Tudor Gold Corp. Confirms Arrangement for Replacement of Option Agreements

Tudor Gold Corp. Confirms Arrangement for Replacement of Option Agreements

 

Vancouver, BC – September 6, 2018 – Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the "Company" or "Tudor Gold") is pleased to announce that the Company has reached agreement with Teuton Resources Corp. ("Teuton") to replace the original option agreements (the "Original Option Agreements") on the Orion property, the Fairweather property, the Delta property and the High North property (the "Properties"), respectively, in which certain payment terms have been amended, the balance of payments, as well as all other terms of the Original Option Agreements remain as set out in the Original Option Agreements.

Pursuant to the amended payment terms of the Original Option Agreements, and subject to TSX Venture Exchange (the "Exchange") approval, the Company will issue an aggregate of 1,800,000 common shares (the "Shares") at $0.30 per Share to Teuton in lieu of certain cash payments as part of the consideration for the acquisition of 100% interest in the Properties. All prior payments to 2018 have been met accordingly.

 

Share issuance schedule per the amendment to the Original Option Agreements as follows:

 

  1. Orion Property: 216,667 Shares at $0.30 per Share to be issued within five business days of Exchange approval, 50,000 Shares on or before June 1, 2019; 50,000 Shares on or before June 1, 2020, and 250,000 Shares on or before June 1, 2021, for a total of 566,667 Shares at $0.30 per Share.

  2. Fairweather Property: 216,667 Shares at $0.30 per Share to be issued within two business days of Exchange approval, 50,000 Shares on or before December 15, 2018; 50,000 Shares on or before December 15, 2019, and 250,000 Shares on or before December 15, 2020, for a total of 566,667 Shares at $0.30 per Share.

  3. Delta Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval.

  4. High North Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval.

 

Tudor also wishes to rectify the assay values of silver ("Ag") and copper ("Cu") reported in the Company's news release dated August 24, 2018. The correct assay values for hole CB-18-32 are 1.7 grams for Ag and 0.011% for Cu from 194.7 meters to 316.5 meters respectively.

 

About Tudor Gold

Tudor Gold is a precious and base metals explorer in British Columbia's Golden Triangle, an area which hosts multiple past-producing mines and several large world-class deposits that are approaching potential development. The Company has a 60% interest in both the Electrum and Treaty Creek properties, and a 100% interest in several other mineral properties, all of which are located in the Golden Triangle area.

 

"Walter Storm"

Walter Storm

President and Chief Executive Officer

 

 

For further information, please visit the Company's website at www.tudor-gold.com or contact: 

 

Aris Morfopoulos
Chief Financial Officer & Corporate Secretary
Tel: 604-721-2650
Email: aris@tudor-gold.com

 

CHF Capital Markets
Cathy Hume
CEO
Tel: 416-868-1079 x 231
Email: cathy@chfir.com

 

Cautionary Statements regarding Forward-Looking Information:

 

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.


All statements including, without limitation, statements relating to the anticipated use of proceeds from the Offering and receipt of final regulatory approvals with respect to the Offering as well as any other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.


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 adequacy or accuracy of this release.