Medgold receives shareholder approval to proposed acquisition of Balkan Metals Corp.
Posted Under: Uncategorized
Vancouver, Canada, September 5, 2023 – Medgold Resources Corp. (TSX-V: MED|FRA: 1XD) (“Medgold”) reports on the status of its proposed acquisition (the “Acquisition”) of Balkan Metals Corp. (“Balkan Metals”), a private British Columbia company which holds a portfolio of exploration licenses in Serbia, some of which are contiguous to Medgold’s existing Serbian exploration permits. With mineral rights covering close to 1,000 square kilometers, the resulting company will be the largest holder of highly prospective exploration ground in the Republic of Serbia.
We are pleased to confirm that at the annual general and special meeting of Medgold held on August 31, 2023, shareholders voted in favour of all matters brought before the meeting including the Acquisition and related share consolidation and company name change. Upon completion of the Acquisition, the resulting company will be renamed to Electrum Metals Group Corp.
The parties are continuing to work closely to finalize the Acquisition, including completing the proposed $2.0 million non-brokered private placement offering of subscription receipts of Balkan Metals. The net proceeds of the financing will be used by the resulting issuer to fund exploration of its Serbian properties (principally, the Timok East Project) and for working capital and general corporate purposes.
Trading in Medgold’s common shares continues to be halted and is expected to remain halted until completion of the Acquisition.
About Medgold Resources Corp.
Additional information on Medgold can be found on the Company’s website at www.electrumdiscovery.com and by reviewing the Company’s page on SEDAR+ at www.sedarplus.ca.
ON BEHALF OF THE BOARD
Jeremy Crozier, President and CEO
For Further Information, Contact:
Jeremy Crozier (Vancouver), +1 604 801 5432, info@electrumdiscovery.com
Neither the 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.
Forward-looking Information
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information and include, without limitation, statements regarding the proposed Acquisition transactions. Often, but not always, this forward-looking information can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medgold and the Resulting Issuer to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, whether the Company will obtain all required approvals of the Acquisition and related transactions; the completion of the Acquisition and related transactions; the use of proceeds of the proposed financing; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Medgold’s quarterly and annual filings with securities regulators and available under Medgold’s profile on SEDAR+ at www.sedarplus.ca. Although Medgold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Acquisition and related transactions will be completed as planned; that the resulting company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the resulting company or its properties; and such other assumptions as set out herein. Forward-looking information has been made as of the date hereof and Medgold disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.