(TheNewswire)
Vancouver, BritishColumbia – TheNewswire -- Radius Gold Inc. (TSXV:RDU) (“Radius”) and Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic”) arepleased to report that the previously announced(see Radius news release September 18, 2023) signing of an amended option agreement between the companies which includes the MotaguaNorte project in exchange for the Banderas project has been approvedby the shareholders of each company and the TSX Venture Exchange. Disinterested shareholder approval was received at the respectiveannual general meetings of Radius and Volcanic 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 US$7.0 millionexpenditure requirement.
As Radius and Volcanic have a common director and threecommon officers, Volcanic is a “non-arm’s length party” toRadius 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.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexicoand Guatemala which it continues to advance, utilizing partnershipswhere appropriate to retain the Company’s treasury. At the sametime, management is seeking out additional investment and projectacquisition opportunities across the globe. Radius is a member ofthe Gold Group of companies, led by Simon Ridgway. You may find moreinformation on Radius Gold at www.radiusgold.com or www.sedarplus.ca .
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
Symbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax:604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) acceptsresponsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news release constituteforward-looking statements within the meaning of Canadian securitieslegislation. All statements included herein, other than statements ofhistorical fact, are forward- looking statements and include, withoutlimitation, statements about the Company’sprojects . 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”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”,“containing”, “remaining”, “to be”, “periodically”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any results, performance or achievements expressed or implied byforward-looking statements. Such uncertainties and factors include,among others, whether planned exploration work at the Company’sprojects will proceed as intended; changes in general economicconditions and financial markets; the Company or any joint venturepartner not having the financial ability to meet its exploration anddevelopment goals; risks associated with the results of explorationand development activities, estimation of mineral resources and thegeology, grade and continuity of mineral deposits; unanticipated costsand expenses; and such other risks detailed from time to time in theCompany’s quarterly and annual filings with securities regulatorsand available under the Company’s profile on SEDAR+ atwww.sedarplus.ca . Although the Companyhas attempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking statements, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended.
Forward-looking statements contained herein are based on theassumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andthe planned exploration and development activities at its propertieswill be achieved; that there will be no material adverse changeaffecting the Company or its properties; and such other assumptions asset out herein. Forward-looking statements are made as of the datehereof and the Company disclaims any obligation to update anyforward-looking statements, whether as a result of new information,future events or results or otherwise, except as required by law.There can be no assurance that forward-looking statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,investors should not place undue reliance on forward-lookingstatements.
Copyright (c) 2024 TheNewswire - All rights reserved.