Azarga Metals to Pay Baker Steel Semi-Annual Interest in Shares
VANCOUVER, October 11, 2019 - Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) has delivered a notice to Baker Steel Resources Trust Limited ("BSRT") indicating that it wishes to exercise its option to pay the semi-annual interest owed on the US$3 million convertible debt to BSRT in shares. Interest owed on the first semi-annual interest payment date of 12 October 2019 is the Canadian equivalent of $88,227 that will be settled by the issue of 1,470,443 common shares priced at $0.06 per share, being the closing price on 11 October 2019.
Pursuant to the loan agreement with BSRT, the shares are to be delivered to BSRT within 14 days following the interest payment date of 12 October 2019. Issuance of the shares is subject to approval of the TSX-V.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On completion of a first phase physical exploration program in 2016-2018, the Company estimated an Inferred Resource of 62 million tonnes at 0.53% copper and 38.6g/t silver for the project (see news release 15 October 2018). The Resource remains open in both directions along strike and down-dip.
President and Chief Executive Officer
For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 6, visit www.azargametals.com, or follow us on Twitter @AzargaMetals. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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 forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: Azarga Metals Corp.
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