WHITE ROCK, British Columbia--(BUSINESS WIRE)--Standard Tolling Corp. (TSX-V: TON, Frankfurt: GA0, “Standard Tolling” or the “Company”) announces a non-brokered private placement of units to raise gross proceeds of up to $1,500,000 (the “Financing”). The net proceeds of the Financing will be used to fund upgrades and operations of the toll milling plant, located in Huamachuco, Peru and general working capital.
Leonard Clough, CEO of the Company stated: “The completion of this financing combined with the completion of the ore purchase financing to raise up to US$2,250,000 announced March 6, 2015, will provide us with the necessary capital to complete our Phase 1 capex program, our optimization plan, and our ore purchases. This is another great milestone for Standard Tolling. We are looking forward to communicating our progress with regards to ore purchase contracts in the coming weeks."
The Company will undertake a non-brokered private placement of up to 10,000,000 units (a “Unit”) at C$0.15 per Unit. Each Unit will comprise one common share and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder the purchase one common share at a purchase price of C$0.25 for a period of two years following closing. The private placement is subject to compliance with applicable securities laws and to receipt of regulatory approval.
The Company reserves the right to increase the size of the Financing or to modify the type, nature and/or price of the Units for any reason, subject to TSX-V acceptance.
The Company may pay finder’s fees within the allowable limits of the policies of the TSX-V.
About Standard Tolling Corp.
Through its wholly owned subsidiary, Standard Tolling owns and is commissioning the 150 TPD custom tolling facility in Huamachuco which services the legal small mining communities of northern Peru. Under the progressive new formalization mandate, the Peruvian government has enacted legislation to curtail illegal mining by requiring all toll processing operations to purchase only compliant ores. This has created significant opportunity for well run, well funded operators to gain market share as older poorly capitalized players with poor technology are phased out.
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.