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Gold Resource Corporation Enters Into Arrangement Agreement With Aquila Resources Inc.

DENVER, CO / ACCESSWIRE / October 6, 2021 / Gold Resource Corporation ( " GRC " or the " Company ") (NYSE American:GORO) is pleased to announce that it…

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DENVER, CO / ACCESSWIRE / October 6, 2021 / Gold Resource Corporation ( “ GRC ” or the “ Company “) (NYSE American:GORO) is pleased to announce that it has entered into a definitive arrangement agreement (the “ Arrangement Agreement “) with Aquila Resources Inc. (“ Aquila “) (TSX:AQA)(OTCQB:AQARF) providing for the acquisition by GRC of all the issued and outstanding common shares of Aquila by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “ Transaction “).

As announced by GRC on September 7, 2021, pursuant to the Transaction GRC will, through a wholly-owned subsidiary, acquire all the issued and outstanding Aquila shares for 0.0399 of a GRC share per Aquila share (the “ Exchange Ratio “). Based upon the 20-day volume-weighted average price (“ VWAP “) of GRC’s shares on the NYSE American stock exchange on September 3, 2021, being the last trading day prior to the date of the announcement of the Transaction, the Exchange Ratio represents a 29% premium to the 20-day VWAP of Aquila’s shares on the Toronto Stock Exchange as of such date. The Exchange Ratio represents consideration of C$0.09 per Aquila share (the “ Per Share Price “), reflecting a premium of 12.5%, based upon the closing prices of the Aquila shares and the GRC shares on September 3, 2021. The Per Share Price implies an aggregate acquisition price for 100% of the outstanding Aquila shares of approximately C$30.9 million.

Upon closing of the Transaction, the existing GRC and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.

Allen Palmiere, President and Chief Executive Officer of GRC, said: “This Transaction offers an attractive opportunity to the shareholders of Aquila and GRC to develop the Back Forty Project using GRC’s strong balance sheet and cash flows. In addition, the combination of our complementary gold-rich assets will enhance both our mineral inventory and jurisdiction diversification. The announcement by Aquila yesterday, that it had closed the sale of its Bend and Reef exploration properties, was an important step in the process for signing the Arrangement Agreement. With this Transaction, we look forward to becoming a new intermediate gold producer with a peer leading growth profile.”

Strategic Rationale for the Transaction
As previously announced on September 7, 2021, the benefits of the Transaction to GRC and Aquila shareholders include the following:

  • Accretive Transaction for GRC Shareholders. The Transaction is expected to be immediately accretive to GRC shareholders on a net asset value basis.
  • Significantly Improved Gold Resource Profile. Based upon the parties’ respective public disclosure and GRC’s technical due diligence to date on the Back Forty Project, GRC anticipates that its gold resources have the potential to increase by in excess of 500% upon completion of the Transaction.
  • Growth Profile and Financial Strength of Combined Company. The combined company is expected to benefit from a peer leading growth profile, a robust balance sheet with no debt and cash of US$30.2 million at June 30, 2021, free cash flow generation from its Don David Gold Mine and the synergies that generally accrue from scale in the areas of general and administrative expenses, from less duplication of salaries, wages and other public company expenses, improved concentrate sales and marketing and supply chain efficiencies. Its position of financial strength is expected to result in an improved ability to access required additional financing to fund the Back Forty Project’s capital expenditures.
  • Enhanced Project and Jurisdictional Diversification. Each of GRC and Aquila is currently a single-asset, single-jurisdiction company. Through the Transaction, GRC and Aquila shareholders will have the opportunity to participate in the ongoing growth of a multi-jurisdictional, diversified precious and base metal producer with exposure to gold, silver, zinc, copper and lead through GRC’s producing Don David Gold Mine in Oaxaca, Mexico and Aquila’s Back Forty Project in Menominee County, Michigan.
  • Enhanced Market Presence and Re-Rating Potential. GRC currently benefits from inclusion in the VanEck Junior Gold Miners ETF (the “ GDXJ “) and from an average daily trading volume of approximately 1 million shares, trailing three months. The Transaction is intended to result in the Back Forty Project being placed into production on a more accelerated basis, funded by cash flow generation, thus elevating the combined company to intermediate producer status. Following the completion of the Transaction, GRC is expected to continue to be included in the GDXJ and to benefit from an enhanced capital markets profile in the United States and Canada, as well as increased trading liquidity and broadened appeal to global index, resource, and generalist investors. This offers the potential for a re-rating to a multiple more in line with other intermediate gold producers.
  • Experienced Management Team. The combined company will benefit from GRC’s and Aquila’s technical and operational teams’ expertise in polymetallic open pit and underground mines. The GRC executive team has a demonstrated record of success in developing and operating mining projects in the Americas.
  • Immediate and Significant Premium to Aquila Shareholders. Based on the 20-day VWAPs of the GRC shares and the Aquila shares, the Transaction offers an immediate and significant premium to Aquila’s shareholders of 29%. Given the current market environment and lack of liquidity for the shares of Aquila, GRC continues to believe that this a compelling value proposition.

