Century Announces the Closing of a Total A$500,000 to Date in the Current Round of Private Placement Financing of Joyce Direct Iron Inc.

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HONG KONG, Jan. 20, 2025 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) (TSX: CNT) is pleased to announce that its subsidiary, Joyce Direct Iron Inc. (“JDI”), holding 100% of the Joyce Lake DSO Iron Ore Project or the “Joyce Project”, closed another tranche of private placement financing just before the end of 2024 at the subsidiary level, bringing the total JDI private placement in the current round of financing to date to A$500,000 from Australia. The private placement financing was completed on a valuation of A$25 million, on a non-diluted basis, compared with the post-tax NPV8% of the Joyce Project of C$185 million based on a feasibility study prepared by BBA published in December 2022 (the NI 43-101 technical report “Feasibility Study for the Joyce Lake DSO Iron Ore Project” was filed on SEDAR+ at www.sedarplus.ca under the Company’s profile on December 13, 2022 and is also available on the Company’s website at www.centuryglobal.ca). The funds raised will be used to prepare for a spinout of JDI as a separate listing to further raise funding to advance the Joyce Project towards permitting.

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