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TORONTO, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) (TSX: CNT) today provided the following update relating to the Company’s planned spin-out of its subsidiary, Century Metals Inc. (“Century Metals”), as disclosed in the Company’s news release dated June 20, 2018.

Century Metals has completed the third tranche of its private placement of special warrants (the “Special Warrants”) at a price of $0.06 per Special Warrant (the “Special Warrant Private Placement”) on November 2, 2018.  The third tranche involved the issuance of an additional 1,267,000 Special Warrants for gross proceeds of $76,020. In total, Century Metals has now issued a total of 7,061,999 Special Warrants for aggregate proceeds of $423,719.94.  In addition, Century subscribed for an additional 1,333,333 common shares of Century Metals at $0.06 per share for total cash proceeds to Century Metals of approximately $80,000. In total, Century has subscribed for 7,166,666 common shares for total cash proceeds to Century Metals of approximately $430,000.

Each Special Warrant will be convertible into common shares of Century Metals (the “Special Warrant Shares”) on a one-for-one basis upon the earliest of (i) effectiveness of a prospectus qualifying the distribution of the Special Warrant Shares issuable upon conversion of the Special Warrants, and (ii) six months from the date of issuance of the Special Warrants. No broker or finder fees were paid on this private placement exercise.  Certain subscribers of Special Warrants have agreed to voluntary escrow their Special Warrant Shares upon conversion of the Special Warrants with 25% of the Special Warrant Shares released to them upon the listing of the common shares of Century Metals on the TSX Venture Exchange with an additional 25% becoming available every four months, to the extent required by the TSX Venture Exchange.

For additional information regarding Century Metals and the Special Warrant Private Placement, please refer to the Company’s news releases dated June 20, 2018, July 13, 2018 and September 7, 2018.

About Century

Century Global Commodities Corporation (TSX:CNT), having established itself as one of the world’s largest iron ore resource owners and developers over the course of the last decade, is diversifying into non-ferrous opportunities while awaiting a full recovery of the iron sector.  Capitalizing on its business network and relationships in the China market, it started a quality food business there a few years ago, as an auxiliary unit that would create value for our shareholders during the global mining down cycle and has successfully established it as a new growing business segment reporting many quarters of solid revenue growth.

Iron Ore

With Baowu and Minmetals, both Global Fortune 500 companies, as Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is the company’s most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. Century is maintaining its properties ready for a return to sustained higher iron ore prices.

Non-ferrous Metals

Century is monitoring Investment and acquisition opportunities in the non-ferrous metals sector. When the right opportunity presents itself, our strong balance sheet will allow us to acquire cost effective assets.

Quality Food

Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually throughout China.

For further information please contact:

Sandy Chim, President & CEO

Century Global Commodities Corporation

416-977-3188

IR@centuryglobal.ca

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

THIS PRESS RELEASE CONTAINS “FORWARD-LOOKING INFORMATION” WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY’S PLANNED SPIN-OUT OF CENTURY METALS AND THE PROCEEDS TO BE RAISED UNDER THE SPECIAL WARRANT PRIVATE PLACEMENT. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY’S BUSINESS, AS DESCRIBED IN CENTURY’S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2018. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARDLOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.