Gungnir Options Kenville Royalty to Ximen Mining
News Release GUG: TSX -V
ASWRF: OTCPK
Gungnir Options Kenville Royalty to Ximen Mining
Surrey BC – April 26, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the
“Company”) reports that the Company has entered int o a royalty option agreement (the “ Agreement ”)
with Ximen Mining Corp. (XIM: TSX-V) (“ Ximen ”) pursuant to which the Company has granted to Xim en
an option to purchase the Company’s remaining royal ty interest in the Kenville Gold Mine property
(“ Kenville ”) for total consideration of $1,700,000 (the “ Purchase Price ”).
Jari Paakki, Gungnir’s CEO stated, “This is a good arrangement for the Company as the transaction is
scheduled to be completed in 2019 rather than in 20 21, and it provides funds for continued exploration
in Sweden. The Company will outline exploration plans in the coming weeks.”
To exercise its option, Ximen will pay the Purchase Price as follows:
$500,000 in cash, currently held in escrow and to b e released to Gungnir upon approval of the
transaction by the TSX Venture Exchange (“ TSXV ”);
$200,000 in common shares of Ximen (the “ Shares ”), to be issued within 10 days after the TSXV
approval at a price per share equal to the volume w eighted average price of the Shares for the
20 trading days prior to the announcement date; and
$1,000,000 in cash, to be paid on or before October 31, 2019.
The exercise of the option is subject to Ximen paying the Purchase Price as set out above and the receipt
of TSXV approval on or before June 15, 2019 (unless such date is extended in accordance with the
Agreement).
Once issued, the Shares will be subject to a hold p eriod of four months and a day from the date of
issuance.
Kenville was sold in 2014 for $5,900,000. The Compa ny has received $3,000,000 from this original
property transaction. The remaining future advance royalty payments were scheduled for April 30 th ,
2019, 2020 and 2021.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with
gold and base metal permits in northern Sweden. Suc cessful drill programs in 2017 and 2018 at its
Knaften project resulted in back-to-back new base m etal target discoveries; the Rodingtrask VMS and a
Cu-Ni target. These new targets add significant up- side to the previously gold-only Knaften project, a nd
now the Company has numerous opportunities at depos it discovery by way of multiple targets and
metals. All three targets on Knaften are wide-open for expansion and further discovery. Further
information about the Company and its properties ma y be found at www.gungnirresources.com or at
www.sedar.com .
On behalf of the Board,
Jari Paakki, CEO and Director
News Release GUG: TSX -V
ASWRF: OTCPK
For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Jari Paakki, CEO
Email: [email protected]
Chris Robbins, CFO
Email: [email protected]
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: Certain statements made herein may contain
forward-looking statements or information within th e meaning of Canadian securities laws. In certain
cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "i s
expected", "budget", "scheduled", "estimates", "for ecasts", "intends", "anticipates" or "believes", or
variations of such words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or
comparable terminology. By their very nature forwar d-looking statements involve known and unknown
risks, uncertainties and other factors which may ca use the actual performance of the Company to be
materially different from any anticipated performan ce expressed or implied by the forward-looking
statements. Such forward-looking statements or information include, but are not limited to, statements
or information with respect to Gungnir’s plan for f uture exploration and development of its properties ,
Gungnir’s plan for future disclosure relating to ex ploration and development of its properties, the
receipt of TSXV approval for the transaction, the p ayment of the Purchase Price, the completion of the
transaction within the timelines set out above or a t all. Forward-looking statements or information ar e
based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties,
which could cause actual events or results to diffe r from those reflected in the forward-looking
statements or information. Should one or more of th ese risks and uncertainties materialize, or should
underlying estimates and assumptions prove incorrec t, actual results may vary materially from those
described in forward-looking statements or informat ion. For example, there is no certainty, that any
economically viable mineral deposit will be located on the properties, that the Company will receive o r
be able to raise sufficient capital to complete all of its exploration programs or that the transactio n will
complete as anticipated. Accordingly, undue relianc e should not be placed on forward-looking
statements or information. Gungnir does not expect to update forward-looking statements or
information continually as conditions change, except as may be required by securities law.