QUEBEC CITY, July 11, 2022 (GLOBE NEWSWIRE) — Robex Resources Inc. (“Robex”, “the Group” or ”the Company”) (TSXV: RBX) is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to assist Robex with its investor relation activities, announces the grant of options pursuant to the Stock Option Plan and wishes to provide an update on the Sycamore transaction.
The Company announces the engagement of Renmark Financial Communications Inc. (“Renmark”) to assist with its investor and media relations activities. In consideration for the services to be provided, Robex will pay Renmark up to $8,000 in monthly fees, starting August 1st, 2022, for a period of seven months ending on February 28th, 2023, and monthly thereafter. Renmark will not have any interest, directly or indirectly, in Robex or its securities, or any right or intent to acquire such an interest.
“We are pleased to announce that we have selected Renmark to reinforce Robex Resources Inc. profile in the financial community and enhance the visibility of our company. We chose Renmark because we believe its standards and methodologies fit best with the message we wish to communicate to the public,” noted Benjamin Cohen, Chief Executive Officer.
ISSUANCE OF STOCK OPTIONS
In accordance with its current stock option plan, Robex announces that the Company has granted an aggregate of 6,000,000 stock options at an exercise price of Cdn$0.36 to its directors, and some officers and employees, which represents the remaining balance of options available for issuance under such stock option plan.
Following the grant of stock options, the Company now has a total of 10,956,163 stock options issued representing approximately 1.8% of the outstanding common shares of the Company.
UPDATE ON SYCAMORE TRANSACTION
Robex and Sycamore Mining Ltd wish to provide an update on the previously announced acquisition (the “Transaction”) of all of the shares of Sycamore Mining Ltd (“Sycamore), the details of which are included in Robex’ press release dated April 20, 2022.
As of today, Robex and Sycamore continue to work to satisfy the remaining closing conditions for the Transaction. In particular, the parties are diligently working on obtaining the required Audited financials for Sycamore and a National Instrument 43-101 Technical Report on the Kiniero property. Once all the documentation is complete, the Company will submit an application to the Exchange for final approval of the Transaction.
Closing is now expected to occur before the end of Q3 2022 after the publication of a new NI 43-101 report and satisfaction of the other conditions precedent to closing.
About Robex Resources Inc.
Robex Resources Inc. is a TSX-V listed Canadian mining company with exploration properties in Mali and an operating mine. The group has a strong business model, which demonstrated great results with the Nampala mine. With this experience, Robex is now striving to grow in West Africa by acquiring and/or developing new mines.
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Forward looking Statement
This news release contains statements that may be considered “forward looking information” or “forward looking statements” in terms of security legislation. These forward-looking statements are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the ability of the Company to complete the planned funding to undertake its future work programs, and results of future exploration activities by the Company. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment to make any updates or changes to these publicly available forecasts based on new information or events, or for any other reason, except as required by applicable security laws. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) responsibility accept for the adequacy or accuracy of this release.