Demonstrated Consistent Dividend History. Post-Transaction, GRC intends to continue to pay dividends in accordance with its past practice. The recent dividend of US$0.01 per GRC share, paid to shareholders on September 30, 2021, continues the more than ten years of consistent dividend payments by GRC.

Support for the Transaction from Key Aquila Stakeholders

  • Each of Orion Mine Finance and Hudbay Minerals Inc., which hold 28.3% and 10.4%, respectively, of the issued and outstanding Aquila shares, has entered into a voting support agreement with GRC pursuant to which they have agreed to vote their Aquila shares in favour of the Transaction. In addition, all of the directors and officers of Aquila holding approximately 1.9% Aquila shares in aggregate have also executed a voting support agreement.
  • Osisko Bermuda Limited which is a wholly-owned subsidiary of Osisko Gold Royalties Ltd and a party to gold and silver stream agreements with Aquila relating to the Back Forty Project, has also reiterated that it considers GRC to be an approved purchaser under those agreements, and that it is supportive of the Transaction.

Board Approvals
The Arrangement Agreement has been unanimously approved by the boards of directors of both GRC and Aquila. The Aquila board’s approval of the Arrangement Agreement was based in part on the unanimous recommendation of a special committee of independent directors of Aquila which was appointed to consider the Transaction. The board of Aquila has received an opinion from one of its financial advisors, PI Financial Corp., that based upon and subject to the assumptions, limitations, and qualifications set forth therein, the consideration to be received by Aquila shareholders pursuant to the Transaction is fair, from a financial point of view, to Aquila shareholders.

Transaction Summary
The Transaction will require the approval of 66⅔ percent of the votes cast by Aquila shareholders at a special meeting of shareholders (the “ Aquila Shareholder Meeting “). The Aquila Shareholder Meeting is scheduled to be held on November 17, 2021. The Transaction is also subject to approval by the Ontario Superior Court of Justice (Commercial List) and applicable stock exchange approvals. The Transaction does not require the approval of GRC’s shareholders.

In addition to shareholder, court and regulatory approvals, the Transaction is also subject to the satisfaction of certain other closing conditions that are customary for a transaction of this nature, and each of GRC and Aquila has provided appropriate interim period covenants regarding the operation of its business in the ordinary course. The Arrangement Agreement includes customary deal protection provisions pursuant to which Aquila has agreed not to solicit any other acquisition proposal (subject to customary fiduciary out rights), has agreed to grant GRC the right to match any superior proposal, and will pay a termination fee of US$1,000,000 to GRC if the Arrangement Agreement is terminated in certain circumstances.

Details of the Transaction and the Arrangement Agreement will be set out in the management information circular to be prepared and mailed to Aquila shareholders in connection with the Aquila Shareholder Meeting. A copy of the Arrangement Agreement will be filed with the Securities and Exchange Commission on Form 8K and will be available on GRC’s website under the Reports and Filings tab located in the Investors section located here: https://goldresourcecorp.com/investors/reports-and-filings/ .

Subject to all conditions precedent to completion of the Transaction being met, the Transaction is expected to close in late November 2021. In connection with the closing of the Transaction, Aquila will apply to have its shares delisted from the TSX.

Advisors
Fasken Martineau DuMoulin LLP and Davis Graham & Stubbs LLP are GRC’s Canadian and U.S. legal advisors, respectively, and Beacon Securities Limited is GRC’s financial advisor.

