Vancouver, British Columbia--(Newsfile Corp. - April 22, 2024) - Dryden Gold Corp. (TSXV: DRY) ("Dryden Gold" or the "Company") is pleased to announce that, subject to receipt of final TSX Venture Exchange ("TSXV") approval, it will issue an aggregate of 6,377,551 common shares (the "Shares") at a deemed price $0.1568 per share to Alamos Gold Inc. (NYSE: AGI) ("Alamos") to satisfy a April 20, 2024, $1,000,000 property payment (the "Property Payment") on its Dryden Gold Property located in Northwest Ontario (the "Dryden Property"). The Shares are being issued in accordance with Dryden Gold and Manitou Gold Inc's (a wholly owned subsidiary of Alamos) option agreement dated April 20, 2022, as amended, (the "Dryden Option Agreement") and are based on the 20-day volume weighted price of the Company's common shares on the TSXV. The proposed Property Payment was previously disclosed in the Company's TSXV Form 3D2 Filing Statement dated December 27, 2023, (the "Filing Statement"), a copy of which was filed under the Company's profile at www.sedarplus.ca on December 27, 2023. Please refer to the Filing Statement for a detailed description of the Dryden Option Agreement and the Dryden Property. Final TSXV approval of the Property Payment is pending. All of the Shares will be subject to a hold period of four months and one day from the date of issuance.
After the Property Payment Alamos will hold, directly and indirectly, an aggregate of 14,434,346 common shares of the Company representing 15.17% of the outstanding shares of the Company.
AUTOMATED MARKET MAKING SERVICES
Dryden Gold also announces that it has engaged the services of Insight Capital Partners Inc. of Toronto, Ontario, and it's market making service provider, ICP Securities Inc. (together "ICP") effective April 19, 2024 to provide automated market making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSXV and applicable securities laws. ICP will receive aggregate fees of C$10,000 plus applicable taxes per month, payable monthly in advance. The agreement between the Company and ICP is for an Initial Term of four (4) months and shall be automatically renewed for subsequent one (1) month terms (each month called an "Additional Term") unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.
ICP is an arm's length party to the Company. ICP's market making activities will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurred in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities. The Company's engagement of ICP remains subject to the approval of the TSX Venture Exchange.
ABOUT ICP SECURITIES INC.
ICP Securities Inc. (ICP) is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
ABOUT DRYDEN GOLD CORP.
Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange ("DRY"). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers & acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold's property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys First Nations support and proximity to an experienced mining workforce.
For more information go to our website www.drydengold.com.
CONTACT INFORMATION
Trey Wasser CEO
email: twasser@drydengold.com
phone: 940-368-8337
Maura Kolb, M.Sc.. P. Geo., President
Email: mjkolb@drydengold.com
Phone: 807-632-2368
Ashley Robinson, Investor Relations
Email: arobinson@drydengold.com
Phone: 604-764-7493
X: @DrydenGold
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: receipt of corporate and regulatory approvals, the proposed Property Payment; future development plans; general market conditions affecting junior exploration companies listed on Canadian stock exchanges, future acquisitions; exploration programs; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of regulatory approvals, legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's and the Company's expectations or projections.
UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
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SOURCE: Dryden Gold Corp.
