Century Provides Further Update on ASX listing of Joyce Direct Iron Inc. – Initial AUS$ 2 Million Private Placement Completed

HONG KONG, May 14, 2021 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) (TSX:CNT) is pleased to announce that its wholly owned subsidiary and special purpose vehicle, Joyce Direct Iron Inc. (“JDII”) has raised AUS$2.0 million through completion of a private placement (“Private Placement”). JDII is 100% owner of the Joyce Lake DSO Iron Ore Project (the “Project” or “Joyce”) located in Canada.

JDII is seeking a listing on the Australian Securities Exchange (“ASX”) to facilitate Project development through permitting and leading to a Project production decision. Completion of the Private Placement is a key initial milestone in this process.

Under the Private Placement, JDII issued an aggregate of 20,000,010 common shares at a price of AUS$0.10 per share, to a group of private investors, for gross proceeds of AUS$2.0 million. JDII now has outstanding an aggregate 220,000,010 common shares, reflecting a pre-money valuation of AUS$20 million and 40,000,000 performance preferred shares. The Private Placement shares represent 9.09% of the outstanding common shares. Century has retained ownership of 200,000,000 common shares and the 40,000,000 performance preferred shares. Each performance preferred share is convertible into one common share upon completion of certain Project milestones.

The Private Placement was completed further to a mandate with Empire Capital Partners, a Perth based corporate advisory and investment bank, retained by Century and JDII.

JDII is now preparing for an ASX listing.

Sandy Chim, CEO of the Company said, “I’m very pleased that the quality of our Joyce project and Canada as a mining jurisdiction has attracted key strategic investors with extensive Australian iron ore investment experience and network.” He went on to say, “Achievement of this milestone adds credibility and market acceptance of Canadian iron ore assets in the Australian capital market and is a foundation for a successful ASX listing.”

About Century

Century Global Commodities Corporation (TSX:CNT) is primarily a resource exploration and development company with a large portfolio of multi-billion tonne iron ore projects in Canada, mostly discovered by its own exploration team. It has other non-ferrous metals properties under exploration as well as a well-established food distribution business (Century Food) in Hong Kong.