/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
PORT
MORESBY, Papua New Guinea, Oct. 7, 2024
/CNW/ - Adyton Resources Corporation
(TSXV: ADY) ("Adyton" or
the "Company") is pleased to announce it has closed its
previously announced non-brokered private placement offering,
pursuant to which it has issued 53,000,000 common shares of the
Company ("Shares") at a price of C$0.13 per Share for aggregate gross proceeds of
C$6,890,000 or approximately
US$5,000,000 (the
"Financing").
As previously announced, the Company intends to use the net
proceeds of the Financing for exploration activities primarily
focused on Feni Island, working capital and general corporate
purposes.
Tim Crossley, Chief Executive
Officer of Adyton, commented "This was a pivotal financing for
Adyton, Being able to complete the financing at a 15.6% premium to
the 20 day VWAP demonstrated huge confidence by the incoming
strategic investor in Adyton's team and projects. The company is
now well funded to execute its exploration program at Feni Island,
as well as under its JV funding arrangements with EVIH to continue
to progress development activities at both the Gameta and Wapolu
Fergusson Island projects including discussing options with the
Mineral Resources Authority for a fast-track approval regime for
the restart of operations at Wapolu. We are now very well funded to
advance in parallel both our key projects at Feni Island and
Fergusson Island."
Feni Island, Adyton's flagship project, is located in one of the
world's greatest gold discovery zones which hosts the famous Lihir,
Panguna and Simberi mines. Adyton's Gameta project on Fergusson Island is an advanced, expandable,
shallow, easily accessible gold exploration asset ready to be taken
into development and its Wapolu project on Fergusson Island a restart of an operating mine
which closed down in the mid-90s. Both projects are in the same
Milne Bay Island discovery area as the Woodlark project and the
well-known very successful but now closed Misima mine (reserves
depleted after 15 years of successful operations).
The Shares issued under the Financing were offered pursuant to
available prospectus exemptions under applicable securities laws
and are subject to a restricted resale period pursuant to
applicable Canadian securities laws ending on February 4, 2025. In addition, the Shares issued
under the Financing are subject to contractual resale restrictions
imposed by the Company whereby 25% portions of the Shares purchased
by the purchasers under the Financing may only be sold, transferred
or otherwise traded after each of the dates which are 6, 9, 12 and
15 months from closing.
Adyton has agreed to provide one of the investors under the
Financing the right to appoint a qualified nominee to the Company's
Board of Directors.
ON BEHALF OF THE BOARD OF ADYTON RESOURCES
CORPORATION
Tim Crossley,
Chief Executive Officer
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 press release.
ABOUT ADYTON RESOURCES CORPORATION
Adyton Resources Corporation is focused on the development of
gold and copper resources in world class mineral jurisdictions. It
currently has a portfolio of highly prospective mineral exploration
projects in Papua New Guinea on
which it is exploring to expand its identified gold inferred and
indicated mineral resources and expand on its recent significant
copper drill intercepts on the 100% owned Feni Island project. The
Company's mineral exploration projects are located on easy to
access island locations on the Pacific Ring of Fire which hosts
several globally significant copper and gold deposits including the
Lihir gold mine and Panguna copper/gold mine on Bougainville
Island, both neighboring projects to the Company's Feni Island
project.
Adyton has a total mineral resource estimate inventory within
its PNG portfolio of projects comprising indicated resources of
173,000 ounces gold and inferred resources of 2,000,000 ounces
gold.
The Feni Island Project currently has a mineral resource dated
October 14, 2021 prepared in
accordance with National Instrument 43-101101 ‐ Standards of
Disclosure for Mineral Projects ("NI 43-101"), which has
outlined an initial inferred mineral resource of 60.4 million
tonnes at an average grade of 0.75 g/t Au, for contained gold of
1,460,000 ounces, assuming a cut-off grade of 0.5 g/t Au.
See the NI 43-101 technical report entitled "NI 43-101 Technical
Report on the Feni Gold-Copper Property, New Ireland Province,
Papua New Guinea prepared for
Adyton by Mark Berry (MAIG), Simon
Tear (MIGI PGeo), Matthew White
(MAIG) and Andy Thomas (MAIG), each
an independent mining consultant and "qualified person" as defined
in NI 43-101,available under Adyton's profile on SEDAR+ at
www.sedarplus.ca. Mineral resources are not mineral
reserves and have not demonstrated economic viability.
The Fergusson Island Project currently has a mineral resource
dated October 14, 2021 prepared in
accordance with NI 43-101, which has outlined an indicated mineral
resource of 4.0 million tonnes at an average grade of 1.33 g/t Au
for contained gold of 173,000 ounces and an inferred mineral
resource of 16.3 million tonnes at an average grade of 1.02 g/t Au
for contained gold of 540,000 ounces. See the NI 43-101 technical
report entitled "NI 43-101 Technical Report on the Fergusson Gold
Property, Milne Bay Province, Papua New
Guinea" prepared for Adyton by Mark
Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Andy Thomas (MAIG), each an independent mining
consultant and "qualified person" as defined in NI
43-101,available under the Company's profile on SEDAR+
at www.sedarplus.ca. Mineral resources are not mineral
reserves and have not demonstrated economic viability.
Adyton is also quoted on the OTC
under the code ADYRF and on the
Frankfurt Stock Exchange under the code 701:GR.
For more information about Adyton and its projects, visit www.adytonresources.com
Qualified Person
The scientific and technical information contained in this press
release has been prepared, reviewed, and approved by Dr
Chris Wilson BSc (Hons), PhD,
FAusIMM (CP), FSEG, FGS, the Chief Geologist and a Director of
Adyton, who is a "Qualified Person" as defined by National
Instrument 43‐101 ‐ Standards of Disclosure for Mineral
Projects.
Forward looking statements
This press release may include "forward‐looking statements",
including forecasts, estimates, expectations, and objectives for
future operations that are subject to several assumptions,
risks, and uncertainties, many of which are beyond the control of
Adyton. Forward‐ looking statements and information can generally
be identified by the use of forward‐looking terminology such as
"may", "will", "should", "expect", "intend", "estimate",
"anticipate", "believe", "continue", "plans" or similar
terminology. The forward‐looking information contained herein is
provided for the purpose of assisting readers in understanding
management's current expectations and plans relating to the future.
Readers are cautioned that such information may not be appropriate
for other purposes. Forward‐looking information are based on
management's reasonable assumptions, estimates, expectations,
analyses and opinions, which are based on such management's
experience and perception of trends, current conditions and
expected developments, and other factors that management believes
are relevant and reasonable in the circumstances, but which may
prove to be incorrect. Such factors, among other things, include:
impacts arising from the global disruption caused by the Covid‐19
coronavirus outbreak, changes in general macroeconomic conditions;
changes in securities markets; changes in the price of gold or
certain other commodities; change in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave‐ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of and changes in the costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government
authorities); and title to properties. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward‐looking statements. Such
forward‐looking information represents management's best judgment
based on information currently available. No forward‐looking
statement can be guaranteed, and actual future results may vary
materially. Readers are cautioned not to place undue reliance on
forward looking statements or information. Adyton undertakes no
obligation to update forward‐looking information except as required
by applicable law.
SOURCE Adyton Resources Corporation