PAMBILI NATURAL RESOURCES CORPORATION CALGARY, Canada (Jan. 3, 2022)-Pennine Petroleum Corporation ("Pennine" or "the Corporation") (TSX-V: PNN) provides a 30-day update on the status of the Earn-in Agreement.
Earn-in Agreement
As announced on Dec. 3, 2021, Pennine has signed an Earn-in Agreement (the "Agreement") with Techshed Investments (Private) Limited which owns and operates a producing gold mine in Zimbabwe.
The Agreement, which is subject to financing, allows the Corporation to earn 51% of the increased future production of the mine by investing US$1.0 million in capital expansion and development (including exploration) over the next two years.
Under Policy 5.3 of the TSX, the Agreement constitutes a Fundamental Acquisition and is therefore a Reviewable Transaction. The Corporation is waiting for the TSX Venture Exchange (the "Exchange") to complete its review of the Agreement and, until that review is complete, Pennine's shares will remain subject to a Trading Halt.
Private Placement
On Dec. 22, 2021, Pennine announced that the Exchange had conditionally accepted Pennine's application for a Private Placement to raise $500,000 (the "Offering"), previously announced on Dec. 3, 2021. The Corporation has since started marketing the Offering, the closing of which will allow Pennine to complete the Agreement.
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Pennine Petroleum Corporation published this content on 03 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 January 2022 21:18:11 UTC.
