Moving forward: We are now Pambili Natural Resources Corporation
Name change reflects ‘bold new journey filled with promise,’ says CEO Harris
CALGARY, Canada (June 2, 2022) — What’s in a name?
In the Zulu and Ndebele languages, the word “pambili” means “forward.” It’s proudly used by many — including the city of Bulawayo, Zimbabwe, whose coat of arms reads “si ye pambili,” or “let us go forward.”
That’s a sentiment we heartily endorse. And as a natural resources exploration and production company now focused on mining opportunities in Southern Africa, we’re making it official by changing our company name to Pambili Natural Resources Corporation.
The change resonates right down the font family we’ve chosen for our new website — Ubuntu. This Ndebele word coveys the concept of “humanity to others” throughout southern Africa.
“The time is right. Our year-long investigations into the Southern African mining sector in 2021 culminated in our December 2021 announcement that we had signed an earn-in agreement with a company that owns a producing gold mine 15 kilometres from Bulawayo,” says Pambili’s Chief Executive Officer Jon Harris.
“Our new company name speaks of forward movement, of progress, of a bold new journey filled with promise.”
Pambili’s agreement with Techshed Investments (Private) Limited, announced on Dec. 3, 2021, was approved by the TSX-Venture Exchange on April 28, 2022. The agreement allows Pambili to earn up to 51% of increased future production of the Happy Valley mine by investing US$1 million in capital expansion and development, including exploration, over the next two years.
Also on Dec. 3, 2021, Pambili announced that we were undertaking a non-brokered financing of up to 20 million units for proceeds of $500,000. That private placement was oversubscribed by $15,000 and closed on April 28.
The Happy Valley mine has the installed capacity to process 40 tonnes of ore per day. However, due to capital constraints, it’s currently processing less than half that amount. By addressing those capital constraints, Pambili can almost immediately start earning a return on its investment.
“We shifted our company focus because we saw more opportunity in the mining sector than in oil and gas,” says Mr. Harris. “Our private placement offering will allow us to complete our mining agreement, and immediately start earning into the future gold production of this mine in Zimbabwe.
“We’re on our way. We’re moving forward. We’re taking advantage of the opportunities before us. And we’re doing it as Pambili Natural Resources Corporation.”