About Gold Resource Corporation
Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of a new board and senior leadership, the Company focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine, to close our acquisition of Aquila Resources Inc., and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.

About Aquila Resources Inc.
Aquila Resources Inc. is a development‐stage company focused on the development its 100%-owned gold-rich Back Forty Project in Michigan.

Forward-Looking Information and other Cautionary Statements
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words “plan”, “target”, “anticipate”, “believe”, “estimate”, “intend”, “propose”, “potential” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation: statements regarding the Transaction, including statements with respect to the benefits of the Transaction and expectations regarding the combined company (including its growth profile and resource profile, the development of the Back Forty Project, cash flow generation from the Don David Gold Mine, its market presence and re-rating potential and expectations regarding the payment of dividends); the timing of key Transaction milestones and closing; the ability of GRC and Aquila to satisfy the conditions to and to complete the Transaction; and expectations regarding the impact of the Transaction on GRC and Aquila including in respect of anticipated financial and operating results, strategy and business, and on stakeholders in general.

All forward-looking statements in this press release are based upon information available to GRC on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Such risks and uncertainties and other factors that could cause actual results and future to differ from those expressed or implied by the forward-looking statements include, but are not limited to: the satisfaction of the conditions precedent to the closing of the Transaction (including the obtaining of all shareholder, court and regulatory approvals); risks associated with the Transaction and acquisitions generally; the Arrangement Agreement may be terminated in certain circumstances; GRC will incur costs even if the Transaction is not completed; all necessary approvals and consents may not be obtained; uncertainty regarding the ability of the parties to complete all Transaction milestones on the intended timing; inherent risks of mining exploration, development and production operations; economic factors affecting the Company and/or Aquila; the integration of the businesses of the Company and Aquila; political conditions and the regulatory environment in the United States and Mexico; and the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the periodic and current reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

For further information please contact:

Gold Resource Corporation
Ann Wilkinson, VP, IR and Corporate Affairs
Phone: 720-459-3851
E-mail: [email protected]

SOURCE: Gold Resource Corporation

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https://www.accesswire.com/666971/Gold-Resource-Corporation-Enters-Into-Arrangement-Agreement-With-Aquila-Resources-Inc





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ST. JAMES GOLD CORP. (TSX-V: LORD) PROVIDES CORPORATE UPDATE TO SHAREHOLDERS

Vancouver, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased…

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Vancouver, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — St. James Gold Corp. (the Company) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to provide a corporate update on its activities for 2021.

Highlights:

  • Completion of 2021 drill exploration program on its Florin Gold Project in the Yukon Territory
  • Successful capital financings of $10,000,000
  • Expansion of stock listing in the FSE and OTCQB markets
  • Successful DTC listing on the OTC market
  • Commencement of work exploration activities on its Newfoundland claims

Following the successful participation of last week’s New Orleans Gold Conference, one of the first large scale in person conferences of its kind in the past 20 months. The Company is awaiting the core drill sample results of its recently completed field season drill program at the Florin Gold Project in the Yukon Territory, Canada. In spite of a late start in the season, the field team completed 3,613 metres of diamond drilling intended to test the projected extensions of mineralization adjacent to the 2.47 million ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off).

The current inferred resource extends approximately 900 metres along strike of the Jethro fault which has been traced for five kilometres and is the site of three further, significant geochemical anomalies. In addition to the assay results expected to be received in the coming weeks, the field season saw soil geochemistry surveys completed to fill in previously unsampled areas of the Property, both of which will assist in guiding targets for the proposed 2022 drill campaign.

In addition to the acquisition of the option agreement on the Florin Gold Project, the Company is preparing to explore its properties – Grub Line and Quinn Lake – in Newfoundland, Canada. The Grub Line property, in particular, is situated adjacent to the licenses held by New Found Gold, a company that recently announced a $45 m. non-brokered private placement by Eric Sprott, and an expansion of the current drill program at the adjacent Queensway Property to a total of 400,000 metres. As a result of the proliferation of activity in the region, St. James Gold is pleased to announce that it has amended option agreement terms for both the Grub Line and Quinn Lake properties, specifically offering additional payments to the vendors if it obtains an NI 43-101 Report estimating an inferred mineral resource of not less than 750,000 oz Au, up from 100,000 oz Au.

