HUNT Mining Corp. Provides Update ON the Reverse Take-over Transaction (the “Rto”) with Patagonia GOLD Plc
HUNT MINING CORP. PROVIDES UPDATE ON
THE REVERSE TAKE-OVER TRANSACTION (THE “RTO”)
WITH PATAGONIA GOLD PLC
June 20, 2019 – Hunt Mining Corp. (the " Company ") ( TSX VENTURE: "HMX" ) announces that
Patagonia Gold PLC (“ Patagonia ”) has advised the Company that Patagonia has revised its 2018 audited
annual financial statement (the “ Patagonia Statements ”) in relation to the translation of Patagonia's
foreign operations, reported within the Consolidate d Statement of Comprehensive Income, which had
resulted in the loss for the year being overstated by US$4.87 million. The loss was originally reporte d as
US$22.46 million and the revised loss is US$17.59 m illion. The translation revision arose from an erro r
when accounting for hyperinflation, due to the prev ailing high inflation in Argentina, which resulted in
Patagonia having to make adjustments for hyperinflation for the first time in its financial statements.
Within the Consolidated Statement of Comprehensive Income, this overstatement in the loss for the year
was offset by the overstatement of profits on trans lation of foreign operations, such that the total
Comprehensive Loss of Patagonia for the year remains unchanged, at US$10.59 million. There is also no
impact on reported net assets or underlying cash fl ows. The amendment has resulted in an adjustment to
net loss per share (originally reported as 0.871p p er share, revised to 0.687p per share), and some
presentational adjustments to the Consolidated Cash Flow statement, the Statement of Changes in Equity
and some notes to the Patagonia Statements.
Patagonia's revised Annual Report and Consolidated Financial Statements for the year ended
December 31, 2018, are now available on Patagonia's website.
Patagonia has further advised the Company that the Scheme Document in relation to the RTO was published
and posted to Patagonia Shareholders on June 20, 20 19. The meetings of the Patagonia Shareholders in
respect of the RTO are set to be held on July 12, 2019.
As further detailed in the Scheme Document, in order to become Effective, the Scheme requires, amongst
other things, the approval of a majority in number of the Scheme Shareholders present and voting in person
or by proxy at the Court Meeting, representing not less than 75% in value of the Scheme Shares held by
such Scheme Shareholders, together with the sanction of the Court and the passing of the special resolution
necessary to implement the Scheme at the Patagonia General Meeting and the Company having taken all
necessary actions so that the Company’s common shar es resume trading on the TSX-V by no later than
14 days after the Effective Date.
If all required shareholder, court and regulatory approvals are obtained and all other Conditions to the RTO
are satisfied or (if capable of waiver) waived, it is currently expected that the Scheme will become effective
on or about July 22, 2019. Further information on the Scheme and Patagonia can be found in the Company’s
Filing Statement prepared in relation to the RTO, which has been filed on SEDAR.
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Capitalized terms in this news release, unless otherwise defined herein, have the same meanings as set out
in the Scheme Document.
For more information, please contact:
Dean Stuart
Investor Relations
T: (403) 617-7609
Bob Little
Chief Administration Officer
T: (509) 290-5659
Cautionary Statements and Forward Looking Information
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange
acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot
close until the required shareholder approval is obtained. There can be no assurance that the transaction
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the fili ng statement prepared in connection with the
transaction, any information released or received with respec t to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securitie s of Hunt Mining Corp. should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has
neither approved nor disapproved the contents of this news release.
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.
This news release contains forward-looking statements relating to the Proposed Transaction that are not
historical facts. Any such forward-looking statements may be ident ified by words such as "expects",
"anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no assur ance that the plans, intentions or
expectations upon which they are based will occur. By their natur e, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual performance and res ults in future periods to differ
materially from any estimates or projections of future performance or results expressed or implied by such
forward-looking statements. Assumptions, risks and uncertainties include, among other things, the risk that
the Proposed Transaction will not be completed or that the necessary approvals and/or exemptions are not
obtained or some other condition to the closing of the Proposed Transaction will not be satisfied, the risk
that the UK Court does not sanction the Scheme in a timely manner, if at all, the risk that closing of the
Proposed Transaction could be delayed if Hunt and Patagonia are not abl e to obtain the necessary
approvals on the timelines planned, the risk that the timing of obtaining required approvals, closing
conditions for the Proposed Transaction, state of the economy in general and capital markets in particular,
investor interest in the business and future prospects of Hunt and Patagonia will not occur in a timely
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manner, if at all, and may cause actual results, performance or ac hievements to be materially different
from those implied by such assumptions, risks and uncertainties.
The forward-looking statements contained in this news release are made as of the date of this news release.
Except as required by law, Hunt and Patagonia disclaim any intention and assume no obligation to update
or revise any forward-looking statements, whether as a result o f new information, future events or
otherwise, except as required by applicable securities law. Additionally, Hunt and Patagonia undertake no
obligation to comment on the expectations of, or statements made, by third parties in respect of the matters
discussed above.