In This Article:
Sendero Resources Corp. (TSXV:SEND) (the "Company" or "Sendero") is pleased to announce a non-brokered private placement of up to 14,000,000 units of the Company (the "Units") at a price of $0.12 per Unit for aggregate gross proceeds of up to $1,680,000 (the "Private Placement"). Each Unit will consist of one common share (a "Common Share") and one common share purchase warrant (a "Warrant") being exercisable to purchase one Common Share at a price of $0.16 per Common Share for 60 months from the date of issuance.
The private placement is subject to approval of the TSX Venture Exchange ("TSXV"), and all securities issued under the private placement will be subject to statutory hold periods expiring four months and one day from the date of closing of the private placement.
The Company intends to use the net proceeds raised from the private placement to develop its mineral property interests in Argentina, and for general administrative expenses and working capital purposes.
Certain directors and officers of the Company may acquire securities under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). 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.
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 to earn an 80% interest on eight additional granted mining concessions covering 91.7 km2 adjacent to the eastern boundary of the Peñas Negras Project.