KWG Resources Inc., which carries on business as The Canadian Chrome Company ("CCC", "KWG" or the "Company") (The Canadian Chrome Company is a registered business style of KWG Resources Inc.) is pleased to announce that its board of directors approved today an increase and extension of its previously announced private placement (the "Private Placement") of Series CD-2024 convertible debentures (the "Debentures") increasing the maximum of the Private Placement to an aggregate of $5,000,000 of Debentures on the same terms as previously announced (see the Company's news releases dated May 13, 2024, June 27, 2024, August 2, 2024 and August 15, 2024). On August 2 and August 15, 2024, KWG closed two tranches of the Private Placement by issuance of an aggregate of $2,500,150 of Debentures, with a third tranche of the Private Placement anticipated to close by end of September 2024. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy securities.
KWG also announces the appointment, effective August 30, 2024, of Jeffrey Steiner as a member of the board of directors of the Company, to fill a vacancy. Mr. Steiner, an Ontario lawyer and businessman, was the Chief of Staff to Canada's Minister of Indian Affairs & Northern Development earlier in his career, and participated in the creation of the Territory of Nunavut and the Yukon comprehensive land claims & self-government settlement. He is currently the Chair of the Canada-Saudi Business Council and was previously a founding director and Chair of the Canada-UAE Business Council.
Middle Eastern investment in the mining sector has been substantial recently. Manara Minerals, a joint venture between Saudi Arabian Mining Company (Ma'aden) and the Public Investment Fund of the Kingdom of Saudi Arabia, invested some US$2.5 billion to acquire 10% of Vale S.A. ("Vale") this past April. Vale had previously acquired all of Canada's Inco in 2006. Last May, UAE's AD Ports Group announced signing an MOU with Vale for the supply of an initial 50 million tons of iron for annual delivery to the AD Ports Mega Hub in Abu Dhabi, for the supply of low carbon steelmaking. The Ring of Fire's chrome discoveries may harbor the potential to deliver in future complimentary chrome for low carbon stainless-steelmaking as additional carbon reductions may be derived in stainless-steelmaking by utilizing the direct reduction method developed and patented by KWG.