VICTORIA, BC / ACCESSWIRE / April 8, 2019 / Erin Ventures Inc. [TSXV: EV] announces (further to its news release dated December 21, 2018) that InvestCo's funding option for the development of Erin's Piskanja boron project expired on April 1st unexercised, with InvestCo informing Erin that it is unable to exercise the option as a result of InvestCo's imminent internal corporate restructuring. However, the significant institutional investor which specializes in the mining sector (the "Investor") and was introduced by InvestCo as its potential co-investor for the Piskanja project in December, continues to be interested in funding the advancement of the Piskanja project, irrespective of InvestCo's inability to participate in the current funding.
The Investor has been engaged in an investment decision protocol and due diligence process regarding the Piskanja project for the past 90 days. Erin expects this process to be completed in the near future, allowing for further details to be released.
Erin announced in its news release dated June 18, 2018 that it had entered into a strategic partnership option agreement with a London based commodity investment specialist (the "InvestCo") for the continuing development of Erin's Piskanja Borate Project. Under the terms of the agreement, InvestCo had the right to make equity investments in two tranches, totaling USD $20.135 million, subject to TSX Venture Exchange and shareholder approval, with the proceeds to be used for the advancement of Piskanja towards production.
Further, Erin announced on December 21, 2018 that it had agreed with InvestCo to extend the option exercise period of its Tranche 1 Financing Option (USD $5.135 million) until March 31, 2019, with all other terms in the strategic alliance agreement remaining unchanged, as InvestCo had introduced a significant potential co-investor to Erin's Piskanja project which required additional time to complete due diligence.
[Please refer to Erin's complete news releases dated June 18, 2018 and December 21, 2018 for additional salient information]
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV" and the OTCQB Venture Market under the symbol "ERVFF". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.
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Erin's Public Quotations
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of the company, who is a Qualified Person under National Instrument 43-101.
Neither the 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.
Forward Looking Statements:
Certain statements in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that: (1) the information provided to Erin by InvestCo and the Investor turns out to be misleading, untrue or incomplete; (2) neither Option 1 nor Option 2 may be completed for any reason whatsoever, including that regulators may not approve the proposed Options; (3) the closings may not occur as scheduled or at all; and (4) Erin may not achieve the results currently anticipated. Although Erin believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Erin can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of required regulatory approvals. Details of the risk factors relating to Erin and its business are discussed under the heading "Risks and Uncertainties" in Erin's most recent regulatory filings which are posted on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Erin and described in the forward looking information. The forward-looking information contained in this news release is made as of the date hereof and Erin undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
SOURCE: Erin Ventures Inc.