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.
Contact Information
Catalin Kilofliski
Director Corporate Development and Communications
Phone:+1 604 559 8092
Email:[email protected]
Carsten Ringler
Head of Investor Relations and Communications
Phone:+49 151 55362000
Email:[email protected]