Conditional acceptance of earn-in agreement; final submission of offering extended
CALGARY, Canada (Jan. 17, 2022) — Pennine Petroleum Corporation ("Pennine" or "the Corporation") (TSX-V: PNN) is pleased to announce that it has received Conditional Approval of the Earn-in Agreement by the TSX Venture Exchange (the “Exchange”).
Earn-in agreement
As announced on Dec. 3, 2021, Pennine has signed an Earn-in Agreement (the “Agreement”) with Techshed Investments (Private) Limited which owns and operates a producing gold mine in Zimbabwe. Pursuant to the terms of the Agreement, the Corporation will earn up to 75% of the increased future production of the mine by investing US$7.5million in capital expansion and development (including exploration) over the next five years.
Final acceptance of the Agreement is conditional on Pennine satisfying the filing requirements outlined in Section 5 of the Exchange’s Policy 5.3. The Corporation has thirty days to do so and fully expects to provide any outstanding information well before then.
Private placement
On Dec. 22, 2021, Pennine announced that the Exchange had conditionally accepted Pennine’s application for a Private Placement to raise $500,000 (the “Offering”), previously announced on Dec. 3, 2021. Pennine is pleased to confirm that the Exchange has agreed to extend the Closing of the Offering from Jan. 17, 2022 to Jan. 31, 2022.