ARBOR METALS COMMENCES WORK PROGRAM AT RAKOUNGA GOLD PROJECT, WEST AFRICA AND ANNOUNCES FINANCING
September 8, 2020 – Vancouver, British Columbia – Arbor Metals Corp. (the “Company”) (TSXV: ABR) is pleased to announce that it has commenced preliminary work at its Rakounga Gold Project (the “Project”), located in Burkina Faso, West Africa. Initial work consists of a survey and sampling program designed to identify potential gold mineralization extending from the Project’s northern boundary southwest from the Bouboulou 1 mineral showing. This initial work will enhance the geochemical understanding of the Project and assist in targeting areas for follow-up drilling.
Based on encouraging initial indications from the field crew, the board of director have decided to commence planning of the next stage of exploration, to follow up on the current program. As a result, the Company has elected to bring to market a financing up to $3,000,000 by way of non-brokered private placement, at a price of $1.90 per share.
Proceeds from the Offering will be utilized to support drilling work at the Project following completion of the initial survey, and for general working capital purposes. The Company may pay commissions to eligible parties introducing subscribers to the Offering. All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Offering remains subject to approval of the TSX Venture Exchange.
About the Rakounga Gold Project
The Rakounga Gold Project consists of an exploration permit covering a two-hundred-and-fifty square kilometer area located along the Goren Greenstone Belt in central Burkina Faso. The Company holds the right to acquire up to a one-hundred percent interest in and to the Project, subject only to pre-existing royalty obligations. The Company has control over operations conducted on the Project and will look to expand on historical drilling and survey work conducted on the Project.
For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetalscorp.com, or visit the Company’s website at www.arbormetalscorp.com.
The technical information in this news release has been reviewed and approved by Warren Robb, P.Geo., a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Executive Officer
ARBOR METALS CORP.
Suite 2200, 885 West Georgia Street
Vancouver, British Columbia
V6C 3E8
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to completion of a work program at the Project, the intended completion of the Offering, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.