Damara Announces Consolidation and Appoints CEO
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
NEWS RELEASE
Damara Announces Consolidation and Appoints CEO
May 13, 2024 TSX-V: DMR
DAMARA GOLD CORP. (TSX -V:DMR) (“Damara” or the “Company”), announces that the board of
directors of the Company (the “Board”) has recommended the consolidation of the Company’s issued
and outstanding common shares (the “ Common Shares“) on the basis of f our (4) pre-consolidated
Common Shares for one (1) new post-consolidated Common Share (the “Consolidation“).
Consolidation and Name Change
The Company's Board believes that Consolidation will provide the Company with greater flexibility for
the continued development of its business and the growth of the Company, including financing
arrangements. There is no change of business associated with or being affected by the Consolidation.
In addition to and in conjunction with the Consolidation, the Company proposes to change its name
(the “Name Change”) such Name Change to be approved by the Board and applicable regulatory
authorities.
The Company will be obtaining a new trading symbol, CUSIP and ISIN number for the Consolidation.
The record date and effective date of the Consolidation, the new Company name and the new trading
symbol, CUSIP and ISIN numbers, will be disclosed in a subsequent news release. Generally, with
respect to the Consolidation, the Common Shares would commence quotation on the TSX Venture
Exchange (the “Exchange”) on a consolidated basis on the first trading day prior to the record date,
being the effective date and the Exchange would issue a bulletin to dealers advising of the
Consolidation and effective date of trading on the consolidated basis. Notwithstanding the foregoing,
the Consolidation is subject to Exchange approval, shareholder approval and the Board may, at its
discretion, determine to amend the terms or to not move forward with the Consolidation. Shareholder
approval to be sought at the upcoming Annual and Special Meeting (the “ Meeting”) to be held on
June, 28, 2024.
A letter of transmittal with respect to the Consolidation will be mailed to registered holders of Common
Shares with instructions on how to exchange existing share certificate(s) for new share certificate(s).
The letter of transmittal will also be available on the Company's profile on www.sedarplus.ca.
The Company currently has 73,515,389 Common Shares issued and outstanding and o n completion
of the anticipated Consolidation, the Company will have approximately 18,378,847 Common Shares
issued and outstanding post-Consolidation. In the event that the number of post-Consolidation Shares
issued held by a shareholder is not evenly divided by four, the number of post-Consolidation Shares
issued to such shareholder shall be rounded down to the next lesser whole number.
Appointment of Executive Management
The Company further advises effective May 13, 2024 it has made changes to its executive
management team where by Corbin Stewart has been appointed President , Chief Executive Officer
and director. Mr. Larry Nagy will remain a director and Executive Chairman of the Board.
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
Mr. Stewart holds a BSc. in Geology from the University of Regina with 12+ years of mining ,
exploration, oil and gas, and capital markets experience. Mr. Stewart also has extensive technical and
project management experience ranging from grassroots prospecting to advanced mineral exploration
drilling and targeting. Mr. Stewart has been working on the Placer Mountain Property (the “Property”)
since 2020 and has extensive background knowledge of the Property.
These changes are designed to strengthen and streamline the executive management structure for
the Company’s future operations.
“The Placer Mountain Property is a unique grassroots gold -silver exploration property located 15km
south of HudBay Minerals Copper Mountain Mine * in Southern BC. The Property was first drilled in
2020 by Damara Gold Corp, with the first hole intersecting 1m of 48.6 g/t Au & 30.8 g/t Ag in the Main
Zone only 15 meters from surface . Following up on the success of the inaugural drilling program
prospecting, soil sampling, and trenching discovered the Kodiak Zone. The Kodiak Zone was first
drilled in 2021 with intercepts of up to 3m of 39.2 g/t Au & 80.4 g/t Ag only 27 meters from surface.
During the 2021 drilling program a devastating once in 100 -year storm occurred , caused by
atmospheric rivers, severely limiting the ability to carry out the planned drill program . In total only
2,428m of drilling has been completed on the Property, barely scratching the surface. Both the Kodiak
and Main Zones are unique opportunities that remain open and there are numerous prospecting and
soil anomalies that remain to be tested. We are very excited to follow up on both underexplored Kodiak
and Main Zones.” stated Corbin Stewart.
*This news release contains information about adjacent properties on which Damara has no right to explore or
mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits
on the Company’s properties
Qualified Person
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person as defined
by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Damara
Damara Gold Corp. is a TSX Venture listed mineral exploration company actively focused on the
exploration of the Placer Mountain Gold Property, located in Princeton, BC, held by 84%/16% JV with
Universal Copper Ltd. Damara’s Board of Directors is seasoned in the mineral exploration industry
with extensive and successful international experience.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
“Larry Nagy”
Larry Nagy, Chairman of The Board
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Corbin Stewart
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-717-1840)
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
Disclaimer for Forward-Looking Information
This news release contains statements that constitute "forward -looking Information", as such term is
used in applicable Canadian securities laws . Such forward -looking information involves known and
unknown risks, uncertainties and other factors that may cause the Company’s actual results,
performance or achievements, including the completion of the Consolidation or developments in the
industry to differ materially from the anticipated results, performance or achievements expressed or
implied by such forward-looking information. Forward-looking information includes statements that are
not historical facts and are generally, but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that
events or conditions "will," "would," "may," "could" or "should" occur.
Although the Company believes the forward -looking information contained in this news release is
reasonable based on information available on the date hereof, by its nature forward-looking information
involves assumptions and known and unknown risks, uncertainties and other factors which may cause
our actual results, level of activity, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements expressed or implied by
such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions; adverse industry events; the receipt
of required regulatory approvals and the timing of such approvals; that the Company maintains good
relationships with the communities in which it operates or proposes to operate, future legislative and
regulatory developments in the mining sector; the Company ’s ability to access sufficient capital from
internal and external sources, and/or inability to access sufficient capital on favorable terms; mining
industry and markets in Canada and generally; the ability of the Company to implement its business
strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which
could result in delays, or cessation in planned work, risks associated with the interpretation of data,
the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent
with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to
mineral exploration and development activities and to the Company, including as set forth in the
Company’s public disclosure documents filed on the SEDAR website at www.sedarplus.ca.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS
THE EXPECTATIONS OF DAMARA AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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
press release