from the Offering to develop its mineral property interests in Argentina, and for general administrative expenses and working capital purposes.
Under the Second Tranche, an insider of the Company has subscribed for a total of 350,000 Units for a total consideration of $42,000, which constitutes a "related party transaction" within the meaning of Regulation MI 61-101 respecting Protection of Minority Security Holders in Special Transactions ("R). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, or the consideration paid by, such persons will exceed 25% of the Company's market capitalization. A material change report in respect of this related party transaction will be filed by the Company but could not be filed earlier than 21 days prior to the closing of the Offering, due to the fact that the terms of the participation of each of the non-related parties and the related parties of the Offering were not confirmed.
The securities offered 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 U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Sendero Resources Corp.
The Company is focused on copper-gold exploration at its 100% owned Peñas Negras Project in the Vicuña Belt in Argentina. The Peñas Negras Project has similar geological characteristics to other deposits in the Vicuña Belt and a cluster of porphyry and epithermal targets have been identified on the project. The Company, through its wholly owned subsidiary, Barton SAS, is the holder of ten granted mining concessions covering 120 km2 in the province of La Rioja, Argentina. The Company also has an option agreement to earn 80% interest on eight granted mining concessions covering 91.7 km2 adjacent to the east of the Peñas Negras Project.
Cautionary Statement on Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could, "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Cautionary Statement
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.
