(TheNewswire)
Toronto, Ontario – TheNewswire - May 12, 2022 –Frontline Gold Corporation (TSXV:FGC) (“Frontline” or the“Company”) announced today that it hasentered into an agreement to settle $260,553.87 of debt owed to MerrexGold Inc., a 100% subsidiary of IAMGOLD Corporation, in considerationfor the issuance of 4,000,000 common shares of the Company at a deemedprice of $0.0651384675 per share.
The debt accrued pursuant to exploration work providedby Merrex before 2014.
No new control person of the Company will be createdpursuant to the Debt Obligation Settlement.
The directors of the Company have approved the debtsettlement that is subject to TSX Venture Exchange (“TSXV”)approval. Closing of the Debt Obligation settlement will occurimmediately following approval from TSXV.
All securities issued pursuant to the above-referenceddebt obligation settlement are subject to a statutory four monthhold-period and regulatory approval.
About Frontline GoldCorporation
Frontline is a Canadian junior mineral explorationcompany. The Company's core properties include the Crooked Pine GoldProject (Ontario), Copperlode Project (Ontario), the Flint Lake andKakagi Lake Gold Project (Ontario), and the Route 109 Gold Project andthe NE Bachelor Lake Gold Project which are both in the Abitibi Regionof Quebec, and the Menderes gold project in the Izmir province ofWestern Turkey. Other Canadian exploration properties include othergold property groups in Ontario and include the Whitehorse IslandMining Patents.
Frontline continues to actively seek projects, andadditional investor/partner(s) in order to continue to build upon itsproperties and net smelter return royalties.
Further information about the Company is available onthe Company’s website, www.frontlinegold.com , or oursocial media sites listed below:
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This news release containsforward-looking statements, which address future events andconditions, which are subject to various risks and uncertainties. TheCompany’s actual results, programs and financial position coulddiffer materially from those anticipated in such forward-lookingstatements as a result of numerous factors, some of which may bebeyond the Company’s control. These factors include: theavailability of funds; the timing and content of work programs;results of exploration activities and development of mineralproperties, the interpretation of drilling results and othergeological data, the uncertainties of resource and reserveestimations, receipt and security of mineral property titles; projectcost overruns or unanticipated costs and expenses, fluctuations inmetal prices; currency fluctuations; and general market and industryconditions.
Forward-looking statements are based on the expectations and opinionsof the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
“Walter Henry” Walter Henry, President & CEO FRONTLINE GOLD CORP. | Contact: Walter Henry Phone: (416) 861-9090 Email: info@frontlinegold.com Website: www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
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