Gold79 Announces Effective Date of Previously Announced Share Consolidation
Gold79 Announces Effective Date of
Previously Announced Share Consolidation
Ottawa, Ontario--(Newsfile Corp. - April 19, 2024) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF)
("Gold79" or the "Company") announces that further to its news release dated April 11, 2024, Gold79
has received approval from the TSX Venture Exchange for its one-for-10 share consolidation. The
consolidation will be effective at market open on April 22, 2024. The Company name will be unchanged
and its common shares will continue to trade under the symbol AUU on the TSX Venture Exchange and
under the symbol AUSVF on the OTC Markets.
In accordance with the articles and bylaws of the Company, the consolidation was approved by the
board of directors of the Company, and shareholder approval is not required.
Gold79's board of
directors concluded that the Company's existing issued and outstanding common share structure is not
conducive to securing additional equity financing at levels required to support the Company's planned
exploration objectives and operations.
As a result of the consolidation, the number of outstanding common shares of the Company will be
reduced from 191,298,579 to approximately 19,129,857, subject to adjustment for rounding. No
fractional shares will be issued in connection with the consolidation. Instead, any fractional share interest
of 0.5 or higher arising from the consolidation will be rounded up to one whole share, and any fractional
share interest of less than 0.5 will be cancelled. No cash consideration will be paid in respect of
fractional shares that are cancelled.
Each shareholder's percentage ownership in the Company and proportionate voting power will remain
unchanged after the consolidation, except for minor changes and adjustments resulting from the
treatment of fractional shares. The exercise or conversion price and/or the number of shares issuable
with respect to any of the Company's outstanding convertible securities will be proportionately adjusted
in connection with the consolidation.
Common shares held in uncertificated form by non-registered shareholders through brokerage accounts
will be converted at the consolidation ratio through each shareholder's brokerage account. Non-
registered shareholders should consult with their broker for further information. A letter of transmittal
describing the process by which registered shareholders may obtain new certificates representing their
consolidated common shares has been mailed to registered shareholders by the Company's transfer
agent TSX Trust Company. All registered shareholders will be required to send their share certificates,
along with a properly executed letter of transmittal, to TSX Trust Company, in accordance with the
instructions provided in the letter of transmittal. A copy of the letter of transmittal has been posted on the
Company's issuer profile on SEDAR+.
The Company's new CUSIP is 380719203, and the ISIN is CA3807192032.
About Gold79 Mines Ltd.
Gold79 Mines Ltd.
is a TSX Venture listed company focused on building ounces in the Southwest USA.
Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon
Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project
located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut,
Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email:
Website:
www.gold79mines.com
Book a 30-minute meeting with our CEO
here
.
Stay Connected with Us:
Twitter:
@Gold79Mines
Facebook:
https://www.facebook.com/Gold79Mines
LinkedIn:
https://www.linkedin.com/company/gold79-mines-ltd/
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements that are made as of the date hereof and
are based on current expectations, forecasts and assumptions which involve risks and uncertainties
associated with our business including the proposed private placement or any future private
placements, the share consolidation, the uncertainty as to whether further exploration will result in the
target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral
resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business
and operations, plans and references to the Company's future successes with its business and the
economic environment in which the business operates. All such statements are made pursuant to the
'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable
Canadian securities legislation. Any statements contained herein that are statements of historical
facts may be deemed to be forward-looking statements. By their nature, forward-looking statements
require us to make assumptions and are subject to inherent risks and uncertainties. We caution
readers of this news release not to place undue reliance on our forward-looking statements as a
number of factors could cause actual results or conditions to differ materially from current
expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the
Company's continuous disclosure documents that can be found on SEDAR at
www.sedar.com
.
Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise
any forward-looking statements whether as a result of new information, future events or otherwise.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/206093