(TheNewswire)
Kelowna, British Columbia – TheNewswire - October 31, 2022 - SOUTH ATLANTIC GOLD INC.(TSXV:SAO) (“ South Atlantic” or the “ Company” ) announces that theboard of directors of the Company effective October 21, 2022 (the“ Effective Date ”) have adopted a restricted share units (“RSUs” ) anddeferred share units (“ DSUs ") long term incentive plan (the“ LTIP ").
The purposes of the LTIP will be to: (i) provide theCompany with a mechanism to attract, retain and motivate highlyqualified directors, officers, employees and consultants; (ii) alignthe interests of eligible participants of the LTIP with that of othershareholders of the Company generally; and (iii) enable and encourageparticipants to participate in the long-term growth of the Companythrough the acquisition of RSUs and DSUs as long-terminvestments.
While the LTIP has been adopted by the board ofdirectors of the Company, it remains subject to ratification byshareholders of the Company and approval of the TSX Venture Exchange(the “ Exchange” ). In accordance with the policiesof the Exchange, the Company is required to obtain disinterestedshareholder approval for the implementation of the LTIP. Theseapprovals will be sought at the upcoming meeting of shareholders ofthe Company to be held on December 6, 2022 (the “ Meeting ”).
The maximum number of RSUs/DSUs issuable under the LTIPPlan may not exceed 9,433,666 common shares representing 10% of thenumber of issued and outstanding common shares of the Company as atthe Effective Date,
Further details regarding the LTIP will be included inthe management information circular of the Company which will be sentto shareholders and filed on SEDAR in connection with theMeeting.
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:
Anne Hite, Vice President, Investor Relations
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 implied by suchforward-looking information. Forward-looking information includesstatements that are not historical facts and are generally, but notalways, 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 regulatorydevelopments in the mining sector; the Company’s ability to accesssufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of theCompany to implement its business strategies; competition; the risk that any of theassumptions prove not to be valid or reliable, which could result indelays, or cessation in planned work, risks associated with theinterpretation of data, the geology, grade and continuity of mineraldeposits, the possibility that results will not be consistent with theCompany’s expectations, as well as other assumptions risks anduncertainties applicable to mineral exploration and developmentactivities and to the Company, including as set forth in theCompany’s public disclosure documents filed on the SEDAR website 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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