TUDOR GOLD ANNOUNCES $2.9 MILLION WARRANTS EXERCISE BY ERIC SPROTT
VANCOUVER, BC, May 15, 2020 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold“) is pleased to announce that Mr. Eric Sprott has exercised all his outstanding Tudor Gold common share purchase warrants (“Warrants”) for total proceeds to the Company of $2,915,625.
Pursuant to the Warrants exercise, Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, exercised a total of 2,164,584 Warrants at an exercise price of $0.50 per common share (“Share”) expiring June 6, 2020 and a total of 3,333,333 Warrants at an exercise price of $0.55 per Share expiring July 18, 2020.
Following the completion of the Warrants exercise, Mr. Sprott beneficially owns and controls 25,687,919 Shares, representing approximately 17.5% of the issued and outstanding Shares on a non-diluted basis. Prior to the Warrants exercise, Mr. Sprott beneficially owned and controlled 20,190,002 Shares and 5,497.917 Warrants, representing approximately 13.9% of the issued and outstanding Shares of the Company on a non-diluted basis, and 17.1% on a partially diluted basis.
The Shares were acquired by Mr. Sprott for investment purposes and with a long-term view of the investment. Mr. Sprott may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors.
Walter Storm, President and CEO, stated: “I am very pleased with the continued interest and support of Tudor Gold by Mr. Eric Sprott. The Company is very well positioned to execute the ambitious program, created by Ken Konkin, our experienced Vice President Project Development. We are looking forward to successfully completing a large program and significantly advancing the Treaty Creek project this year and beyond.”
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.