Dixie Gold Inc. Executes Settlement Agreement with Omnia Metals Group Ltd
Vancouver, April 2, 2024 - Dixie Gold Inc. (TSX VENTURE: DG)("Dixie Gold" or the "Corporation") reports that it has today entered into and executed a settlement agreement dated April 2, 2024 (the "Settlement Agreement") with Omnia Metals Group Ltd ("Omnia") as relates to its prior commencement of legal proceedings (the "Litigation") as plaintiff against Omnia (see news release, Dixie Gold Inc. Initiates Lawsuit Against Omnia Metals Group Ltd., Provides Related Notice to Market Regarding Takeover Transaction, dated March 4, 2024). Pursuant to the Settlement Agreement, the parties have resolved their differences without admission of liability and provided customary and encompassing mutual releases.
Under the Settlement Agreement, the Corporation received a cash payment, which is expected to exceed its legal expenses related to the Litigation and thereafter modestly attribute to the Corporation's working capital. Importantly and more materially, the Corporation also received confirmation of clear entitlement to funds previously paid by Omnia to the Corporation.
The Corporation did not make any payments to Omnia under the Settlement Agreement nor otherwise.
Beyond the above, the Corporation views the Litigation as having facilitated important material disclosures related to matters then between the Corporation and Omnia. With that served, the Corporation views the Settlement Agreement as now eliminating the potential for assertions around specific performance should the Corporation otherwise transact on one or more of its assets in the future.
In furtherance of the Settlement Agreement, the parties involved shall execute customary documentation to conclude court matters that rest under Court File No. VLC-S-S-241442.
The Corporation does not plan further dealings with Omnia, views the Litigation as resolved with a positive outcome and does not intend to make further public statements on the settled matter.
About Dixie Gold Inc.
Dixie Gold Inc. (TSXV: DG) is a publicly traded exploration company holding a portfolio of exploration projects in Canada.
For more information, please visit www.dixiegold.ca
Signed,
Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Canadian securities laws. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend,", "intention" "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, including, but not limited to statements related to the Corporation's business in general and/or matters related to further effectuating the Settlement Agreement and resolving matters of court related to the Litigation.
Without limitation, these statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business and transactions, or if our estimates or assumptions turn out to be inaccurate.
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.
Contact Info:
Ryan Kalt, Chief Executive Officer
Dixie Gold Inc.
T: 604.687.2038
E. info@dixiegold.ca
W. www.dixiegold.ca