Ethos Closes Final Tranche of Financing and Monetizes Ligneris Project Interest
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Ethos Closes Final Tranche of Financing
and Monetizes Ligneris Project Interest
Vancouver, BC – April 27, 2021, Ethos Gold Corp. (“Ethos” or the “Company”) (TSXV: ECC;
OTCQB: ETHOF; Frankfurt: 1ET) announces that it has closed the final tranche of its previously
announced non-brokered flow through private placements (the “Private Placements”) raising additional
proceeds of $184,680, for total gross proceeds of $2,982,710 in both tranches. The Company also
announces that it has concluded a termination and release agreement (the “Agreement”) with Vior Inc.
(“Vior”) whereby Ethos has accepted to renounce all of its rights under the Earn-in Agreement dated
June 26, 2019 on the Ligneris project in Abitibi, Quebec in exchange for 1.0 million units of Vior.
Alex Heath, CFA, President of Ethos stated: “Over the last year, Ethos has built a strong technical team
led by Dr. Rob Carpenter, Chief Technical Advisor and Jo Price, VP Exploration. With the guidance of
this team, Ethos has built an exciting portfolio of exploration projects that will deliver a sequence of drill
programs starting shortly with mobilization to drill the large copper-gold porphyry target at Perk-Rocky.
Following a review of the company-wide exploration plans, Ethos has negotiated a termination of the
Ligneris agreement with Vior whereby Ethos will receive 1.0 million units of Vior in exchange for
termination of our earn-in agreement on Ligneris. This two-million share plus warrant ownership of
Vior provides Ethos with significant upside participation in any future exploration success at Ligneris,
as well as upside from Vior’s portfolio of gold projects in Quebec including the recently acquired
Belleterre project which incorporates the former Belleterre mine which historically produced
approximately 750,000 high grade ounces of gold. Osisko Mining Inc. recently completed a significant
strategic investment into Vior in support of their Quebec initiatives. Ethos looks forward to participating
as a shareholder as Vior advances an exciting portfolio of exploration assets.”
Closing of Financing
The closing of the final tranche of the previously announced Private Placements consisted of the
following:
a British Columbia flow through private placement of 769,500 flow through units priced at $0.24
per unit for gross proceeds of $184,680. Each unit will comprise one flow through share, and
one half of one non-flow through common share purchase warrant. Each whole such warrant
will be exercisable into one common share of the Company at an exercise price of $0.40 for a
period of two years following closing. The common share purchase warrants will be subject to
acceleration at the Company’s discretion in the event its common shares trade on the TSX
Venture Exchange on a volume weighted average price (“VWAP”) basis of C$0.60 or more for
a period of ten consecutive trading days. Proceeds of this offering will be utilized on the
Company’s Perk Rocky copper-gold porphyry project in British Columbia or on eligible flow
through expenditures on other British Columbia projects.
The Private Placements are subject to the final acceptance of the TSX Venture Exchange, and all
securities issued or issuable under the Private Placements will be subject to a 4-month hold period
expiring on August 28, 2021.
Members of the Company’s management team participated in the Private Placement including
subscriptions from related parties of the Company as defined in Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions ("MI 61-101"): Michael Murphy (a
director of the Company) acquired an aggregate of 417,000 Units. The participation of Mr. Murphy in
the Private Placement is exempt from formal valuation and minority shareholder approval requirements
pursuant to exemptions contained in sections 5.5(c) and 5.7(1)(a) of MI 61-101.
Termination and Release Agreement on Ligneris Project
As consideration for the renunciation of the Ligneris Project, Vior has agreed to issue to Ethos,
1,000,000 units of Vior (the “Units”). Each Unit is comprised of one (1) common share in the capital of
Vior (a “Share”) and one (1) common share purchase warrant (a “Warrant”). Each Warrant shall entitle
Ethos to acquire one (1) Share at a price of $0.30 per Share for a period of thirty-six (36) months
following the issuance of the Units. In addition to any statutory hold period, Ethos agrees that the
securities issued and comprising the Units will also be subject to a voluntary hold period of twelve (12)
months from the date of issuance of the Units. The Agreement is subject to TSX-V approval.
