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VANCOUVER, BC, January 16, 2022 – Hybrid Minerals Inc. (TSXV: HZ (“Hybrid” or the “Company”) is pleased to announce that it completed its previously announced acquisition (the “Acquisition”) of Hybrid Minerals USA Inc. (formerly Hybrid Minerals Inc.) (“Hybrid USA”). In connection with the Acquisition, the Company has changed its name to “Hybrid Minerals Inc.”. In addition, the Company also completed its previously announced private placement (the “Financing”) for gross proceeds of $1.5 million.
The Company issued an aggregate of 9,700,001 common shares of the Company on January 15, 2022 in exchange for all of the outstanding shares of Hybrid USA. Hybrid USA is a specialty minerals exploration company and currently holds the rights to the CAS Cobalt Project. The CAS Project is an advanced cobalt, copper, and gold property located between eCobalt Solutions’ Blackbird cobalt/copper project and US Cobalt’s Iron Creek cobalt project in Lemhi County, Idaho, USA.
More information is available at www.hybrid-minerals.com
The Financing was completed on January 15, 2022 for total gross proceeds of $1.5 million. the Company issued 6,000,000 units (the “Units”) at a price of $0.25 per Unit. Each Unit was comprised of one common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Common Share (each a “Warrant Share”) at $0.35 per Warrant Share for a period of 12 months following the issuance date.
The Units issued in connection with the Financing are subject to a four month hold period that expires on May 16, 2022. In connection with the closing of the Financing, the Company paid finders’ fees to eligible parties. Finders acting in connection with the closing of the Financing received cash payments in the aggregate amount of $83,900 together with 335,600 finders’ warrants (the “Finder Warrants”). Each Finder Warrant is exercisable by the holder to purchase one Common Share at a price of $0.35 for a period of 12 months from the closing date of the Financing.
The TSX Venture Exchange (the “Exchange”) has also conditionally accepted the Company’s application for reactivation and graduation to the Exchange as a Tier 2 mining issuer (the “Graduation”). The Company’s common shares will resume trading on the Exchange under the new ticker symbol “HZ” after the Exchange’s conditions for listing are satisfied and the Exchange issues its final bulletin confirming the Graduation. The Company’s common shares are anticipated to resume trading on January 17, 2022.
For further information please contact:
Hybrid Minerals Inc.
Chief Executive Officer
Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the transaction, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in securities of Hybrid Minerals Inc. should be considered highly speculative.
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 the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, the results of financing efforts and the parties’ due diligence reviews, and general market conditions – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
We seek safe harbour.