WHITE ROCK, British Columbia--(BUSINESS WIRE)--Standard Tolling Corp. (TSX-V: TON, Frankfurt: GA0, “Standard Tolling” or the “Company”) announces that on November 20, 2014, the Company’s shareholders approved the consolidation of the Company’s shares on a 3 old for 1 new basis and on November 21, 2014, the TSX Venture Exchange (“TSX-V”) has accepted the consolidation and will issue its bulletin at the end of trading November 24, 2014. The Company’s stock will remain halted until the TSX-V requirements to allow trading to resume are met.
As announced on September 24, 2014, and October 20, 2014, the Company is acquiring a 150 ton per day CIL gold processing plant (the “Plant”) located in the department of La Libertad, near the city of Huamachuco in Northern Peru. Permitting for the Plant is in hand and it is expected that ore processing can commence as early as March 2015. The Company is in the process of submitting the final documentation to seek conditional approval from the TSX-V.
As announced on November 20, 2014, the Company intends to increase its planned private placement announced on September 24, 2014, and October 20, 2014, from $1,500,000 to up to $2,600,000 by way of a non-brokered private placement through the issuance of up to 26,000,000 units at a price of $0.10 per unit (the “Unit”). Each Unit will consist of one common share and one common share purchase warrant (the “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.15 for a period of five years from closing of the private placement. In the event that the volume weighted average trading price of the common shares of the Company trades at or above $0.30 per share for 15 consecutive trading days in the period commencing four months after the closing date, the Company will have the right to accelerate the expiry date of the Warrants to the date which is 30 days after notice is given to the holders of the Warrants of the accelerated expiry date. The private placement is subject to compliance with applicable securities laws and to receipt of regulatory approval.
The Company’s completion of the private placement is conditional on the Company completing the acquisition of the Plant and all subject to the TSX-V approving all elements of these transactions on terms acceptable to the parties, satisfactory results of due diligence and settlement of definitive documentation.
About Standard Tolling Corp.
Standard Tolling has assembled a well respected operating team with expertise in operating multiple toll processing plants that purchase ore from small miners. Under the progressive new formalization mandate, the Peruvian government has enacted legislation and explicitly encouraged additional compliant ore processing plants. The Company is on its way to establishing its first toll processing facility in Peru.
ON BEHALF OF THE BOARD
Mr. Len Clough, Chairman, President, CEO and Director
For further information please contact:
Tel: 866-222-5820 ext 101 for John Martin
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.
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur and include, without limitation, statements regarding the Company’s plans with respect to statements about the Company’s ability to fund and execute the proven ore processing business model outlined in this news release. Although Standard Tolling believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.