Probe Gold Completes Acquisition of the Croinor Gold Property in Val-d’Or
28 Luglio 2023 - 1:35PM
PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the
“Company”) is pleased to announce the completion of the
previously announced acquisition (the
“
Acquisition”) of the Croinor property (the
“
Property”) pursuant to an asset purchase
agreement dated July 12, 2023 (the “
Agreement”)
between the Company, Monarch Mining Corporation
(“
Monarch”) and X-Ore Resources Inc. The details
of the Acquisition and the Property are described in the Company’s
press release dated July 13, 2023.
Figure 1 – Probe Gold Val-d’Or properties with
the Croinor
acquisitionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0be8cd54-8341-472f-be05-ca11ea5c991f
Pursuant to the Agreement, the Company acquired
a 100% interest in the Property for aggregate consideration of $4.5
million, issued to Monarch, as follows: (i) Probe issued 1,522,533
common shares (the “Consideration Shares”) for a
total value of $2.5 million based on the 10-day volume
weighted average price (VWAP) of Probe’s common shares on the
Toronto Stock Exchange ending on July [24], 2023, with the
Consideration Shares being issued at a deemed price of $1.642 per
Consideration Share; and (ii) a cash payment of $2.0 million. The
Consideration Shares have a hold period of four months and one day
from closing date of the Acquisition. In addition, Probe will
assume any reclamation liabilities associated with the
past-producing Croinor mine. The Acquisition is subject to the
final approval of the Toronto Stock Exchange.
Qualified PersonsThe scientific
and technical content of this press release has been reviewed,
prepared, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice
President of the Company, who is a "Qualified Person" as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
About Probe
Gold:Probe Gold Inc. is a leading Canadian gold
exploration company focused on the acquisition, exploration, and
development of highly prospective gold properties. The Company is
committed to discovering and developing high-quality gold projects,
including its key asset the multimillion-ounce Novador Gold
Project, Québec. The Company is well-funded and controls a
strategic land package of over 1,500-square-kilometres of
exploration ground within some of the most prolific gold belts in
Québec.
On behalf of Probe Gold Inc.,
Dr. David
Palmer,President & Chief Executive Officer
For further
information:
Please visit our website at www.probegold.com or
contact:
Seema SindwaniVice-President of Investor
Relationsinfo@probegold.com+1.416.777.9467
Forward-Looking Statements
Neither TSX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) accepts
responsibility for the adequacy or accuracy of this release. This
News Release includes certain "forward-looking statements" which
are not comprised of historical facts. Forward-looking statements
include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms
as “believes”, “anticipates”, “expects”, “estimates”, “may”,
“could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management’s expectations.
Risks, uncertainties, and other factors involved with
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 in this news release includes, but is
not limited to, the approval of the Toronto Stock Exchange,
significant resource expansion and exploration upside of the
Property, the Company’s objectives, goals or future plans,
statements, exploration results, potential mineralization, the
estimation of mineral resources, exploration and mine development
plans, timing of the 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 timely receipt of all regulatory and
third party approvals for the acquisition of the Property, the
occurrence of a material adverse change, disaster, change of law,
the failure to identify mineral resources, failure to convert
estimated mineral resources to reserves, the inability to complete
a feasibility study which recommends a production decision, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
inability to fulfill the duty to accommodate First Nations and
other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, an inability to predict and counteract
the effects of COVID-19 on the business of the Company, including
but not limited to the effects of COVID-19 on the price of
commodities, capital market conditions, restriction on labour and
international travel and supply chains, and those risks set out in
the Company’s public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or 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, other than
as required by law.
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