(TheNewswire)
Kelowna, BritishColumbia – TheNewswire - March 3, 2023 - SOUTH ATLANTIC GOLD INC.(TSXV:SAO) (“ South Atlantic” or the “ Company” ) reports today thatit has entered into a further amendment effective February 28, 2023(the “ SecondAmendment ”) to the previously announcedproperty option agreement dated November 4, 2022 and subsequent firstamendment dated January 4, 2023 (collectively the “ Option Agreement ”)with Quetzal Copper Limited (“ Quetzal ”) to divest the Company’s 100% interest in the Big KiddProject.
Under the terms of the Second Amendment the Company hasagreed to extend the terms of Quetzal completing a QualifyingFinancing on or before March 4, 2023 to May 29, 2023 (the“ Extension”) . Quetzal shall pay the Company an additional $20,000 on orbefore March 8, 2023 as consideration for the Extension.
In the event Quetzal has not completed the QualifyingFinancing on or before the expiry of the Extension, under the terms ofthe Second Amendment the parties have agreed to a further 60 dayperiod for Quetzal to complete the Qualifying Financing whereinQuetzal shall pay to the Company an additional $10,000 per each 30 dayperiod as further consideration.
Under the terms of the Option Agreement, the remainingbalance of the $130,000 Commitment Amount due from Quetzal remainssubject to the completion of the Qualifying Financing. All other material terms and conditions of the OptionAgreement remain unchanged.
About South Atlantic Gold
South Atlantic Gold is an exploration company engagedin acquiring 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 Goldis focused 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 Gold is basedin Kelowna, British Columbia, and is listed on the TSX-V under thesymbol “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-lookingInformation", as suchterm is used in applicable Canadian securities laws . Such forward-looking informationinvolves known and unknown risks, uncertainties and other factors thatmay cause the Company’s actual results, performance or achievements,or developments in the industry to differ materially from theanticipated results, performance or achievements expressed or impliedby such forward-looking information. Forward-looking informationincludes statements that are not historical facts and are generally,but not always, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "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. There can be no assurance that the Fundamental Acquisition will becompleted as proposed or at all.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; theCovid-19 pandemic; adverse industry events; the receipt of requiredregulatory approvals and the timing of such approvals; that theCompany maintains good relationships with the communities in which itoperates or proposes to operate, 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; therisk that any of the assumptions prove not to be valid or reliable,which could result in delays, or cessation in planned work, risksassociated with the interpretation of data, the geology, grade andcontinuity of mineral deposits, the possibility that results will notbe consistent with the Company’s expectations, as well as otherassumptions risks and uncertainties applicable to mineral explorationand development activities and to the Company, including as set forthin the Company’s public disclosure documents filed on the SEDARwebsite at www.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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