CORRECTION – Upper Canada Mining announces $25 million Standby Equity Funding Facility

CALGARY, Alberta, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The Press Release published earlier contained some errors which have been corrected in the Release below.

Upper Canada Mining (UCM or UC Mining or the Company) is pleased to announce that it has executed a Letter of Intent (LOI) with US-based institutional investment group LDA Capital. The proposed financing amount would be for up to Twenty-Five Million Canadian Dollars (CAD 25,000,000) (“Total Commitment”) structured as a Put Option Agreement (“POA”).

The proposed POA can be drawn at the discretion of the Company and would be used to advance the Company’s ongoing activities.

The proposed Put Option agreement (POA) with LDA would provide flexibility for the Company to access additional equity as required at the Company’s election.

The proposed POA would enable the Company to issue shares to LDA over the next 3 years at the Company’s discretion and receive funds for issue of those shares under the following key terms:

• Term 36 months
• Put option of up to $25 million at the Company’s election
• Put option priced at 90% of the 15-day VWAP of the Company’s shares following the exercise by the Company with a minimum price set by the Company
• In any Put Option period, the Company may issue a Put Option Notice for up to one thousand percent (1,000%) of the average daily trading volume for the fifteen (15) trading days prior to the Put Option Notice (“Trading Volume”).
• An Option Premium Fee equal to two percent (2.00%) of the Total Commitment, would be payable in cash upon proceeds from the Put Option exercises
  

LDA would hold a maximum of 19.9 percent of the outstanding share capital of the Company.

About Upper Canada Mining Inc.

Upper Canada Mining is a private company incorporated and registered in Canada that is in the business of mining, exploration and production, primarily in gold and silver.

UCM recently executed an Option Agreement with Strategic Metals and is focused on the Mt. Hinton project in Yukon Territory.

About LDA Capital

LDA Capital is a global alternative investment group with expertise in complex, cross border transactions worldwide. The LDA team members have dedicated their careers to international and cross border opportunities having collectively executed over 200 transactions in both the public and private markets across 42 countries with aggregate transaction values of over US$10 billion. For more information please visit: www.ldacap.com; For inquires please email: info@ldacap.com

For further information and updates contact:

James Beals

ir@ucmining.com