Quite a bit of news this week:
11:24 AM EST, 01/18/2022 (MT Newswires) -- Orea Mining Corp.(OREAF) on Tuesday reported a non-brokered private placement to raise gross proceeds of up to $500,000.
The company's stock slipped 6.9% on last look on Tuesday.
The private placement is for up to 4.2 million units at $0.12 per unit. Each unit is comprised of one common share of Orea and a half warrant.
The company plans to use the proceeds for general working capital purposes.
VANCOUVER, BC , Jan. 17, 2022 /PRNewswire/ -Orea Mining Corp.(OREAF) ("Orea") (FSE: 3CG) provides an update on the request for a final appeal filed by the French Government on the renewal of the 5-million-ounce Montagne d'Or Gold Deposit mining titles, located in French Guiana, France, owned 44.99% by Orea and 55.01% by Nord Gold plc (the "JV").
As announced on October 7, 2021, the French Government filed a request before the Supreme Court of France (Conseil d'Etat) to hear a final appeal on the renewal of the Montagne d'Or project mining titles, which are renewable for a term of up to 25 years. Two French courts previously ruled in favor of the JV and ordered the renewal of the mining titles.
The Supreme Court is to decide on whether to admit and hear the appeal. In principle, an appeal before the Supreme Court has no suspensive effect, therefore the initial court rulings to renew the mining titles should, in theory, be upheld and implemented, even if a final appeal is allowed.
Orea and the JV believe that a decision by the Supreme Court could be expected sometime after the French Presidential election. The second and final round of voting to select the next President of France is scheduled for April 24, 2022.
Furthermore, the JV filed additional pleadings before the Court of Appeal in Bordeaux to issue an injunction ordering the French Government to pay a fine of 20,000 Euro(~US$23,000) per day to the JV, retroactive to the date of the initial court ruling of December 24, 2020.
