Angus Gold closes debt settlement
TORONTO, June 17, 2022 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS) (“Angus“or the”Company”) announces that it has closed the debt transaction (the “Debt settlement”) with Mr. Steve Burleton, as previously announced on June 7, 2022. The Company settled an aggregate debt of $70,000 (the “Debt) relating to certain consulting fees accrued from April 7, 2021 to June 7, 2022, through the issuance of 86,420 common shares of the Company (the “Settlement shares”) at a deemed price of $0.81 per settlement share.
Mr. Burleton is an insider of the Company and therefore the Debt Settlement is considered a “related party transaction” within the meaning of National Instrument 61-101 Protection of Minority Holders of Securities in Special Transactions ( “MI 61-101”). The Company has relied on exemptions from the requirement for a formal valuation and minority shareholder approval under NI 61-101 based on the exemptions contained in Section 5.5(1)(a) and section 5.7(1)(a) of NI 61-101, as the fair market value of the settlement shares issued to Mr. Burleton in connection with the debt settlement did not exceed 25% of the market capitalization of the society. The debt settlement has been approved by all independent directors of the Company.
The TSX Venture Exchange has approved the debt settlement. The Settlement Shares issued under the Debt Settlement are subject to a hold period of four months and one day from today.
About Angus Gold:
Angus Gold Inc. is a Canadian mining exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky project in Wawa, Ontario.
Insiders currently own approximately 47% of the Company and New Gold Inc. (TSX: NGD) approximately 9.9%, each based on the number of issued and outstanding common shares.
On behalf of Angus Gold Inc.,
Chairman and Chief Executive Officer and Director
Email: [email protected]
Company website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
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. This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , exploration and mine development plans, timing of commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counter the effects of the COVID-19 pandemic on the Company’s business, including but not limited to the effects of COVID -19 on capital markets, commodity price supply chain disruptions, labor and on-site presence restrictions. local and international labor and travel, failure to obtain required approvals for transactions contemplated by the agreement, failure to identify mineral resources, failure to convert mineral resources to reserves, failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain government approvals, envir environmental or other requirements for the project, political risks, inability to fulfill the obligation to accommodate First Nations and other Indigenous peoples, uncertainties related to the availability and costs of necessary funding in the future, variations stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development, capital and operating costs that vary significantly from estimates and other risks involved in the mining exploration and development industry, and the risks described in the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time disclosed or not at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.