Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) announces that today it has closed its previously announced
asset sale of 1,824 claims to a subsidiary of Sayona Mining Limited
(“Sayona”) for consideration of 184,331,797 million ordinary shares
of Sayona issued at a price of C$0.217 per share, representing an
aggregate value of C$40 million. In addition, Troilus has been
granted a 2% net smelter returns royalty on all mineral products
from the transferred claims. Troilus has issued a total of
9,883,163 Common Shares of Troilus to Sayona at a price of C$0.49
per share for aggregate gross proceeds to Troilus of C$4,842,749.87
(the “Private Placement”). In connection with the Private
Placement, Sayona has been granted certain participation rights to
maintain its equity interest so long as it maintains said interest
at or above 5%.
Troilus to
Host Live Webinar to Discuss Transaction
Troilus will be
hosting a live webinar on Tuesday, November 22, at 11:00AM EST /
8:00AM PST. CEO of Troilus, Justin Reid, will be discussing the
Sayona transaction, as well as other recent news. The discussion
will be followed by an open question and answer period. Questions
may be asked during the webinar or can be emailed in advance to
info@troilusgold.com. A replay of the webinar will be made
available on Troilus’ website once available.
Date:
Tuesday, November 22, 2022
Time:
11:00AM EST / 8:00AM PST
Link to join webinar:
https://us06web.zoom.us/j/83225295405
Dial-in (for higher
quality, dial a number based on your current
location):
Canada: +1 204 272
7920, +1 438 809 7799, +1 587 328 1099, +1 647 374 4685, +1 647 558
0588, +1 778 907 2071, +1 780 666 0144
United States: +1 720
707 2699, +1 253 205 0468, +1 253 215 8782, +1 301 715 8592, +1 305
224 1968, +1 309 205 3325, +1 312 626 6799, +1 346 248 7799, +1 360
209 5623, +1 386 347 5053, +1 507 473 4847, +1 564 217 2000, +1 646
558 8656, +1 646 931 3860, +1 669 444 9171, +1 689 278 1000, +1 719
359 4580
Webinar ID: 832 2529
5405
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian-based junior
mining company focused on the systematic advancement and de-risking
of the former gold and copper Troilus Mine towards production. From
1996 to 2010, the Troilus Mine produced +2 million ounces of gold
and nearly 70,000 tonnes of copper. Troilus’ claims cover 435 km²
in the top-rated mining jurisdiction of Quebec, Canada, within the
Frotêt-Evans Greenstone Belt. Since acquiring the project in 2017,
ongoing exploration success has demonstrated the tremendous scale
potential of the gold system on the property with significant
mineral resource growth. The Company is advancing engineering
studies following the completion of a robust PEA in 2020, which
demonstrated the potential for the Troilus project to become a
top-ranked gold and copper producing asset in Canada. Led by an
experienced team with a track-record of successful mine
development, Troilus is positioned to become a cornerstone project
in North America.
For more information:
Justin ReidChief Executive Officer, Troilus
Gold Corp.+1 (647) 276-0050 x 1305justin.reid@troilusgold.com
Caroline ArsenaultVP Corporate Communications+1
(647) 407-7123info@troilusgold.com
The Common Shares issued in relation to the
Private Placement have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”), or any U.S. state
securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor will there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Cautionary Note Regarding
Forward-Looking Statements and Information
This press release
contains “forward-looking statements” within the meaning of
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements regarding
the anticipated benefits of the Sale and Private Placement for the
parties thereto and their shareholders, future results of
operations, performance and achievements of the parties to the
transaction, Troilus’ growth potential and the ability of Troilus
to continue engineering and other activities. Generally,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “continue”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases
or statements that certain actions, events or results “may”,
“could”, “would”, “will”, “might” or “will be taken”, “occur” or
“be achieved”. Forward-looking statements are made based upon
certain assumptions and other important facts that, if untrue,
could cause the actual results, performances or achievements of
Troilus to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which Troilus will operate in the future.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, amongst others, currency
fluctuations, the global economic climate, dilution, share price
volatility and competition. Forward-looking statements are subject
to known and unknown risks, uncertainties and other important
factors that may cause the actual results, level of activity,
performance or achievements of Troilus to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: uncertainties with respect to
obtaining all regulatory approvals; risks of the benefits of the
transactions not being realized; there being no assurance that the
exploration program will result in expanded mineral resources;
risks and uncertainties inherent to mineral resource estimates; the
impact the COVID 19 pandemic may have on the Company’s activities
(including without limitation on its employees and suppliers) and
the economy in general; the impact of the recovery post COVID 19
pandemic and its impact on gold and other metals; the receipt of
necessary approvals; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages; environmental and
other risks of the mining industry, including without limitation,
risks and uncertainties discussed in the most recent Technical
Report and in other continuous disclosure documents of the Company
available under the Company’s profile at www.sedar.com. Although
Troilus has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Troilus does
not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.
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