Corporate Updates
Gaffney – Ethos has expanded the Gaffney land position by claim staking of an additional 16,449 ha,
increasing the property size to 25,684 ha. The Ethos technical team has interpreted gold-bearing
regional structures within the tectonic boundary structural setting, favourable rock types, in addition to
anomalous gold and gold-pathfinder elements throughout the entire 27 km strike length held on Ethos
held ground. The southeast end of the land position is underlain by 4 km and 6 km gold-in-soil trends,
and the ground northwest of the Gaffney claims has proven gold mineralization in similar geology. The
Gaffney project is road accessible, located a fou r-hour drive from Prince George, BC in a mining-
friendly jurisdiction with several high-profile exploration, development and mining projects in the region.
Campbell Lake – The Company has exercised its option to acquire a 100% interest in the Campbell
Lake property by issuing 2.4 million shares to the vendors. There are no further commitments or
royalties payable.
About Ethos Gold Corp.
Ethos Gold, a Discovery Group company, has accumulated a portfolio of district scale projects in British
Columbia, Ontario, Quebec, Newfoundland, and Nevada that we believe have large scale discovery
potential. The Company has a strong technical team led by Dr. Rob Carpenter, formerly the CEO of
Kaminak Gold Corporation. Rob led the Kaminak team from initial listing in 2005 through acquisition
and discovery of the multiple-million ounce Coffee Gold Project. In Ethos he has assembled a senior
geologic team with a strong record of discovery success including Dr. Robert Brozdowski, P.Geo., Dan
MacNeil, M.Sc., P. Geo, and Dr. Alan Wainwright, P.Geo. Dr. Quinton Hennigh, an economic geologist
with 25 years of exploration experience formerly with Homestake Mining Company, Newcrest Mining
and Newmont Mining Corp oversees the Company’s work at the Iron Point project in Nevada. With
working capital of approximately C$7 million, the Company is well funded to advance its projects.
Ethos Gold Corp.
Per: “Alex Heath”
Alex Heath, CFA, President
For further information about Ethos Gold Corp. or this news release, please visit our website at
ethosgold.com or contact Alex Heath at 604-354-2491 or by email at [email protected].
Ethos Gold Corp. is a proud member of Discovery Group. For more information please visit:
discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain “forward-looking statements” within the meaning of Canadian securities
legislation, including, but not limited to, statements regarding the Company’s plans with respect to the Company’s
projects and the timing related theret o, the merits of the Company’s projects, the Company’s objectives, plans
and strategies, the Private Placements, and other projec t opportunities. Although the Company believes that
such statements are reasonable, it can give no assura nce that such expectations will prove to be correct.
Forward-looking statements are statem ents that are not historic al facts; they are generally, but not always,
identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,”
“potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions
“will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to
future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and
opinions of the Company’s management on the date the statements are made and they involve a number of risks
and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and
actual results and future events could differ materially fr om those anticipated in such statements. Except to the
extent required by applicable securities laws and t he policies of the TSX Venture Exchange, the Company
undertakes no obligation to update these forward-lookin g statements if management’s beliefs, estimates or
opinions, or other factors, should change. Factors that could cause future resu lts to differ materially from those
anticipated in these forward-looking statements include the risk of accidents and ot her risks associated with
mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the
possibility that the Company may not be able to secure permitting and other agency or governmental clearances,
necessary to carry out the Company’s exploration pl ans, risks and uncertainties related to the COVID-19
pandemic, risks and uncertainties related to the Company’s ability to complete the Private Placements and the
size of the Private Placements, and t he risk of political uncertainties and regulatory or legal changes in the
jurisdictions where the Company carries on its business that might interfere with the Company’s business and
prospects. The reader is urged to refer to the Com pany’s reports, publicly available through the Canadian
Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com
for a more complete discussion of such risk factors and their potential effects
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts r esponsibility for the adequacy or accuracy of this
release.