Inca One Announces Proceeds of $1.8 Million From Warrant Exercise
VANCOUVER, BC – July 16, 2020 – INCA ONE GOLD CORP. (TSXV:IO) (OTC:INCAF) (FSE:SU92) (“Inca One” or the “Company”) a gold producer operating two fully permitted, mineral processing facilities in Peru, is pleased to announce that it has received approximately $1.8 million from the exercise of approximately 4.5 million common share purchase warrants. The Company intends to use the proceeds of the warrant exercise for purchases of gold-bearing material and for general working capital purposes.
The warrants were originally issued in connection to a public offering of units completed by Inca One in January 2018 (see Press Release) and subsequently repriced by the Company in March 2020 (see Press Release). The repriced warrants featured an acceleration clause forcing the exercise of the warrants within a period of 30 days after the Company’s shares closed above $0.50 per common share for 10 consecutive trading days. This clause was triggered on June 11, 2020, and the exercise price of the warrants was $0.40 per common share. As of the accelerated expiry date of July 11, 2020, 98% of the warrants were exercised.
“I am extremely pleased to report a successful warrant exercise for the Company,” commented Edward Kelly, President and CEO of Inca One Gold. “The additional proceeds will be used to ramp up production at Chala One and Kori One.”
About Inca One
Inca One Gold Corp is a TSXV listed, gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company produced nearly 25,000 ounces of gold from its operations in 2019 and has generated over US$100 million in revenue over the last five years. Inca One, now in its sixth year of commercial production, is led by an experienced and capable management team that has established the Company as a trusted leader in servicing government permitted, small scale miners in Peru. Peru is the world’s sixth-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth. To learn more visit www.incaone.com.
Figure 1. Inca One’s gold processing facilities in Peru (left: Chala One facility; right: Kori One facility)
On behalf of the Board,
President and CEO
INCA ONE GOLD CORP.
For More Information Contact:
Inca One Gold Corp.
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Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.