Plato Gold Announces Shares for Debt
For Immediate Release
Plato Gold Announces Shares for Debt
Toronto, October 11, 2017 – Plato Gold Corp. (TSX-V: PGC ) (“ Plato ” or the “ Company ”), an
exploration company with a portfolio of properties i n Northern Ontario and Santa Cruz,
Argentina is pleased to announce that it has entered in to debt settlement agreements with
creditors of the Company pursuant to which the Company h as agreed to issue an aggregate of
16,615,800 common shares (" Shares ") at a deemed price of $0.05 per Share in order to settle
certain obligations of the Company totaling $830,790 (the “ Transactions ”). The Company
decided to satisfy this outstanding indebtedness with Share s in order to preserve its cash for
operations.
The Transactions are subject to the approval of the TSX Venture Exchange (the " Exchange ").
The Company will issue the Shares once the Transactions have been approved by the Exchange.
The Transactions are to occur as between Plato and seve ral insiders of Plato. Consequently, the
Transactions will constitute “related party transacti ons” within the meaning of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders
in Special Transactions (“ MI 61-101 ”). Plato is relying on the exemptions contained in sect ions
5.5(b) and section 5.7(g) of MI 61-101. Plato’s common shares are only traded on the facilities
of the TSX Venture Exchange. Furthermore, Plato’s boa rd of directors have unanimously
determined (with Anthony J. Cohen abstaining) that Plato i s in financial hardship, the debt
settlement transactions are designed to improve the f inancial position of Plato, and the terms of
such transactions are reasonable in the circumstances of Plato.
For full details, please visit us at www.platogold.com .
About Plato Gold Corp .
Plato Gold Corp. is a Canadian exploration company lis ted on the TSX Venture Exchange with
projects in Marathon Ontario, Timmins Ontario and Santa Cruz, Argentina.
The Good Hope Niobium Project consists of a total of 19 claims, 263 claim units and 4,208
hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon Ontario. In
May 2017, Plato signed an option agreement with Rudy Wahl and co-owners to acquire 100%
interest in the Good Hope Property. A drill program is planned for 2017.
The Timmins Ontario project includes 4 properties: Guib ord, Harker, Holloway and Marriott in
the Harker/Holloway gold camp located east of Timmins, O ntario. The Holloway and Marriott
properties are under option with Kirkland Lake Gold Inc. Plato holds 50% interest in the
Guibord property with the remaining 50% held by Osisko Mini ng Inc. (“Osisko”). Osisko also
holds 80% interest in the Harker property with Plato holding the remaining 20%.
In Argentina, Plato owns a 75% interest in Winnipeg Minera ls S.A. (“WMSA”), an Argentina
incorporated company. The Lolita Property, held by WMSA , is comprised of a number of
contiguous mineral rights totaling 9,672 hectares. Work has a dvanced on this exploration
property to the point that it is drill-ready or ready to be optioned to a partner.
For additional company information, please visit: www.platogold.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
For further information, please contact:
Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339
www.platogold.com
Forward Looking Statements
This news release contains “forward-looking statements”, within the meaning of applicable securities laws. These statements include, but are not
limited to, statements regarding the,potential mineralization and resources, exploration results, and future plans and objectives. Generally, these
forward-looking statements can be identified by the use of forward-looking terminology such as “plans” , “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anti cipate”, or “believes”, or variations of
such words and phrases or state that certain action s, events or results “may”, “could”, “would”, “migh t” or “will be taken”, “occur” or “be
achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and
they are subject to known and unknown risks, uncert ainties and other factors that may cause the actual results, use of proceeds, level of activity,
performance or achievements of Plato to be material ly different from those expressed or implied by suc h forward-looking statements, including
but not limited to risks related to: risks related to exploration; actual resource viability, and othe r risks of the mining industry . Although
management of Plato has attempted to identify impor tant factors that could cause actual results to dif fer materially from those contained in
forward-looking statements, there may be other fact ors that cause results not to be as anticipated, es timated or intended. There can be no
assurance that such statements 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 statements. The Company does not undertake to update
any forward-looking statements that are incorporate d by reference herein, whether as a result of new i nformation, future events or otherwise,
except in accordance with applicable securities laws.