The Quinn Lake project is well situated along strike from the Valentine Lake gold project operated by Marathon Gold Corp. and is surrounded to the northwest by the highest gold anomalies found in tills by Noranda in 1989. In addition, mineralized boulder trains were reported along the boundary to the southwest by the predecessors of Marathon Gold Corp., and new discoveries were made on adjacent ground to the northeast. Due to complex glacial history of the area and the nature of surficial materials sampled (e.g. gold-rich boulder trains), it is possible that the bedrock sources of gold are located on the Quinn Lake property.

The proposed fieldwork activities planned for Quinn Lake will be the first systematic and interdisciplinary approach to unravel the geology of the area and identify gold mineralization targets that will be drill-tested this summer. A site visit, performed to comply with NI 43-101 reporting on the Quinn Lake property, confirmed good access, moderate topographic and climate conditions and presence of local amenities, all of which are considered conducive to conducting cost-effective exploration programs.

While the Company has been active undertaking field activities, it has also expanded its market outreach by listing on the FSE public exchange and obtaining DTC approval in the US, the latter an important milestone towards broadening its market presence across the United States and enabling securities to be traded over a much wider selection of brokerage firms. The Company has raised $10,000,000 over several private placements and is initiating steps to increase its profile to a wider base of investors.

George Drazenovic, CEO, St. James Gold, stated, “We are excited to continue to build on the work completed over the past year. As evidenced by our recent site visit to the Florin Gold Project in the Yukon Territory, we are following up with our commitments and previously stated goals to explore our properties and seek to deliver enhanced value to our shareholders. The easy accessibility of our properties, in particular, will serve as a catalyst for further exploration as we look to ramp up our exploration activities in 2022. In the coming weeks, we will look to announce further developments.”

Dr. Stewart Jackson, P Geo, senior technical advisor geologist, and a Qualified Person within the meaning of National Instrument 43-101 (Standards of Disclosure for Minerals Projects), has reviewed and approved the technical and scientific information presented herein as accurate and has approved this news release.

About St. James Gold Corp.

St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the trading symbol “LORD”, in the U.S. Market listed on OTCQB under “LRDJF” and on the Frankfurt Stock Exchange under “BVU3”. The Company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well-delineated geological theories; integrating all available geological, geochemical, and geophysical datasets; and financing efficient exploration programs. The Company currently holds: (i) an option to acquire a 100-per-cent interest in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.‘s Queensway North project; and (ii) an option to acquire a 100-per-cent interest in 28 claims, covering 1,730 acres, in central Newfoundland located adjacent to Marathon Gold’s Valentine Lake property; and (iii) an option to acquire up to an 85-per-cent interest in the Florin Gold Project, covering nearly 22,000 contiguous acres in the historical Tintina gold belt in the Yukon.

For more corporate information please visit: https://stjamesgold.com/

For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: [email protected]

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward looking statements in this news release relate to, among other things: completion of the Offering; the timing and size of the Offering; the timing and receipt of approval from the TSXV for the Offering; the expected use of the net proceeds of the Offering and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements, and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in the Company’s Annual Information Form dated July 26, 2021 (the “AIF”) filed under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its AIF on SEDAR are not exhaustive and other factors could materially affect its results.

New factors emerge from time to time, and it is not possible for the Company to consider all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.









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G Mining Ventures Completes the Acquisition of the Tocantinzinho Gold Project

All amounts are in USD unless stated otherwisei GMIN has acquired the construction ready Tocantinzinho Gold Project in Brazil for $115 millioniiTocantinzinho…

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All amounts are in USD unless stated otherwisei

  • GMIN has acquired the construction ready Tocantinzinho Gold Project in Brazil for $115 millionii
  • Tocantinzinho is a permitted, high-grade gold project with a 10-year reserve life with an estimated annual production of 187,000 ounces for the first 8 yearsiii
  • Leadership team to leverage four successful mine builds in South America, including recently for Newmont Corporation (Merian) and Lundin Gold Inc. (Fruta del Norte)
  • GMIN completed a C$71 million ($56 million) equity financing
  • Post closing, GMIN estimates its cash balance to be approximately $66 million
  • GMIN is building a new intermediate gold producer; Tocantinzinho is Step 1

BROSSARD, Québec, Oct. 27, 2021 (GLOBE NEWSWIRE) — G Mining Ventures Corp. (“GMIN” or the “Corporation”) is pleased to announce that it has completed its previously announced acquisition of the Tocantinzinho Gold Project (“Tocantinzinho” or the “Project”) for $115 million (the “Acquisition”) from Eldorado Gold Corporation (“Eldorado”). GMIN acquired all of Eldorado’s property, assets, and rights related to the Project through the acquisition of all the issued and outstanding shares of Brazauro Recursos Minerais S.A. (the “Closing”).

