Newlox Gold - Private Placement
Vancouver - TheNewswire - 2 October 2019 - Newlox Gold Ventures Corp. (CNSX:LUX.CN) (Frankfurt:NGO) ("Newlox" or the "Company") announces private placements totaling $65,000.00 for issuance of 1,300,000 Units. Each Unit consists of one Common Share of the Company and one Warrant. Each Warrant is non-transferrable and entitles the holder to purchase an additional Newlox common share for C$0.10 for a period of 2 years.
The proceeds of this Private Placement are allocated to general administrative working capital and to support commercial operations at the Company's recently commissioned environmental reclamation and precious metals production facility in Central America.
In connection with the closing of the Private Placement, the Company will pay a finders' fee of eight percent and issue eight percent in Finder's Units.
On 27 May of 2019, the Company announced completion of pre-production activities at the plant. Since then, Newlox has established steady-state operations as announced on 9 July 2019. This production is a major milestone for the Company. Newlox has posted a video demonstrating one of the many pours during the summer.
Pouring of gold dore has become a regular procedure for the Company, and management commends the operations team on their hard work and dedication.
The Company is now focused on increasing daily throughput and achieving optimum tailings environmental remediation and gold recovery.
About Newlox Gold Ventures Corp.
Newlox Gold Ventures Corp. is an environmental remediation company recovering contaminants and residual precious metals from historical waste left behind over more than a century of inefficient artisanal and small-scale mining in politically and socially stable jurisdictions in Latin America.
The Newlox environmentally and socially responsible business model has been deployed after extensive experience in the region and with the help of the Company's technical advisors at the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia ("UBC") which, provides the Company with unique advantages, such as not having to undertake exploration work or mining, resulting in dramatically reduced overall costs.
Newlox also benefits from the high grades characteristic of artisanal mine tailings due to the inefficient processing techniques used by the original miners.
With the guidance of its advisors at UBC, the Company has also identified important remediation technologies designed to recover deleterious materials present due to historical artisanal mining practices and is deploying these systems in the field as part of the commissioning process.
Newlox has signed agreements with local artisanal mining cooperatives to provide both a steady supply of historical tailings and a newly created feedstock for its first fully operational processing plant in Central America.
With hundreds of years of mining history in Latin America and inefficient artisanal processing continuing to this day, the Company has identified and secured a compelling opportunity to grow its business model. Newlox has identified a niche within the extractive industry where a clean-technology company can apply innovative processing techniques to recover not only precious metals but also effect positive change in the environmental and social landscape in its targeted jurisdictions of operations.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision.
Stewart A. Jackson, Ph.D., P.Geo., a "Qualified Person" within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Newlox Gold Ventures Corp., President
Phone: +1 778 738 0546
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