Frontline Announces Equity Issuance for Debt Settlement
Toronto, ON – TheNewswire – May 12, 2022 – Frontline Gold Corporation (TSXV:FGC) (“Frontline” or the “Company”) announced today that it has entered into an agreement to settle a debt of $260,553.87 owed to Merrex Gold Inc., a wholly owned subsidiary of IAMGOLD Corporation, in consideration for the issuance of 4,000,000 common shares of the Company at a deemed price of $0.0651384675 per share.
Debt accumulated as a result of exploration work provided by Merrex prior to 2014.
No new Control Person of the Company will be created under the Debt Securities Regulations.
The directors of the Company have approved the debt settlement which is subject to the approval of the TSX Venture Exchange (“TSXV”). Closing of the Loan Obligation Settlement will occur immediately upon TSXV approval.
All securities issued under the aforementioned debt securities settlement are subject to a four month statutory hold period and regulatory approval.
About Frontline Gold Corporation
Frontline is a junior Canadian mining exploration company. The Company’s principal properties include the Crooked Pine Gold Project (Ontario), the Copperlode Project (Ontario), the Flint Lake and Kakagi Lake Gold Projects (Ontario), as well as the Route 109 Gold Project and the NE Bachelor Lake Gold Project, both located in the Abitibi region of Quebec and the Menderes gold project in the province of Izmir in western Turkey. Other Canadian exploration properties include other groups of gold properties in Ontario and include the Whitehorse Island mining patents.
Frontline continues to actively seek additional projects and investors/partners to continue to leverage its properties and net smelter royalties.
Further information about the Company is available on the Company’s website, www.frontlinegold.comor our social media sites listed below:
Facebook: https://www.facebook.com/Frontline Gold Corp./
This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The actual results, programs and financial condition of the Company could differ materially from those anticipated in these forward-looking statements due to numerous factors, some of which may be beyond the control of the Company. These factors include: availability of funds; the schedule and content of the work programs; results of exploration and development activities at mineral properties, interpretation of drill results and other geological data, uncertainties in resource and reserve estimates, receipt and security of title to mineral properties; project cost overruns or unforeseen costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and beliefs of the Company’s management as of the date the statements are made. The assumptions used in the preparation of these statements, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on any forward-looking statements.
Walter Henry, President and CEO
FRONTLINE GOLD CORP.
Contact: Walter Henry
Telephone: (416) 861-9090
E-mail: [email protected]
Frontline Gold Corp. (TSX-V: FGC)
372 Bay Street, Suite 301
Toronto, Ontario M5H 2W9
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