MED:CC - Medgold provides update on proposed acquisition of Balkan Metals Corp.
(TheNewswire)
Vancouver, Canada – TheNewswire- March 22, 2023 – Medgold Resources Corp.(TSXV:MED ) | ( FRA:1XD) (“ Medgold ” or the“ Company ”) is pleased to provide an update on its proposedacquisition (the “ Acquisition ”) ofBalkan Metals Corp. (“ BalkanMetals ”), a private British Columbia companywhich holds a portfolio of exploration licenses in Serbia, some ofwhich are contiguous to Medgold’s existing Serbian explorationpermits. With mineral rights covering close to 1,000 squarekilometers, the resulting company will be the largest holder of highlyprospective exploration ground in the Republic of Serbia .
The parties are continuing to work together to satisfythe conditions precedent to completion of the Acquisition, includingseeking conditional approval of the TSX Venture Exchange and approvalby the Medgold and Balkan Metals shareholders, as well as arrangingthe proposed $2.0 million private placement financing, th e net proceeds of which will be used by the resulting issuerto fund exploration of its Serbian properties (principally, the TimokEast Project) and for working capital and general corporatepurposes .
Upon completion of the Acquisition, Ralph Rushton willremain on the Board of Directors and Kevin Bales will continue as CFOof the resulting company. Dr. Elena Clarici will be appointed asDirector, Executive Chair and CEO of the resulting company, andMichael Thomsen will be appointed as a director (see Medgold newsrelease November 24,2022 ).
Also joining the Board will be Mr. Eric Rasmussen. Eric has had a rich and diversified career at the European Bank forReconstruction and Development (“ EBRD ”), spanning 27years. He joined the EBRD in 1995 with a focus on projectdevelopment in Russia and Baltics. In 2003, he was appointed deputyin Moscow and in 2006 to the helm as Director of Industry, Commerceand Agribusiness. In 2013, Eric became EBRD's global Director ofNatural Resources, where he further expanded the business towardsmining and minerals. He spearheaded a new mining strategy andinnovative finance structures for exploration companies withsignificant success. On behalf of the Bank, Eric served on theboards of companies with prominent stakeholders such as Toyota,Solvay, Danone and Carlsberg. Eric has dual Danish and Britishnationality and holds a master in commercial law and finance fromAarhus Business School. Eric is a certified teacher and served overthe past decade as a part-time lecturer for mining students at theUniversity of Liege, Belgium.
Trading in the Company’s common shares continues tobe halted and is expected to remain halted until completion of theAcquisition.
About Medgold Resources Corp.
Additional information on Medgold can be found on theCompany’s website at www.medgoldresources.com and by reviewing the Company’s page on SEDAR at www.sedar.com .
ON BEHALF OF THE BOARD
Jeremy Crozier, President and CEO
For Further Information,Contact:
Jeremy Crozier (Vancouver), +1 604 801 5432, info@medgoldresources.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-looking Information
Certain statements contained in thisnews release constitute forward-looking information within the meaningof Canadian securities legislation. All statements included herein,other than statements of historical fact, are forward-lookinginformation and include, without limitation, statements regarding theproposed Acquisition transactions. Often, but not always, thisforward-looking information can be identified by the use of words suchas “estimate”, “estimates”, “estimated”, “potential”,“open”, “future”, “assumed”, “projected”, “used”,“detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”, “containing”,“remaining”, “to be”, “periodically”, or statements thatevents, “could” or “should” occur or be achieved and similarexpressions, including negative variations.
Forward-looking information involvesknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of Medgold andthe Resulting Issuer to be materially different from any results,performance or achievements expressed or implied by forward-lookinginformation. Such uncertainties and factors include, among others,whether the TSXV Venture Exchange and Medgold and Balkan Metalsshareholders will approve of the Acquisition and related transactions;whether the Acquisition will be completed as planned; changes ingeneral economic conditions and financial markets; risks associatedwith the results of exploration and development activities, and thegeology, grade and continuity of mineral deposits; unanticipated costsand expenses; and such other risks detailed from time to time inMedgold’s quarterly and annual filings with securities regulatorsand available under Medgold’s profile on SEDAR at www.sedar.com . Although Medgold has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults to differ from those anticipated, estimated orintended.
Forward-looking informationcontained herein are based on the assumptions, beliefs, expectationsand opinions of management, including but not limited to: that theAcquisition will be completed as planned; that the resultingcompany’s stated goals and planned exploration and developmentactivities will be achieved; that there will be no material adversechange affecting the resulting company or its properties; and suchother assumptions as set out herein. Forward-looking information hasbeen made as of the date hereof and Medgold disclaims any obligationto update any forward-looking information, whether as a result of newinformation, future events or results or otherwise, except as requiredby law. There can be no assurance that forward-looking informationwill prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such information.Accordingly, investors should not place undue reliance onforward-looking information.
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