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Robex Resources Provides an Update on the Sycamore Transaction

·5-min read
Robex Resources Inc.
Robex Resources Inc.

QUÉBEC CITY, May 26, 2022 (GLOBE NEWSWIRE) -- Robex Resources Inc. (“Robex ”, “the Group” or “the Company”) (TSXV: RBX) and Sycamore Mining Ltd (“Sycamore”), wish to provide an update on the previously announced acquisition (the “Transaction”) of all of the shares of 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 closing conditions for the Transaction. Personal Information Forms for directors and officers of Sycamore who will remain after closing of the Transaction have been filed with the TSX Venture Exchange Inc. (the “Exchange”) Audited financials and other required financial information for Sycamore and a National Instrument 43-101 Technical Report on the Kiniero property are currently being prepared by the parties. Robex is also completing the transaction documentation and other required information for submission to the Exchange. Once all the documentation is complete, the Company will submit an application to the Exchange for final approval of the Transaction.

Closing is still expected to occur before end of Q2 2022 after the publication of a new NI 43-101 report and satisfaction of the other conditions precedent to closing.

About Sycamore Mining

Sycamore Mining is a Cyprus-based mining company focused on developing mining and mineral projects which currently owns an interest in two projects: (1) the Kiniero Project located in the Republic of Guinea held through its wholly-owned subsidiary Sycamore Mine Guinee SAU which includes a group of licenses and exploitation permits referred to as Kiniero and an option over an exploration license referred to as Mansounia, together forming the Kiniero District and (2) the Lomati Gold Mine located in the Kingdom of Eswatini (formerly Swaziland) which will be disposed as a condition 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.

For more information:

Robex Resources Inc.
Benjamin Cohen, CEO
Aurélien Bonneviot, investors relations and corporate development
investor@robexgold.com 
www.robexgold.com 
Head office: +1 (581) 741-7421

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. These differences can be attributed to many factors, including geopolitical risk, market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. In particular, this press release contains forward looking statements concerning the completion of the proposed acquisition of the Kiniero Project, the potential development and exploitation of the Kiniero Project and the Company’s existing mineral properties and business plan, including the completion of feasibility studies or the making of production decisions in respect thereof. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. 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 conditions precedent to the acquisition, including the receipt of regulatory approvals, the completion of the Company’s due diligence review in relation to the proposed acquisition, and the Company’s ability 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.

Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as further disclosed in a subsequent news release in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and 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) accept responsibility for the adequacy or accuracy of this release.


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