Tudor Gold Announces Proposed Shares for Debt Transaction
Vancouver, June 2, 2020 - Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the "Company" or "Tudor Gold") announces that the Company has agreed to issue 481,927 common shares of the Company (the "Settlement Shares") at a price of C$0.664 per share in settlement of an outstanding debt totalling $320,000 (the "Debt") owing to Teuton Resources Corp. ("Teuton").
The Debt was incurred in connection with the Company's acquisition of the Orion property, Fairweather property, Delta property and High North property (collectively, the "Properties"), and forms part of the purchase price owing to Teuton pursuant to certain option purchase agreements, as amended from time to time (the "Option Agreements"). Pursuant to the Option Agreements, the Company will acquire a 100% interest in the Properties in consideration of the payment of an additional $1,490,000 and the issuance of additional 600,000 common shares of the Company over three years. Please see the Company's news release dated August 6, 2019 on the Company's profile on www.sedar.com for further details relating to the Option Agreements.
The Settlement Shares are being issued to settle $320,000 of the $1,490,000 cash portion of the purchase price for the Properties. The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.
The shares for debt settlement was carried out pursuant to prospectus exemptions of applicable securities laws. The issuance of the Settlement Shares are subject to a hold period of eight months from the date of issue and the approval of the TSX Venture Exchange.
About Tudor Gold
Tudor Gold is a precious and base metals explorer with properties in British Columbia's Golden Triangle, an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which Tudor Gold has a 60% interest) borders Seabridge Gold Inc.'s KSM property to the southwest and borders Pretium Resources Inc.'s Brucejack property to the southeast. The Company also has acquired a 100% interest in the Electrum Project, earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
"Walter Storm"
Walter Storm
President and Chief Executive Officer
For further information, please visit the Company's website at www.tudor-gold.com or contact:
Catalin Kilofliski
Director Corporate Development and Communications
Tel. 604-559-8092
Email: catalin@tudor-gold.com
or
Carsten Ringler
Manager Investor Relations
Phone: +49 1726918274
E-Mail: carsten.ringler@tudor-gold.com
Neither 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 Statements regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities, and plans to derive mineral resource estimates. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company's planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
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. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities; fluctuating gold prices; possibility of equipment breakdowns and delays; exploration cost overruns; risks associated with the interpretation of data regarding the geology, grade and continuity of mineral deposits; the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in any mineral resources, grade and/or recovery rates; availability of capital and financing; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company 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 otherwise required by applicable securities legislation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57072