G.E.T.T. Gold Inc. Announces the Execution of an Amendment Agreement with Labyrinth Resources Limited
Relating to Their Project Acquisition Agreement of August 30, 2021 & Results of Annual MeetingBrossard, Nov. 9th, 2022 - G.E.T.T Gold Inc. ("GETT" or the "Company") (TSXV:GETT), announces that the terms and conditions of the project acquisition agreement dated August 30, 2021 with Labyrinth Resources Ltd. ("Labyrinth") (ASX: LRL) have been amended with respect to the final acquisition tranche payment and the twelve-month gold payment due November 2022.
The amended terms are as follows:
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Labyrinth shall pay to the Company an amount of CAD$500,000 on or before December 21, 2022, and shall pay the balance of the final acquisition tranche payment, being CAD$1,000,000 on or before March 31, 2023, with such balance bearing interest at a simple rate of 7% per annum, accruing from November 30, 2022 to the earlier of March 31, 2023 or the date where the balance is fully paid;
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Labyrinth shall deliver to the Company a cash payment equivalent to 450oz of gold on or before March 31, 2023, with such payment bearing interest at a simple rate of 7% per annum, accruing from November 30, 2022 to the earlier of March 31, 2023 or the date where the balance is fully paid.
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Labyrinth may pay the aforementioned payments in full or in part at any time and at its sole discretion, on or before March 31, 2023.
Results of Annual General Meeting of the Shareholders
The Company is also pleased to announce the results of its 2022 Annual General Meeting ("AGM") of shareholders held virtually on Tuesday, November 8, 2022.
Shareholders approved all the resolutions detailed in the management information circular of the Company dated October 12, 2022 (the "Circular"), namely:
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Electing all the nominees to the Board of Directors of the Company.
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Appointing KPMG LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor's compensation.
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Approving the Company's Omnibus Incentive Plan.
About G.E.T.T Gold
G.E.T.T Gold is active in the exploration and the development of gold resources in Quebec. G.E.T.T Gold also has an exclusive license for the Thermal Fragmentation mining method.
The company's growth strategy is based on:
• The development of its gold deposit with the objective of producing revenue from its operations;
• Increasing the value of its mining asset by prioritizing its exploration targets; and
• The commercialization and deployment of its thermal fragmentation technology.
Follow the link to view G.E.T.T Gold's new website www.gettgold.com
For additional information:
John Stella, Investor relations (514) 718-7976 jstella@gettgold.com
Fabien Miller, President & CEO (514) 892-1935 fmiller@gettgold.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 accuracy or adequacy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release may contain forward-looking statements including but not limited to comments regarding performance of obligations by Labyrinth in connection with the project acquisition agreement, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
G.E.T.T Gold inc. 7055 Taschereau Blvd., suite 500, Brossard (Québec) J4Z 1A7
Tel: (450) 510-4442
www.gettgold.com