Toronto, Ontario--(Newsfile Corp. - September 24, 2024) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today that Mr. Serafino Iacono, Executive Chairman and CEO, has exercised a total of 3,000,000 common share purchase warrants at an exercise price of CA$0.60 per share for gross cash proceeds to the Company of CA$1.8 million.
Mr. Iacono commented, "Denarius Metals is well positioned with a portfolio of high-grade mining projects in Spain and Colombia that gives us exposure to near term production of sought after critical minerals and precious metals. My exercise of the warrants today reaffirms my confidence in Denarius Metals as we continue to execute our business plan to bring our Zancudo and Aguablanca Projects into production within the next 6 to 12 months to create an internal source of cash flow to support our longer term growth strategy."
As a result of the warrants exercise, Mr. Iacono beneficially owns and controls 15,899,083 common shares (which represents approximately 20.5% of the Company's issued and outstanding common shares), 900,000 stock options, 2,969,014 unlisted warrants, CA$1,864,000 senior unsecured convertible debentures due 2028 and CA$6,300,000 unsecured convertible debentures due 2029. Prior to the warrants exercise, Mr. Iacono beneficially owned and controlled 12,899,083 common shares (which represented approximately 17.3% of the Company's issued and outstanding common shares), 900,000 stock options, 2,969,014 unlisted warrants, CA$1,864,000 senior unsecured convertible debentures due 2028 and CA$6,300,000 unsecured convertible debentures due 2029. Assuming full exercise of his stock options, unlisted warrants and senior unsecured convertible debentures, Mr. Iacono would have control and direction over 34,410,319 common shares, representing 35.8% of the then outstanding common shares on a partially diluted basis.
Mr. Iacono has acquired the securities for investment purposes only, and depending on market and other conditions, may from time to time in the future increase or decrease his ownership, control or direction over securities the Company, through market transactions, private agreements, or otherwise.
At the Company's Annual General and Special Meeting of Shareholders held on June 5, 2024, approval was received for an ordinary resolution approving the creation of Serafino Iacono as a new Control Person (as such term is defined in the policies of Cboe Canada) of the Company, as more particularly described in the Management Information Circular of the Company dated May 3, 2024.
Mr. Iacono will file an early warning report (the "Early Warning Report") pursuant to applicable securities laws in connection with the warrants exercise. A copy of the Early Warning Report to which this news release relates will be available under the Company's profile on SEDAR+ at www.sedarplus.ca. To obtain a copy of the Early Warning Report, please contact Amanda Fullerton, Corporate Secretary, at Denarius Metals' office at 401 Bay Street, Suite 2400, PO Box 15, Toronto, Ontario M5H 2Y4 or by calling (416) 360-4653.
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts.
In Spain, the Company owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L. which owns a 5,000 tpd processing plant and has the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura, Spain, approximately 88 km northwest of the Lomero Project. The Company is also carrying out an exploration campaign on the Toral Project located in the Leon Province, Northern Spain pursuant to an option and joint-venture arrangement with Europa.
In Colombia, Denarius Metals is carrying out construction activities at its 100%-owned Zancudo Project, which includes the historic producing Independencia mine, to develop production and cash flow expected to commence in the fourth quarter of 2024 through local contract mining. The Company is currently carrying out a 10,000 meters drilling program on the Zancudo deposit which remains open in all directions.
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including statements related to Mr. Iacono's securities holdings and intentions in respect to such holdings. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 25, 2024 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224469
SOURCE: Denarius Metals Corp.
