Fremont Amends Terms for Griffon Gold Project
Fremont Amends Terms for Griffon Gold
Project
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2021) -
Fremont Gold Ltd. (TSXV: FRE)
(OTCQB: FRERF) (FSE: FR2) ("
Fremont
" or the "
Company
") is pleased to announce that it has
amended the terms of the option agreement relating to the Griffon gold project ("
Griffon
"), a past-
producing gold mine located at the southern end of the Cortez Trend in White Pine county, Nevada.
In December 2019, Fremont entered into an option agreement (the "
Option Agreement
") with Pilot
Gold (USA) Inc. ("
Pilot
"), a wholly owned subsidiary of Liberty Gold Corp. ("
Liberty
"), to acquire 100%
of Griffon (see news release dated December 18, 2019). Both Pilot and Liberty are arms length to the
Company.
The original terms of the Option Agreement included a requirement that on December 16, 2020,
Fremont would: (i) pay US$50,000 to Pilot; and (ii) issue a number of common shares of the Company to
Liberty that would bring the total ownership of Liberty and its affiliates to 9.9% of the issued and
outstanding shares of Fremont. Pilot has agreed to amend the terms of the Option Agreement as
follows:
reduce the December 16, 2020 option payment to Liberty from US$50,000 to US$25,000 and
defer payment until the revised terms of the Option Agreement have been approved by the TSX
Venture Exchange ("
TSXV
"); and
replace the requirement to issue a number of common shares of the Company to Liberty that would
bring the total ownership of Liberty and its affiliates to 9.9% of the issued and outstanding shares
of Fremont with the following issuances:
2,500,000 common shares to Liberty once the revised terms of the Option Agreement have
been approved by the TSXV;
2,500,000 common shares to Liberty on or before December 16, 2022; and
2,500,000 common shares to Liberty on or before December 16, 2023.
To acquire 100% of Griffon, the total number of common shares to be issued by Fremont to Liberty
pursuant to the Option Agreement will be 10,000,000 over four years, of which 2,500,000 common
shares have already been issued and another 2,500,000 common shares will be issued once the
revised terms of the Option Agreement have been approved by the TSXV.
All other terms of the Option
Agreement remain unchanged.
All securities issued in connection with the Option Agreement are subject
to a 4-month hold period pursuant to the policies of the TSXV.
The amendments to the Option Agreement are subject to approval by the TSXV.
Grant of Stock Options
Fremont's Board of Directors has approved the granting of stock options to various employees,
directors, advisors, and consultants pursuant to the Company's stock option plan.
The stock options
entitle the holders (ten people in all) to purchase a total of 3,000,000 common shares in the capital stock
of the Company at a price of $0.08 per common share.
The stock options have a term of five years and
vest over a 24-month period.
The stock option grant includes 200,000 stock options granted to a
principal of G2 Consultants Corp. which undertakes Investor Relations Activities on behalf of the
Company (see news release dated March 16, 2020).
About Fremont Gold
Founded by geologists that have a track record of making multi-million-ounce gold discoveries, Fremont
has assembled a portfolio of quality gold projects located in Nevada's most prolific gold trends. The
Company's property portfolio includes North Carlin, a new discovery opportunity, Cobb Creek, which
hosts a historic resource, Griffon, a past producing gold mine, and Hurricane, which has returned
significant gold intercepts in past drilling.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
CEO
Fremont Gold Ltd.
For further information, contact:
Corporate Information
Fremont Gold Ltd.
Blaine Monaghan, CEO
Telephone:
+1 604-676-5664
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/
Investor Inquiries
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email:
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.
Forward looking statements
Certain statements and information contained in this press release constitute "forward-looking
statements" within the meaning of applicable U.S. securities laws and "forward-looking information"
within the meaning of applicable Canadian securities laws, which are referred to collectively as
"forward-looking statements". The United States Private Securities Litigation Reform Act of 1995
provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are
statements and information regarding possible events, conditions or results of operations that are
based upon assumptions about future economic conditions and courses of action. All statements and
information other than statements of historical fact may be forward-looking statements. In some cases,
forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate",
"budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target",
"may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases
(including negative variations) suggesting future outcomes or statements regarding an outlook. Such
forward-looking statements are based on several material factors and assumptions and involve known
and unknown risks, uncertainties and other factors which may cause actual results, performance or
achievements, or industry results, to differ materially from those anticipated in such forward-looking
information. You are cautioned not to place undue reliance on forward-looking statements contained
in this press release. Actual results and future events could differ materially from those anticipated in
such statements. Fremont undertakes no obligation to update or revise any forward-looking
statements included in this press release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/72316