Increase in related party loan balance
Increase in related party loan balance
Vancouver, British Columbia, September 29, 2023 – Fremont Gold Ltd. (FRE: TSX -V; FRERF:
OTCQB; FR2: FSE) (“ Fremont” or the “ Company”) wishes to announce that the existing loan
from Dennis Moore, the Company’s President, CEO and interim Chairman, has been increased by
$150,000 to a total of $350,000.
An unsecured non-interest bearing loan of $200,000 was previously provided by Mr. Moore to the
Company for the purpose of advancing activities in Armenia; up to $200,000 of the loan will be
repaid from the proceeds of the current private placement (see news release dated August 28,
2023).
Mr. Moore has advanced a further $150,000 to the Company. The proceeds of this additional loan
were used to pay claim maintenance fees relating to the Company’s portfolio of gold assets in
Nevada. The loan is unsecured and non-interest bearing. The repayment of the loan is subject to
the sale of the Company ’s Nevada gold assets which the Company is actively seeking to sell or
joint venture; the loan will be repaid with the proceeds of such transaction.
Pursuant to Multilateral Instrument 61 -101 Protection of Minority Security Holders in Special
Transactions (“MI 61-101”) the Company advises that the loan repayment to Dennis Moore will
constitute a “related party transaction” under MI 61 -101. The Company is relying on the
exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and
the minority shareholder approval requirements contained in section 5.7(1)(a) of MI 61-101, as the
Company is not listed on specified markets and the fair market value of the loan repayment to Mr.
Moore does not exceed 25% of the Company’s market capitalization, as determined in accordance
with MI 61-101.
Officer resignation
The Company also announces that William Richard (Rick) Brown has resigned as Fremont’s Vice
President of Business Development in order to pursue other interests . Mr. Brown has been
instrumental in the development of the Company’s business interests in Armenia including the
optioning of the Virden’s property and the Company’s pursuit of the Urasar property (see news
release dated June 6, 2023). Mr. Brown may continue to be involved in the activities of the
Company moving forward albeit on a reduced scale. The Company’s m anagement and board of
directors would like to thank Mr. Brown for his service to the Company.
Qualified person
The content of this news release was reviewed by Dennis Moore, Fremont’s President, CEO and
interim Chairman, a qualified person as defined by National Instrument 43-101.
About Fremont
Fremont’s mine-finding management team is assembling a portfolio of high- quality copper-gold
projects within the central Tethyan Belt of Armenia with the intent of making world- class size
discoveries. These projects include the Vardenis copper-gold property located in central Armenia.
The Company also holds three substantial gold properties in Nevada and is in the process of
vending these assets.
On behalf of the Board of Directors,
“Dennis Moore”
Dennis Moore
President and CEO, interim Chairman
Fremont Gold Ltd.
For further information, contact:
Corporate Information
Fremont Gold Ltd.
Dennis Moore, President and CEO, interim Chairman
Telephone: +351 9250 62196
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/
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 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. Forward-looking statements in this and other press releases include but are not limit ed to the
potential for the discovery of world class deposits. Such forward-looking statements are based on a number of material factors and
assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, pe rformance
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 circumsta nces should
change, except as otherwise required by applicable.