VANCOUVER, BC, Sept. 26,
2024 /PRNewswire/ -- 1911 Gold Corporation
("1911 Gold" or the "Company") (TSXV: AUMB) (OTCBB:
AUMBF) (FRA: 2KY) is pleased to announce that it has received
$1,666,667 from the recent warrant
exercise by 2176423 Ontario Ltd, a corporation that is beneficially
owned by Eric Sprott, and will
finalize plans for the upcoming drill program, set to commence in
mid-October, at the Company's 100%-owned Rice Lake Gold property in
Manitoba, Canada. All currency in
this news release is denominated in Canadian dollars.
Eric Sprott exercised 16,666,667
warrants, received pursuant to the Company's $3,900,000 non-brokered private placement closed
in December 2023, for proceeds of
$1,666,667. Mr. Sprott's share
ownership prior to the exercise was 16,666,667 shares which
represented 12.4% of the Company's 134,753,207 shares outstanding.
After the exercise, Mr. Sprott's ownership totals 33,333,334 shares
which represents 22.0% of the Company's 151,419,874 shares
outstanding.
These funds will allow the Company to finalize the plans for
drilling expected to commence in October, and mobilize the drill
contractor to site along with additional drilling support services.
The Company will provide the full details for the drill program in
the following weeks. All planned drill targets are located
within the existing mine footprint.
"On behalf of the Board, I would like to sincerely thank
Eric Sprott for his substantial
early warrant exercise and continued support of the Company" stated
Shaun Heinrichs, President and CEO.
"I expect we will see more warrants exercised over the coming weeks
with the release of the updated mineral resource estimate and in
support of the Company's upcoming drill program."
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 63,000 hectares
within and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on
organic growth and accretive acquisition opportunities in
North America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements with respect to the terms of the
Offering, the use of proceeds of the Offering, the timing and
ability of the Company to close the Offering, the timing and
ability of the Company to receive necessary regulatory approvals,
the tax treatment of the securities issued under the Offering, the
timing for the Qualifying Expenditures to be renounced in favour of
the subscribers, and the plans, operations and prospects of the
Company, are forward-looking statements. Although 1911 Gold has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking 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.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
Neither 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.
SOURCE 1911 Gold Corporation
