Vancouver, British Columbia--(Newsfile Corp. - April 2, 2018) - Secova Metals Corp .(TSXV: SEK) (FSE: N4UN) (OTC: SEKZF) ("Secova" or the "Company") is pleased to appoint Mr. David Vincent to the Board of Directors of the Company. The Company also announces it intends to complete a 10 to 1 consolidation (the "Consolidation") of its outstanding share capital and a $2.0 million non-brokered private placement (the "Financing").
New Director
Mr. Vincent's background includes consulting and investment banking, providing corporate advisory, corporate public relations and capital raising services within the resources sector. Mr. Vincent was a senior executive with BAE Systems, a global aerospace company, where he gained significant skills and experience in international business development, feasibility studies, market analysis, business planning, project financing, project management and marketing within the United Kingdom, the Middle East and Europe. Mr. Vincent is a professional engineer and commercial pilot with post graduate academic qualifications in management and financial services. Mr. Vincent was a senior commissioned officer (Engineer and Pilot) in the Royal Australian Air Force. Mr. Vincent has worked throughout Europe, Middle East, Africa and Asia region for the last 20 years. He holds a Bachelor of Engineering with Distinction from RMIT Australia, a Diploma in Administrative Studies, an Advanced Diploma in Aviation Studies and a Diploma in Financial Planning from Deakin University.
"We are pleased to have David join our Board. His skills and knowledge of market cycles, financial background along with global knowledge, and industry leading ideas make David a strong and welcome asset to the Secova Metals Board," states Brad Kitchen, CEO & Chairman of the Board. "We are especially intrigued and excited with what David has managed to accomplish in regard to his Ethereum Blockchain Alliance and Initial Token Offerings ("ITO"). To create the issuance of Ethereum Blockchain Smart Contract Crypto-Tokens for Gold and Silver, as an alternative means of raising capital, potentially without equity dilution is ingenious for the funding of the exploration and mine development industry."
Consolidation
Subject to TSX Venture Exchange approval, the Company also announces that the Board of Directors have approved and authorized a consolidation of the Company's issued and outstanding share capital on an ten (10) old common shares for every one (1) new common share basis (10:1), consolidating its 202,575,579 currently outstanding shares to 20,257,558 shares. No fractional common shares will be issued as a result of the Consolidation.
Private Placement
Concurrently with the Consolidation, the Company also announces a non-brokered private placement offering of 4,400,000 flow-through units (a "FT Unit") at a price of $0.225 per post-consolidated FT unit, for gross proceeds of $1,000,000. The FT Units consist of one flow-through common share and one whole warrant exercisable into one non-flow-through common share priced at $0.275 for a period of two years from the date of issuance. The Company will also provide a non-brokered private placement offering of 5,000,000 units (a "Unit") at a price of $0.20 per post-consolidated Unit, for gross proceeds of $1,000,000. The FT Units consist of one non-flow-through common share and one whole warrant exercisable into one non-flow-through common share priced at $0.20 for a period of two years from the date of issuance.
The proceeds of the Private Placement will be used to advance the Company's Eagle River, Duvay/Chenier and Cobalt projects, all in Quebec as well as working capital and general corporate purposes.
The Private Placement is subject to TSX Venture Exchange approval and all securities will be subject to a four month plus one day hold period. Finder's fees may be paid in connection with the private placement and all finder's fees payable are subject to the acceptance of the Exchange.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian exploration company focused on building a strong asset base through exploration of undervalued projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova has the exclusive right and option to acquire from Tres-Or Resources Inc. ("Tres-Or"), an undivided 65% right, title and interest in the contiguous Duvay/Chenier Gold Projects. Secova can earn up to 90% of the property (an additional 25% ownership) by funding a pre-feasibility study after the initial exploration expenditures to bring the property towards production. The Company has a total contiguous land package of 174 claims covering over 7,766 hectares (17,458 acres) of land. Duvay/Chenier is located in the Abitibi gold belt, one of Quebec's premier mining jurisdictions. The Company has plans to advance the development of Duvay/Chenier as well as seek other avenues of growth through acquisition and mergers. The Company also has 100% ownership of the Eagle River project which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. In addition, the Company has made a strategic investment by acquiring 100% of a portfolio of four cobalt projects consisting of 76 claims or approximately 4,182 hectares in Quebec. Secova will use its expertise in early stage exploration to create shareholder value by attempting to prove out the potential resource in these assets.
For more information on Secova Metals Corp. please contact info@secovametals.com, Tel: +1 604-558-5397 or visit the website at www.secovametals.com for past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
SECOVA METALS CORP.
"Brad Kitchen"
Chairman, CEO and Director
Tel: +1 604-558-5397
info@secovametals.com
Neither 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 press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.