NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, June 08, 2020 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V: PCR) (the "Company" or "Pinecrest") is pleased to announce Ruffer LLP along with other institutional investors based in London, Hong Kong, Canada and the United States have purchased 10,925,000 common shares of Pinecrest from Kinross Gold Corporation (“Kinross”) at a price of $0.36 per common share representing approximately 17% of the issued and outstanding shares of the Company. Upon settlement of the purchase, Ruffer LLP will own 7,500,000 common shares in Pinecrest representing an approximate 12% ownership in the Company prior to the closing of the May 19th private placement, which is expected to close on June 17th, 2020.
Luke Alexander, President and Chief Executive Officer of Pinecrest Resources, stated: “We are very excited to have such a prominent group of institutional mining investors become shareholders of Pinecrest. Combined with the investors who participated alongside management and directors in the $3.0 million private placement announced on May 19th, we believe we will be extremely well supported to execute on our growth initiatives to create significant shareholder value. These investors share our vision that there is a significant amount of value to be unlocked at our Enchi Gold Project. I would like to thank Kinross for their support over the years and look forward to continuing to collaborate with them as our closest neighbour in Ghana.”
On closing of the $3.0 million private placement financing announced on May 19, 2020, Pinecrest will have 79.8 million shares issued and outstanding with Management and the Board owing a 39% equity interest and Ruffer LLP owning a 9% equity interest.
On Behalf of the Board of Directors
Pinecrest Resources Ltd.
President, CEO & Director
For further information contact: Luke Alexander
+1 604 484 4400
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Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.