Golden Ridge Resources Announces Closing of Reverse Takeover, TSX-V Final Approval
GOLDEN RIDGE RESOURCES ANNOUNCES CLOSING
OF REVERSE TAKEOVER, TSX-V FINAL APPROVAL
Vancouver, British Columbia, October 18, 2017 – Golden Ridge Resources Ltd. (formerly 88
Capital Corp.) (TSX.V: GLDN) (the “Company” or “Golden Ridge”) is pleased to announce that
it has completed its reversed takeover transaction (the "RTO") with Golden Ridge Resources Ltd.
(“GRR”), and the concurrent non -brokered private placement (the " Offering") of the Company,
previously announced pursuant to a press release dated September 1, 2017.
On closing of the RTO, the Company acquired all of the issued and outstanding shares of GRR,
an arms' length private British Columbia corporation which holds an option to earn a 100-per-cent
interest in the 1,700 -hectare Hank gold -silver-copper property located in the Golden Triangle
district, approximately 140 kilome tres north of Stewart, British Columbia . The RTO was
conducted pursuant to a share exchange agreement effective July 18, 2017 and, in connection with
the RTO, the shareholders of GRR received 16,154,012 common shares in the capital of Golden
Ridge at a deemed price of $0.10 per share on a pro-rata basis. The Company will resume trading
on the TSX Venture Exchange on Thursday, October 19, 2017 under the symbol "GLDN".
Additional information concerning the RTO and the Offering can be found in the Company's Filing
Statement which is available from the Company's profile on SEDAR, at www.sedar.com.
Resignation of Officers and Directors
The Company wishes to announce the resignations of officers Elston Johnston, CEO, and Anthony
Jackson, CFO, effective September 7, 2017. The C ompany also wishes to announce the
resignations of Directors Konstantin Lichtenwald and Anthony Jackson, effective Sept ember 7,
2017. The C ompany wishes to thank them for their efforts and wishes them well in future
endeavours.
Appointment of Officers and Directors
In conjunction with the completion of the RTO, Michael Blady has been ap pointed Chief
Executive Officer and Director, Lawrence Nagy has been appointed Executive Chairman and
Director, and Terese Gieselman has been appointed Chief Financial Officer and Director of the
Company. William Lindqvist has been appointed as Director of the Company.
Lawrence Nagy, B.A. Geology, Executive Chairman and Director
Mr. Nagy obtained a B.A degree in Geological Sciences from the University of Saskatchewan in
1966. Mr. Nagy provides broad international exploration experience from his past management of
several successful listed junior resources companies. After graduation Mr. Nagy spent 16 years
employed by Cominco Ltd., an exploration company with projects in Western Canada and
Australia, he was a co -founder of Keewatin Engineering Ltd., a Vancouver based geological
consulting company, responsible for managing exploration projects worldwide. As a director of
Delaware Resources, he was responsible for Delaware’s acquisition and development of the SNIP
property, a gold project in central B.C which he originally identified for re-staking while employed
by Cominco Ltd. He also served as a Director of Calpine Resources Ltd., the company which
optioned the Eskay Creek gold property and subsequently discovered one of the largest and richest
gold-silver deposits in North America. While se rving as president and CEO of Oliver Gold
Corporation, he led the team that discovered the SEGALA gold deposits in Mali, West Africa and
Ipanema gold deposit in Zimbabwe. Mr. Nagy was also the president and CEO of Solomon
Resources Ltd. at the time together with Channel Resources Ltd, co-discovered the Bomboré gold
deposits in Burkina Faso. These deposits were sold to Ore Zone Ltd. and are currently being
prepared for production. Mr. Nagy is currently the Executive Chairman and Director of Colorado
Resources Ltd. and also the Chairman and CEO of Damara Gold Corporation.
Michael Blady, B.Sc. Geology, President & CEO and Director
Mr. Blady holds a B.Sc. in Geology from Simon Fraser University and is the principal of Ridgeline
Exploration, a grass roots explo ration services company based out of Vancouver , British
Columbia. He has been involved in senior management of numerous public companies since 2009
and has acted as a geological consultant and advisor to various public companies providing
corporate development services.
Terese Gieselman, CFO, Corporate Secretary and Director
Ms. Gieselman has had 31 years’ experience with junior mining and exploration companies listed
on the TSX, TSXV, OTCBB, NASDAQ and AMEX, in the roles of Chief Financial Officer,
Treasurer, and Corporate Secretary. During her tenure in the resource sector, Terese has
accumulated an extensive background in corporate and financial reporting and compliance for
Canada and the United States, including particularly relevant experience in fin ancings, treasury,
international corporate structures and financial reporting in Mexico, Peru, Chile, Argentina and
Zimbabwe. Ms. Gieselman is currently CFO and Director of Colorado Resources Ltd. and CFO of
Damara Gold Corp.
William Lindqvist, Ph.D. Geology, Director
Dr. Lindqvist has over 35 years of international mineral exploration experience and has directed
and participated in several major gold deposit discoveries across a broad spectrum of geologic
terrains. Dr. Lindqvist's previous discovery experience includes; the Gosowong Bonanza gold
deposit in Indonesia, Chimney Creek, Mule Canyon, Ruby Hill and the Gold Hill deposits in
Nevada, Mesquite gold deposit in California, Shafter silver deposit in Texas, Ortiz gold deposit in
New Mexico, Extensions of Eskay Creek gold-silver deposit in BC., Jeronimo Gold Manto deposit
in Chile and Arenal Deeps deposit in Uruguay. Dr. Lindqvist is presently a director of Luna Gold
Corp, Andean Gold Ltd. and Damara Gold Corp. In the past, he ser ved as the Vice President of
Exploration for Homestake Mining Company, and as the Executive General Manager of
Exploration for Newcrest Mining Limited. Dr. Lindqvist has a Ph.D in Applied Geology from the
Royal School of Mines in London, and is a member of the Aus IMM, SEG, and AIME.
Issuance of Options
The Company further announces that the Boar d of Directors has granted a total of 2,0 00,000
options to directors, officers, employees and consultants pursuant to the Company’s stock option
plan. Each option is exercisable to purchase one common share of the Company at $0.15 per share
for a period of three years from the date of issuance. The option issuance is subject to TSX Venture
Exchange approval.
Correction to Filing Statement
The pro forma consolidated financial statements attached to the Filing Statement failed to include
the pro-forma tax rate applicable to consolidated operations. Accordingly, the Company wishes to
clarify that the expected income tax rate applicable to the consolidated operations would be of that
of the local statutory rates of 26%.
About Golden Ridge
Golden Ridge is a private British Columbia company, which holds an option to earn a 100 -per-
cent interest in the 1,700-hectare Hank gold-silver-copper property located in the Golden Triangle
district, approximately 140 kilometres north of Stewart, British Columbia. Golden Ridge may earn
a 100-per-cent interest by performing $1.7-million of exploration work by the end of 2018; this is
subject to a certain back-in provision if a deposit equals or exceeds three million ounces of gold in
the mineral resource category.
For further information regarding this news release contact:
Michael Blady, CEO
Tel: (604) 720-3474 or by email at [email protected]
On behalf of the Board of Directors
GOLDEN RIDGE RESOURCES LTD.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.