(TheNewswire)
Kelowna, British Columbia – TheNewswire - June 16, 2022 - Golden Ridge Resources Ltd. (“GoldenRidge” or “the Company”) (TSXV:GLDN) announces further toits news release of June 10, 2022 it has received consent from the TSXVenture Exchange to extend the expiry date of 6,984,167outstanding share purchase warrants that were issued pursuant to aprivate placement completed in July 2020 (the “ 2020 Warrants ”). Aspreviously announced the 2020 Warrants were to expire July 24, 2022.The new expiry date for the 2020 Warrants is July 24, 2023 (the“ New Expiry Date ”). Each 2020 Warrant entitles the holder to purchase onecommon share (a " CommonShare ") in the capital of the Company at aprice of $0.25 per Common Share until the New Expiry Date.
The 2020 Warrants do not include 205,559 warrants thatwere issued to finders or agents which shall expire on July 24, 2022.
Certain of the 2020 Warrants are held by parties whoare considered to be related parties of the company. Therefore, theamendment of the related party warrants constitutes a related partytransaction as contemplated by Multilateral Instrument 61-101 --Protection of Minority Shareholders in Special Transactions, and TSX-VPolicy 5.9 -- Protection of Minority Shareholders in SpecialTransactions. However, the exemptions from formal valuation andminority approval requirements provided for by these guidelines can berelied upon because neither the fair market value of the related partywarrants nor the fair market value of the consideration paid for therelated party warrants exceeds 25% of the market capitalization of theCompany.
Holders of warrants will not receive an amended warrantcertificate, and will be required to submit their originalwarrant certificate in order to exercise warrants.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged inacquiring and advancing mineral properties located in Newfoundland andBritish Columbia. Golden Ridge is currently focused on explorationand development of its portfolio of exploration assets inNewfoundland. The Company owns a 100% interest in the 1,700-hectareHank copper-gold-silver-lead-zinc property and the 3,000-hectareHickman copper-gold property located in the Golden Triangle district,approximately 140 kilometres north of Stewart, British Columbia andhas a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 717-3151
Website: www.goldenridgeresources.com
Cautionary NoteRegarding Forward-Looking Statements
Certain statementscontained in this news release, constitute "forward-lookinginformation" as such term is used in applicable Canadiansecurities laws. Forward-looking information is based on plans,expectations and estimates of management at the date the informationis provided and is subject to certain factors and assumptions,including: that the Company's financial condition and developmentplans do not change as a result of unforeseen events, that the Companyobtains required regulatory approvals, that the Company continues tomaintain a good relationship with the local project communities.Forward-looking information is subject to a variety of risks anduncertainties and other factors that could cause plans, estimates andactual results to vary materially from those projected in suchforward-looking information. Factors that could cause theforward-looking information in this news release to change or to beinaccurate include, but are not limited to, the risk that any of theassumptions referred to prove not to be valid or reliable, which couldresult in delays, or cessation in planned work, that the Company'sfinancial condition and development plans change, delays in regulatoryapproval, 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 the other risks and uncertainties applicable to mineralexploration and development activities and to the Company as set forthin the Company's Management’s Discussion and Analysis reports filedunder the Company's profile at www.sedar.com . There can be no assurancethat any forward-looking information will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, the reader should notplace any undue reliance on forward-looking information or statements.The Company undertakes no obligation to update forward-lookinginformation or statements, other than as required by applicablelaw.
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 .
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