(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 15, 2023 - South Atlantic Gold Inc. (TSXV:SAO) (“ South Atlantic ” orthe “ Company ”) wishes to advise that the termsand conditions demonstrated in the Mina Tucano Ltda. bankruptcyprocess were not chosen by the creditors. Although the Company hadsuccessful negotiations with certain creditors, some of which issuedletters of priority and support, and although the Company also offeredand negotiated better financial terms for many major creditors than acompeting proposal, the conditions precedent set out in SouthAtlantic’s proposal (primarily subject to financing and TSX VentureExchange approval) were not viewed as being favourable, in comparisonto the debtor’s financial reorganization plan to the creditors ingeneral.
South Atlantic will continue to monitor other potentialdevelopments of the judicial recovery of Tucano however it does notexpect to have any favorable outcome to South Atlantic during the nextsteps of the process.
South Atlantic will continue to look for options toenable the continuation of the exploration program of its flagshipasset Pedra Branca. And will remain open to other potentialopportunities.
About South Atlantic Gold Inc.
South Atlantic is an exploration company engaged inacquiring and advancing mineral properties located in the Americas.Our flagship asset is the 100%-owned Pedra Branca project, located 280km southwest of Fortaleza, Ceará State, Brazil. South Atlantic isfocused on creating value for its shareholders by engaging in thedevelopment and acquisition of high-quality mineral assets located instable and mining-friendly jurisdictions. South Atlantic is based inKelowna, British Columbia, and is listed on the TSX-V under the symbol“SAO”.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding thisnews release, please contact:
Douglas Meirelles, President and CEO
T: 250-762-5777
Email: ir@southatlanticgold.com
Cautionary NoteRegarding Forward-Looking Information
This news release containsstatements that constitute “forward-looking Information”, as suchterm is used in applicable Canadian securities laws. Suchforward-looking information involves known and unknown risks,uncertainties and other factors that may cause the Company’s actualresults, performance or achievements, or developments in the industryto differ 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” andsimilar expressions, or that events or conditions “will,”“would,” “may,” “could” or “should” occur.
Although the Company believes theforward-looking information contained in this news release isreasonable based on information available on the date hereof, by itsnature forward-looking information involves assumptions and known andunknown risks, uncertainties and other factors which may cause ouractual results, level of activity, performance or achievements, orother future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking information.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; adverseindustry events; the receipt of required regulatory approvals and thetiming of such approvals; that the Company maintains goodrelationships with the communities in which it operates or proposes tooperate, future legislative and regulatory developments in the miningsector; the Company’s ability to access sufficient capital frominternal and external sources, and/or inability to access sufficientcapital on favorable terms; mining industry and markets in Canada andgenerally; the ability of the Company to implement its businessstrategies; competition; the risk that any of the assumptions provenot to be valid or reliable, which could result in delays, orcessation in planned work, risks associated with the interpretation ofdata, the geology, grade and continuity of mineral deposits, thepossibility that results will not be consistent with the Company’sexpectations, as well as other assumptions risks and uncertaintiesapplicable to mineral exploration and development activities and tothe Company, including as set forth in the Company’s publicdisclosure documents filed on the SEDAR website atwww.sedar.com.
THEFORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTSTHE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASEAND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULDNOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULDNOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANYMAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANYPARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLELAWS.
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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