Toronto, Ontario--(Newsfile Corp. - June 22, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) ("Big Ridge" or "Company") announced today that the Company has elected to accelerate the expiry date of 22,075,000 common share purchase warrants (the "Warrants") issued on July 8, 2020, in connection with a subscription receipt offering completed by the Company under its predecessor name, "Alto Ventures Ltd.".
While the original expiry date of the Warrants is May 29, 2022, the Warrants provide that the expiry may be accelerated by notice in circumstances where the closing price of the Company's common shares on the TSX Venture Exchange is at or above $0.25 for ten consecutive trading days (the "Acceleration Trigger"). The Company confirms that the Acceleration Trigger was satisfied as of market close on June 21, 2021. Accordingly, the Company shall provide notice today to the holders of the Warrants that the expiry date shall be accelerated to 4:30 p.m. (Vancouver time) on July 22, 2021, being the 30th day following the date of such notice (the "Early Expiry Date"). Any Warrants remaining unexercised after the Early Expiry Date will be cancelled.
As of market close on June 21, 2021, a total of 22,075,000 Warrants of the 22,325,000 Warrants originally issued had yet to be exercised. Each Warrant is exercisable into one Common Share at a price of $0.20 per Common Share. Accordingly, if all the outstanding Warrants are exercised, gross proceeds to the Company will total $4,415,000. Warrant holders who wish to exercise their warrants should contact Jim Kirke, the Company's Chief Financial Officer, by email at jkirke@bigridgegold.com or by phone at 416-627-1796.
About Big Ridge Gold Corp.
Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns 100% interest in the highly prospective Oxford Gold Project located in Manitoba, 100% interest in the Destiny Gold Project in Quebec where Clarity Gold Corp. is earning up to a 100% interest and is exploring in the Beardmore-Geraldton gold belt in Ontario. Big Ridge is now the operator of the Hope Brook Gold Project located in Newfoundland and Labrador.
For more details regarding the Company's projects, please visit our website at www.bigridgegold.com.
ON BEHALF OF THE BOARD,
Mike Bandrowski,
President & CEO
For Further Information Contact:
Mike Bandrowski,
President & CEO
BIG RIDGE GOLD CORP.
1 Yonge Street, Suite 1801
Toronto, ON, M5E 1W7
Tel: 416-540-5480
Email: Mike@bigridgegold.com
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
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
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