Newcore Gold Announces Proceeds of $3.3 Million from Warrant Exercise
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Announces Proceeds of $3.3 Million
from Warrant Exercise
July 3, 2024 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce that it has received total proceeds of approximately
$3.3 million from the exercise of 16,666,666 common share purchase warrants of the Company
("Warrants") which expired on June 28, 2024. The Warrants had an exercise price of $0.20 and
were originally issued on June 28, 2023 following the completion of a non-brokered private
placement financing.
Luke Alexander, President and CEO of Newcore stated, "We would like to thank our
shareholders for their continued support and confidence in the Company through the exercise
of the Warrants. Management and Board of Directors also exercised Warrants they held and
continue to be strongly aligned with shareholders by way of an approximately 2 0% equity
ownership. This funding allows Newcore to continue to advance and de -risk development of
our Enchi Gold Project in Ghana, with completion of additional drilling, metallurgical testwork
and exploration work to continue to define the potential of the Project."
The Company is now funded for a 10,000 -metre drill program announced on June 26, 2024
with a cash balance of approximately $4.7 million. Post exercise and expiry of the Warrants, the
Company’s share capital consist ed of 189,460,129 common shares issued and outstanding
and dilutive securities consisting of 11,270,000 stock options, 1,371,000 RSUs and PSUs, with
no additional warrants outstanding.
About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold
producer (1). Newcore Gold offers investors a unique combination of top -tier leadership, who
are aligned with shareholders through their 20% equity ownership, and prime district scale
exploration opportunities. Enchi’s 248 km 2 land package covers 40 kilometres of Ghana’s
prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits,
including the Chirano mine 50 kilometers to the north. Newcore’s vision is to build a
responsive, creative and powerful gold enterprise that maximizes returns for shareholders.
(1) Source: Production volumes for 2023 as sourced from the World Gold Council.
On Behalf of the Board of Directors of Newcore Gold Ltd.
Luke Alexander
President, CEO & Director
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For further information, please contact:
Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
www.newcoregold.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.
Cautionary Note Regarding Forward-Looking Statements
This news release includes statements that contain "forward-looking information" within the meaning of the
applicable Canadian securities legislation ("forward -looking statements"). All statements, other than
statements of historical fact, are forward-looking statements and are based on expectations, estimates and
projections as at the date of this news release. Any statement that involves discussion with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance
(often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of
such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will"
be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.
In this news release, forward-looking statements relate, among other things, to: completion of a Pre-Feasibility
Study; the development, operational and economic results of the PEA, including cash flows, capital
expenditures, development costs, extraction rates, recovery rates, mining cost estimates; estimation of mineral
resources; statements about the estimate of mineral resources; magnitude or quality of mineral deposits;
anticipated advancement of the Enchi Gold Project mine plan; future operations; future exploration prospects;
the completion and timing of future development studies; anticipated advancement of mineral properties or
programs; future exploration prospects; and the future growth potential of Enchi.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our business. The assumptions underlying the
forward-looking statements are based on information currently available to Newcore. Although the forward-
looking statements contained in this news release are based upon what management of Newcore believes,
or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual
results will be consistent with such forward-looking statements, as there may be other factors that cause results
not to be as anticipated, estimated or intended. Forward -looking information also involves known and
unknown risks, uncertainties an d other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such factors include, among others: risks related to
interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans
continue to be refined, future metal prices, availability of capital and financing on acceptable terms, uninsured
risks, regulatory changes, delays or inability to receive required approvals, taxes, mining title, the speculative
nature of the Company’s business; the Company’s formative stage of development; the Company’s financial
position; possible variations in mineralization, grade or recovery rates; actual results of current exploration
activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian
dollar to United States dollar exchange rate); change in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks and hazards associated with the business
of mineral exploration, development and mining (including environmental hazards, unusual or unexpected
geological formations); the presence of laws and regulations that may impose restrictions on mining;
employee relations; relationships with and claims by local communities; the speculative nature of mineral
exploration and development (including the risks of obtaining necessary licenses, permits and approvals from
government authorities); and title to properties.
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Forward-looking statements contained herein are made as of the date of this news release and the Company
disclaims any obligation to update any forward-looking statements, whether as a result of new information,
future events or results, except as may be required by applicable securities laws. 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 statements. Accordingly, readers should not place undue reliance
on forward-looking information.