Louis-Pierre Gignac, President & CEO of GMIN, commented: “Today marks a strong beginning for GMIN, with Tocantinzinho becoming our platform for growth, and the first step towards advancing our strategy of becoming a leading intermediate gold producer. Tocantinzinho has all the key attributes GMIN was looking for in an initial acquisition, with clear visibility towards near-term construction and commercial production. With over $66 million of cash on the balance sheet, GMIN is well positioned to update the Project’s feasibility study and meet its target of advancing the Project to a construction decision for H2-22.”

The aggregate consideration of $115 million is comprised of 46,926,372 common shares of GMIN and $20 million in cash paid at Closing, as well as a deferred $60 million cash payment (“Deferred Consideration) payable, at GMIN’s option, anytime from Closing until the first anniversary of the Project achieving commercial production. GMIN, at its option, may defer 50% of the Deferred Consideration for 12 months subject to a $5 million premium payable on the second anniversary of the Project achieving commercial production (such deferred payment totaling $35 million). Following the completion of the Acquisition, Eldorado owns a 19.9% direct equity interest in GMIN. At the time of this news release, the Corporation has a total of 235,810,914 common shares issued and outstanding, and a cash balance of approximately $66 million. For further details on the Transaction, please refer to the Corporation’s press release dated August 9, 2021.

Timetable and Next Steps
Over the next 12 months, GMIN will be focused on the following activities:

  • Completion of project optimization studies and detailed engineering (Q4-21 through Q4-22);
  • Completion of two drilling campaigns totaling 10,000 meters (Q4-21 through Q1-22);
    • Grade control drilling program to de-risk early years of production by optimizing grade selectivity and mine schedule;
    • Exploration drilling program to test for potential extensions of the known mineralization at depth below the current pit;
  • Completion of an updated 43-101 feasibility study (Q1-22);
  • Commencement of onsite early works activities to support infrastructure and allow for rapid start of construction activities (Q2-22 through Q3-22);
  • Finalization of a comprehensive project finance facility to fund construction (H1-22); and
  • Positive construction decision (H2-22).

Investor Relations Services
GMIN is also pleased to announce that it has , subject to regulatory approval, retained PI Financial Corp. (“PI“) to provide Market Making services in accordance with TSX Venture Exchange (“TSXV“) policies. PI will trade securities of the Corporation on the TSXV for the purpose of maintaining an orderly market of GMIN’s securities. In consideration of the services provided, GMIN will pay PI a monthly cash fee of C$3,500. PI will not receive shares or options as compensation. However, PI and its clients may have or may acquire a direct interest in the securities of GMIN. GMIN and PI are unrelated and unaffiliated entities. PI is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and can access all Canadian stock exchanges and alternative trading systems. The capital and securities required for any trade undertaken by PI as principal will be provided by PI. The agreement will have a minimum term of 3 months, upon which GMIN may terminate the agreement on 30 days’ notice.

About G Mining Ventures Corp.
G Mining Ventures Corp. (TSXV:GMIN) is a mineral exploration company engaged in the acquisition, exploration and development of precious metal projects. Its flagship asset, the permitted Tocantinzinho Project, is located in Para State, Brazil. Tocantinzinho is an open-pit gold deposit containing 1.8 million ounces of reserves at 1.4 g/t. The deposit is open at depth, and the underexplored 688km2 land package presents additional exploration potential.

Additional Information
Full details of the Acquisition are set out in the Share Purchase Agreement of Brazauro Recursos Minerais S.A. dated August 8, 2021, which is filed by GMIN under its profile on SEDAR at www.sedar.com.

