(TheNewswire)
May 13 , 2024 – TheNewswire - DAMARA GOLD CORP.(TSXV:DMR) (“ Damara ” or the “ Company ”), announces that the board of directors of theCompany (the “ Board ”) has recommended the consolidation ofthe Company’s issued and outstanding common shares (the“ CommonShares “) on the basis of four (4)pre-consolidated Common Shares for one (1) new post-consolidatedCommon Share (the “ Consolidation “).
Consolidation and Name Change
The Company's Board believes that Consolidation willprovide the Company with greater flexibility for the continueddevelopment of its business and the growth of the Company, includingfinancing arrangements. There is no change of business associated withor being affected by the Consolidation. Inaddition to and in conjunction with the Consolidation, the Companyproposes to change its name (the “ Name Change ”) suchName Change to be approved by the Board and applicable regulatoryauthorities.
The Company will be obtaining a new trading symbol,CUSIP and ISIN number for the Consolidation. The record date andeffective date of the Consolidation, the new Company name and the newtrading symbol, CUSIP and ISIN numbers, will be disclosed in asubsequent news release. Generally, with respect to the Consolidation,the Common Shares would commence quotation on the TSX Venture Exchange(the “ Exchange ”) on a consolidated basis on the first trading day priorto the record date, being the effective date and the Exchange wouldissue a bulletin to dealers advising of the Consolidation andeffective date of trading on the consolidated basis. Notwithstandingthe foregoing, the Consolidation is subject to Exchange approval,shareholder approval and the Board may, at its discretion, determineto amend the terms or to not move forward with the Consolidation. Shareholder approval to be sought at theupcoming Annual and Special Meeting (the “ Meeting ”) to beheld on June , 28 , 2024.
A letter of transmittal with respect to theConsolidation will be mailed to registered holders of Common Shareswith instructions on how to exchange existing share certificate(s) fornew share certificate(s). The letter of transmittal will also beavailable on the Company's profile on www.sedarplus.ca.
The Company currently has 73,515,389 Common Sharesissued and outstanding and on completion of the anticipatedConsolidation, the Company will have approximately 18,378,847 CommonShares issued and outstanding post-Consolidation. In the event that the number of post-Consolidation Sharesissued held by a shareholder is not evenly divided by four, the numberof post-Consolidation Shares issued to such shareholder shall berounded down to the next lesser whole number.
Appointment of ExecutiveManagement
The Company further advises effective May 13, 2024 it has made changes to itsexecutive management team whereby Corbin Stewart has been appointedPresident, Chief Executive Officer and director. Mr. Larry Nagy willremain a director and Executive Chairman of the Board.
Mr. Stewart holds a BSc. in Geology from the Universityof Regina with 12+ years of mining, exploration, oil and gas, andcapital markets experience. Mr. Stewart also has extensive technicaland project management experience ranging from grassroots prospectingto advanced mineral exploration drilling and targeting. Mr. Stewarthas been working on the Placer Mountain Property (the “ Property ”) since2020 and has extensive background knowledge of the Property.
These changes are designed to strengthen and streamlinethe executive management structure for the Company’s futureoperations.
“ The PlacerMountain Property is a unique grassroots gold-silver explorationproperty located 15km south of HudBay Minerals Copper Mountain Mine*in Southern BC. The Property was first drilled in 2020 by DamaraGold Corp, with the first hole intersecting 1m of 48.6 g/t Au &30.8 g/t Ag in the Main Zone only 15 meters from surface. Followingup on the success of the inaugural drilling program prospecting, soilsampling, and trenching discovered the Kodiak Zone. The Kodiak Zonewas first drilled in 2021 with intercepts of up to 3m of 39.2 g/t Au& 80.4 g/t Ag only 27 meters from surface. During the 2021drilling program a devastating once in 100-year storm occurred, causedby atmospheric rivers, severely limiting the ability to carry out theplanned drill program. In total only 2,428m of drilling has beencompleted on the Property, barely scratching the surface. Both the Kodiak and Main Zonesare unique opportunities that remain open and there are numerousprospecting and soil anomalies that remain to be tested. We are veryexcited to follow up on both underexplored Kodiak and Main Zones.”stated Corbin Stewart.
* This news releasecontains information about adjacent properties on which Damara has noright to explore or mine. Readers are cautioned that mineral depositson adjacent properties are not indicative of mineral deposits on theCompany’s properties
Qualified Person
Dr. Gerald G. Carlson, PhD, PEng, technical advisor tothe Company, is the Qualified Person as defined by National Instrument43-101 who has reviewed and approved the technical data in this newsrelease.
About Damara
Damara Gold Corp. is a TSX Venture listed mineralexploration company actively focused on the exploration of the PlacerMountain Gold Property, located in Princeton, BC, held by 84%/16% JVwith Universal Copper Ltd. Damara’s Board of Directors is seasonedin the mineral exploration industry with extensive and successfulinternational experience.
ON BEHALF OF THE BOARD OF DIRECTORSOF DAMARA
“Larry Nagy”
Larry Nagy, Chairman of The Board
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Corbin Stewart
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-717-1840)
Disclaimer for Forward-LookingInformation
This news release contains statements that constitute"forward-looking Information", as suchterm is used in applicable Canadian securities laws . Such forward-looking information involves known andunknown risks, uncertainties and other factors that may cause theCompany’s actual results, performance or achievements, including thecompletion of the Consolidation or developments in the industry todiffer materially from the anticipated results, performance orachievements expressed or implied by such forward-looking information.Forward-looking information includes statements that are nothistorical facts and are generally, but not always, identified by thewords "expects," "plans," "anticipates,""believes," "intends," "estimates,""projects," "potential" and similar expressions,or that events or conditions "will," "would,""may," "could" or "should" occur.
Although the Company believes the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by its natureforward-looking information involves assumptions and known and unknownrisks, uncertainties and other factors which may cause our actualresults, level of activity, performance or achievements, or otherfuture events, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking information.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; adverse industry events;the receipt of required regulatory approvals and the timing of suchapprovals; that the Company maintains good relationships with thecommunities in which it operates or proposes to operate, futurelegislative and regulatory developments in the mining sector; theCompany ’ s ability toaccess sufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of theCompany to implement its business strategies; competition; the risk that any of the assumptions prove notto be valid or reliable, which could result in delays, or cessation inplanned work, risks associated with the interpretation of data, thegeology, grade and continuity of mineral deposits, the possibilitythat results will not be consistent with the Company’s expectations,as well as other assumptions risks and uncertainties applicable tomineral exploration and development activities and to the Company,including as set forth in the Company’s public disclosure documentsfiled on the SEDAR website at www.sedarplus.ca .
THE FORWARD-LOOKING INFORMATIONCONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARAAS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TOCHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ONFORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATIONAS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT UNDERTAKETO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIREDIN ACCORDANCE WITH APPLICABLE LAWS.
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 press release
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