TORONTO, Dec. 30, 2016 /CNW/ - On December 30, 2016, Trelawney Mining and
Exploration Inc. (the "Acquiror") returned 1,170,544 common
shares ("Common Shares") of GoldON Resources Ltd. (the
"Issuer"), representing 11.69% of the issued and outstanding
Common Shares. Pursuant to a definitive agreement entered
into between the Acquiror and the Issuer on September 28, 2016, the Issuer would sell, and
the Acquiror would acquire, a 100% interest in the Issuer's Swayze
Gold Project mining claims, which are located in the District of
Sudbury in Northeastern Ontario and include the Chester,
Mollie River and Neville-Potier
claim blocks (the "Swayze Gold Project"), in exchange
for:
(a) $300,000 in cash;
(b) forgiveness of a $125,000
promissory note issued by the Issuer to Trelawney;
(c) the return of 1,170,544 Common Shares (the "Subject
Shares") to the Issuer for cancellation; and
(d) an additional $800,000, if a
storage facility or pond of any nature is constructed on the Swayze
Gold Project for the purpose of storage of tailings derived from
Trelawney's Cote Gold Project (collectively, the "Sale
Transaction").
On December 30, 2016, the Sale
Transaction closed and the Subject Shares were returned to the
Issuer.
The Acquiror is incorporated under the laws of Ontario.
The Acquiror's principal business is in mining and exploration and
is focused on the development of the Côté Lake Deposit located
adjacent to the Swayze Greenstone Belt in northern Ontario.
The Acquiror is a wholly-owned subsidiary of IAMGOLD Corporation.
("IAMGOLD"). IAMGOLD is incorporated under the laws of
Canada and its principal business
is in mining and exploration.
Immediately before the Sale Transaction, the Acquiror held
1,170,544 Common Shares, representing 11.69% of the issued and
outstanding Common Shares. Immediately after the Sale
Transaction, the Acquiror holds 0 Common Shares.
The Acquiror does not have any current plans or future
intentions which relate to or would result in any of the matters
enumerated in paragraphs (a) - (k) of Item 5 of the report on Form
62-103F1 being filed connection with the matters disclosed in this
release.
The securityholding percentages in this release are calculated
based on a total of 10,013,861 Common Shares issued and outstanding
as at September 30, 2016 as disclosed
by the Issuer in the Issuer's interim financial statements for the
period ended September 30,
2016. The head office address of the Issuer is 108 - 800
Kelly Road, Suite 416, Victoria,
B.C., V9B 6J9.
The Acquiror's address and other contact information is set
forth below. For further information, including to obtain a
copy, once filed, of the report on Form 62-103F1 required to be
filed in accordance with applicable Canadian securities laws,
contact the Acquiror at the address specified below.
SOURCE Trelawney Mining and Exploration Inc.