For further information on GMIN, please visit the website at www.gminingventures.com or contact:

Dušan Petković
Vice President, Corporate Development & Investor Relations
647.728.4176
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to:

  • The Project’s stage of advancement, de-risking level, and permitting status (notably, its “construction ready” status as well as the “clear visibility” towards construction and production); the Project’s estimated production profile and mine life; the growth potential from expanded mineral resources and exploration upside;
  • The Project being the first step towards GMIN’s vision of becoming a leading intermediate gold producer;
  • GMIN’s eventual acquisition of additional advanced-stage development projects and operating mines;
  • The eventual role of G Mining Services Inc. (“GMS”) assisting GMIN to bring the Project into commercial production (notably, the “leveraging” of mine building track record);
  • The filing of an updated 43-101 technical report;
  • The eventual positive construction decision for early H2-22; and
  • More generally, the above section entitled “Timetable and Next Steps”.

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, the items listed on the above section entitled “Timetable and Next Steps”.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that the Corporation will bring the Project into commercial production and that it will acquire any other significant precious metal asset, as future events could differ materially what is currently anticipated by the Corporation; there can neither be any assurance that the Corporation will be able to maintain an orderly trading market for its common shares, with PI’s assistance or otherwise.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation’s other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant section of the Corporation’s Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

i Figures assume USD:CAD FX of 1.25.
ii Includes the issuance on Closing of 46,926,372 common shares of GMIN to Eldorado valued at $34.7 million using net issue price of C$0.924, cash payment of $20 million paid on Closing, and the Deferred Consideration of $60 million.
iii Source: “Technical Report Tocantinzinho Project Brazil” dated June 21, 2019, filed on SEDAR by Eldorado on August 9, 2019. Louis- Pierre Gignac, President & Chief Executive Officer of GMIN, a qualified person as defined in National Instrument 43-101, has reviewed the report on behalf of the Corporation and has approved the technical disclosure contained in this news release. The Corporation will file an updated technical report with respect to the Project, in accordance with NI 43-101, by February 4, 2022.

 





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CoTec Appoints Ex Rio Tinto CEO, Tom Albanese, as Non-Executive Director

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Cotec Holdings Corp. (TSX-V:CTH.H) ("CoTec" or the "Company") is pleased to announce that Mr. Tom Albanese…

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VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Cotec Holdings Corp. (TSX-V:CTH.H) (“CoTec” or the “Company”) is pleased to announce that Mr. Tom Albanese has been appointed Non-Executive Director of the Company with immediate effect.

Mr. Albanese previously served as Chief Executive Officer of Rio Tinto plc from 2007 to 2013 and as Chief Executive Officer and Director of Vedanta Resources plc and Vedanta Limited from 2014 to 2017. He currently serves as Lead Independent Director of Nevada Copper Corp and as non-executive director of Franco-Nevada Corporation and previously served on the Board of Directors of Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited. He holds a Master of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics both from the University of Alaska Fairbanks.

Mr. Julian Treger, CEO designate commented; “Tom’s vast experience operating at the highest level in the mineral extraction industry provides him with unique insight into the challenges and opportunities facing the industry. Through his circa 40 year career in the industry, Tom has become familiar with many technologies and given his experience and network will be a good source of opportunities and sage advice for Cotec.

Attracting top talent such as Tom to our Board is further testimony to the investment case underlying our strategy and we are looking forward to working with him as we convert our vision into shareholder value.”

Mr. Tom Albanese commented: “CoTec’s visionary strategy addresses one of the key challenges facing our industry. I welcome the opportunity to join the CoTec Board at this exciting time of the Company’s evolution and to work with Julian and his team as they take the Company to the next level.”

About CoTec Holdings Corp.

CoTec Holdings Corp. is publicly traded mining issuer currently listed on the NEX Board of the TSXV.

For further information, please contact:

CoTec Holdings Corp.
Attention: Braam Jonker
Phone: 604-992-5600

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute “forward-looking information” within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release, including without limitation, statements pertaining to the Company’s proposed change of focus to the commodities technology industry, are subject to numerous risks, uncertainties and other factors that may cause future events to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation, sourcing and negotiating contracts for new opportunities, financing risks and delays in obtaining or inability to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: CoTec Holdings Corp.

View source version on accesswire.com:
https://www.accesswire.com/669866/CoTec-Appoints-Ex-Rio-Tinto-CEO-Tom-Albanese-as-Non-Executive-Director






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