TUDOR GOLD ANNOUNCES PROPOSED SHARES FOR DEBT TRANSACTION
VANCOUVER, BC, June 1, 2020 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold“) announces that the Company has agreed to issue 481,927 common shares of the Company (the “Settlement Shares”) at a price of C$0.664 per share in settlement of an outstanding debt totalling $320,000 (the “Debt”) owing to Teuton Resources Corp. (“Teuton”).
The Debt was incurred in connection with the Company’s acquisition of the Orion property, Fairweather property, Delta property and High North property (collectively, the “Properties”), and forms part of the purchase price owing to Teuton pursuant to certain option purchase agreements, as amended from time to time (the “Option Agreements”). Pursuant to the Option Agreements, the Company will acquire a 100% interest in the Properties in consideration of the payment of an additional $1,490,000 and the issuance of additional 600,000 common shares of the Company over three years. Please see the Company’s news release dated August 6, 2019 on the Company’s profile on www.sedar.com for further details relating to the Option Agreements.
The Settlement Shares are being issued to settle $320,000 of the $1,490,000 cash portion of the purchase price for the Properties. The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.
The shares for debt settlement was carried out pursuant to prospectus exemptions of applicable securities laws. The issuance of the Settlement Shares are subject to a hold period of eight months from the date of issue and the approval of the TSX Venture Exchange.
About TUDOR GOLD
TUDOR GOLD is a precious and base metals explorer with properties in British Columbia’s Golden Triangle, an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The Company also has a 100% interest in the Electrum Project, earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
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 other than statements of historical fact included in this release, including, without limitation, statements regarding analysis and re-interpretation of data, and potential mineralization and geological merits of the Treaty Creek Project and 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. 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.