Toronto, Ontario--(Newsfile Corp. - August 17, 2026) - Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of approximately $3,218,200 (the "Offering").
The Offering consisted of the sale of 29,256,545 common shares of the Corporation (the "Common Shares") at a price of $0.11 per Common Share.
"We are pleased to complete this financing and welcome some new key shareholders to Olive. Additionally, we are thankful to the many existing shareholders who also participated in this offering. We look forward to deploying this capital into what management believes is the early stages of a new bull market in commodities", stated Derek Macpherson, Executive Chairman.
The Corporation intends to use the proceeds of the Offering for general corporate and working capital purposes.
The Offering remains subject to the final approval of the TSX Venture Exchange ("TSXV"). All securities issued pursuant to the Offering are subject to a hold period of four months and one day from the date of issuance, expiring December 15, 2026, in accordance with applicable Canadian securities laws. No finder's fees, commissions or other compensation were paid or are payable in connection with the Offering.
Certain directors and officers and an existing 10% security holder of the Corporation (the "Insiders") acquired an aggregate of 7,250,000 Common Shares under the Offering. The participation of Insiders in the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements applicable to related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities acquired by the participating Insiders nor the consideration paid by the Insiders exceeds 25 percent of the Corporation's market capitalization (as determined under MI 61-101). The Insiders' subscriptions were approved by the disinterested directors of the Corporation who concluded that the subscriptions were entered into on market terms and were fair to minority security holders. No special committee was established in connection with the same, and no materially contrary view or abstention was expressed or made by any director of the Corporation in relation thereto. The Corporation did not file a material change report related to the Insiders' subscriptions more than 21 days before the expected closing of the Offering as required by MI 61-101, as the Corporation wished to close the Offering on an expedited basis for sound business reasons.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Olive Resource Capital Inc.
Olive Resource Capital Inc. is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The Corporation's assets consist primarily of investments in natural resource companies in all stages of development. Further details on the Corporation can be found on the Corporation's website at https://olive-resource.com/.
For further information, please contact:
Derek Macpherson, Executive Chairman at derek@olive-resource.com or by phone at (416) 294-6713 or Samuel Pelaez, President, CEO & CIO at sam@olive-resource.com. Olive's website is located at www.olive-resource.com.
Neither 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 news release.
Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should", "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking, including, without limitation, statements concerning Olive's intended use of proceeds from the Offerings and the beliefs of Olive's management regarding the future of commodities markets. Although Olive believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; any change in Olive's business or economic circumstances which results in the best use of proceeds of the Offering being otherwise than as stated herein; and those risks set out in the Company's public documents filed on SEDAR+. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309884
Source: Olive Resource Capital Inc.
