Golden Tag Announces Management Changes and up to $1.125 Million Non-Brokered Financing
GOLDEN TAG RESOURCES LTD.
Suite 16, 3608 St-Charles Blvd. Kirkland, QC H9H3C3
Golden Tag Announces Management Changes and up to $1.125
Million Non-Brokered Financing
Toronto, Ontario, May 28, 2020 : Golden Tag Resources Ltd. (“ Golden Tag” or the " Company" )
(TSX.V: GOG) is pleased to announce the restructuring of the Company, and a non-brokered private
placement offering (the “Private Placement”, or “Financing”) for gross proceeds of up to $1,125,000.
Subsequent to closing of the Financing, the Company will have cash balances of approximately $2.1
million, and no debt.
Management Changes
The Company announces the resignations of Bruce Robbins as a Director and interim CEO, and of
Marc Carrier as Director, President and CFO of the Company who have been involved as directors for
20, and 30 years respectively. The Company would like thank Mr. Robbins and Mr. Carrier for their
many years of service including many during difficult market conditions.
Concurrently, the Company announces the appointment of Mr. Greg McKenzie as President and CEO,
and a Director of the Company.
Mr. McKenzie (JD, MBA) is a former senior investment banker with more than 20 years of experience
in financing, M&A, financial advisory, valuation, and strategic advice to mid -cap companies. Mr.
McKenzie has held positions with Morgan Stanley, CIBC World Markets and Haywood Securities, and
has been involved in transactions valued in excess of $18 billion. In addition to his capital market
experience Mr. McKenzie previously practiced corporate law with a leading Canadian securities and
M&A law firm.
“We are very pleased to welcome Greg to lead our team”, commented Chad Williams, Chairman of
the Company, adding, “His extensive mineral investment experience will be of great value in meeting
our corporate objectives and for seeking as well as evaluating future opportunities to complement our
existing precious metal assets.”
In addition, Mr. Carmelo Marrelli (CPA, CA, CGA) has been appointed as CFO of the Company
effective immediately. Mr. Marrelli is the Principal of Marrelli Support Services Inc., delivering
accounting, regulatory compliance and investment based services to several issuers on the TSX and
TSX-Venture exchanges.
Mr. Will Ansley (CPA, CA) has been appointed as Vice President of Corporate Development and
Investor Relations. With over 20 years of experience Mr. Ansley has been involved with the
development of six mines in Ontario; Mr. Ansley was the Director of Business Development for FNX
Mining Company Inc. and the Vice President of Corporate Planning & Strategy for Lake Shore Gold
Corp., and was the Chief Operating Officer of Mineral Streams Inc. where he helped orchestrate its
successful sale to AuRico Metals Inc. in 2015.
Non-brokered Financing
The Company intends to raise up to $1,125,000 by way of non-brokered private placement at a price
of $0.05625 per Unit. Each Unit consists of one common share in the capital of the Company (a
“Share”) and one-half of one Share purchase warrant (the "Warrants"). Each whole Warrant will entitle
the holder thereof to purchase one additional Share at a price of $0.075 for a period of two years from
the date of issuance. All securities issued will be subject to a four -month hold period. The proceeds
of the financing will be used for working capital purposes to investigate new mineral projects. The first
tranche of the private placement consisting of 10,778,100 units (“Units”) at a price of $0.05625 per
Unit for gross proceeds of $606,268has closed. Under the First Tranche, Mr. McKenzie subscribed
for 5,333,500 Units, and Mr. Ansley has subscribed for 1,000,000 of these Units. Under the terms of
his agreements, Mr McKenzie has a one year right to appoint up to two additi onal directors, one
immediately and the second subject to disinterested shareholders approval to be sought at the
upcoming shareholders meeting.
Issue of Stock Options
In connection with this announcement, pursuant to its 2004 Incentive Stock Option Plan, as amended
on June 30, 2008, the Company has granted 1,500,000 incentive stock options to the new
management team as well as certain Directors, who previously did not receive any awards, having an
exercise price of $0.08 which vest over time and are exercisable for a period of up to 5 years.
About Golden Tag Resources
Golden Tag Resources Ltd. is a junior exploration company exploring for high -grade silver deposits.
The Company holds a 100% interest in the San Diego property in Durango State, Mexico. The San
Diego property is located within the Velardeña Mining District , the site of several mines having
produced silver, zinc, lead and gold over the past century. For more information regarding the San
Diego property please visit our website at www.goldentag.ca. Golden Tag has no debt and following
the Private Placement wi ll have up to 129,806,558 shares issued and outstanding, as well cash
balances of approximately $2.1 million, and no debt. Golden Tag’s annual shareholders’ meeting
scheduled for June 26, 2020 will be rescheduled to a date within 90 days to facilitate the management
transition and due to the inconvenience of the temporary covid-related restrictions on gatherings.
For additional information, please contact:
Greg McKenzie, President & CEO
Ph: 416-504-2024
Email: [email protected]
www.goldentag.ca
Cautionary Statement:
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
news release.
This News Release includes certain “forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements that describe the Company’s
future plans, objectives or goals, including words to the effect that the Compa ny, or management,
expects a stated condition or result to occur. Forward looking information in this news release includes,
but is not limited to, the anticipated size of the Offering, the anticipated closing date and the completion
of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary
approvals, including the approval of the TSX -V, the ability to find and acquire new resource mineral
projects