Mining Discovery

Phenom Announces $1.24M Closing of Over-Subscribed Non-Brokered Private Placement Financing

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Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (“Phenom” or the “Company“) announces that it has closed its over-subscribed non-brokered private placement (the “Offering“) previously announced on June 10, 2024. The Company has issued 2,750,000 units (the “Units“) at a price of $0.45/Unit for gross proceeds of $1,237,500. In connection with the Offering, the Company paid a total of $6,300.00 as finder’s fees.

Each Unit comprises one common share in the capital of the Company (“Share“) and one transferable Share purchase warrant of the Company (“Warrant“), whereby each Warrant entitles the holder thereof to purchase one additional Share (“Warrant Share“) at an exercise price of $0.65 at any time before 5:00 p.m. (Vancouver time) on June 22, 2027, being the third anniversary of the date of issuance.

All securities issued under the Offering are subject to a hold period expiring October 22, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

In addition, further to its press release of May 22, 2024, the Company has made its initial option payment with respect to the King Solomon Gold Project, which includes the issuance of 75,000 common shares to the property owner. These shares are subject to a hold period expiring October 15, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The Company also wishes to correct its previous disclosure regarding the option purchase price for this property and advises that in order to fully exercise its option and acquire the property, over a four-year period, the Company will issue 75,000 shares of the Company and pay an aggregate of US$157,500 (not US$150,000 as previously disclosed). All other terms of the agreement remain as disclosed in the May 22, 2024 news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Phenom Resources Corp.
Phenom holds a 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80. The property lies in the southern parts of Carlin Gold Trend. The Carlin Gold-Vanadium Project hosts the Carlin Vanadium deposit. The Company also has options agreements to earn 100% interest in the Dobbin, King Solomon and Crescent Valley gold projects in Nevada.

ON BEHALF OF PHENOM RESOURCES CORP.
per: “Paul Cowley”
CEO & President
T: (604) 340-7711
E: pcowley@phenomresources.com W: www.phenomresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information:
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof 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 required under applicable securities regulations.

Not for distribution to United States newswire services or for dissemination in the United States.

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