VG:CC - Volcanic Gold Mines and Radius Gold receive shareholder and Exchange approval of Motagua Norte project option
(TheNewswire)
News Release
Shares issued 45,551,210
VG close - C$0.285
February 21 ,2024 – TheNewswire -- Vancouver, British Columbia– Volcanic Gold Mines Inc. (TSXV: VG)(“Volcanic”) and Radius Gold Inc. (“Radius”) are pleasedto report that the previously announced (see Volcanic news releaseSeptember 18, 2023) signing of an amended option agreement betweenthe companies which includes the Motagua Norte project in exchange forthe Banderas project has been approved by the shareholders of eachcompany and the TSX Venture Exchange. Disinterested shareholderapproval was received at the respective annual general meetings ofVolcanic and Radius held on December 14, 2023.
The original earn-in requirement for Volcanic to spendUS$7.0 million in exploration of Radius’s Guatemala propertiesremains unchanged. Under the modified option agreement, Volcanic hasan exclusive option to earn a 60% interest in the Holly and MotaguaNorte properties by spending US$7.0 million on exploration of theproperties. Expenditures previously made by Volcanic on explorationof the Banderas property are credited towards the option expenditurerequirement.
As Volcanic and Radius have a common director and threecommon officers, Radius is a “non-arm’s length party” toVolcanic within the meaning of TSX Venture Exchange Policy 5.9. Themodified option agreement is not, however, a “related partytransaction” as defined in Multilateral Instrument 61-101,Protection of Minority Security Holders in Special Transactions (“MI61-101”) and therefore the requirements of the Exchange’s Policy5.9 and MI 61-101 do not apply.
Volcanic brings together an experienced and successfulmining, exploration and capital markets team focused on building multi-million -ounce gold and silver resources in underexplored countries. Through the strategic acquisition of mineral properties withdemonstrated potential for hosting gold and silver resources, and byundertaking effective exploration and drill programs, Volcanic intendsto become a leading gold-silver company.
For further information, visit our website at www.volgold.com .
Volcanic Gold Mines Inc.
Simon Ridgway, President and CEO
Neither the TSX Venture Exchange northe Investment Industry Regulatory Organization of Canada acceptsresponsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in thisnews release constitute forward-looking statements within the meaningof Canadian securities legislation. All statements included herein, other thanstatements of historical fact, are forward- looking statements andinclude, without limitation, statements about the Company’s mineralproperty interests. Often, but not always, these forward-lookingstatements can be identified by the use of words such as“estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “hasbeen”, “gain”, “upgraded”, “offset”, “limited”,“contained”, “reflecting”, “containing”, “remaining”,“to be”, “periodically”, or statements that events,“could” or “should” occur or be achieved and similarexpressions, including negative variations.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Company to be materially different from any results, performance orachievements expressed or implied by forward-looking statements. Suchuncertainties and factors include, among others, whether theCompany’s planned exploration work will be proceed as intended;changes in general economic conditions and financial markets; theCompany or any joint venture partner not having the financial abilityto meet its exploration and development goals; risks associated withthe results of exploration and development activities, estimation ofmineral resources and the geology, grade and continuity of mineraldeposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available underthe Company’s profile on SEDAR+ at www.sedarplus.ca . Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events orresults to differ from those anticipated, estimated or intended.
Forward-looking statements containedherein are based on the assumptions, beliefs, expectations andopinions of management, including but not limited to: that the Company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such otherassumptions as set out herein. Forward-looking statements are made asof the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except asrequired by law. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, investors should not place undue reliance onforward-looking statements.
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