VANCOUVER, BC, Sept. 26, 2024 /PRNewswire/ -- 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) (OTCBB: AUMBF) (FRA: 2KY) is pleased to announce that it has received $1,666,667 from the recent warrant exercise by 2176423 Ontario Ltd, a corporation that is beneficially owned by Eric Sprott, and will finalize plans for the upcoming drill program, set to commence in mid-October, at the Company's 100%-owned Rice Lake Gold property in Manitoba, Canada. All currency in this news release is denominated in Canadian dollars.
1911 Gold (CNW Group/1911 Gold Corporation)
Eric Sprott exercised 16,666,667 warrants, received pursuant to the Company's $3,900,000 non-brokered private placement closed in December 2023, for proceeds of $1,666,667. Mr. Sprott's share ownership prior to the exercise was 16,666,667 shares which represented 12.4% of the Company's 134,753,207 shares outstanding. After the exercise, Mr. Sprott's ownership totals 33,333,334 shares which represents 22.0% of the Company's 151,419,874 shares outstanding.
These funds will allow the Company to finalize the plans for drilling expected to commence in October, and mobilize the drill contractor to site along with additional drilling support services. The Company will provide the full details for the drill program in the following weeks. All planned drill targets are located within the existing mine footprint.
"On behalf of the Board, I would like to sincerely thank Eric Sprott for his substantial early warrant exercise and continued support of the Company" stated Shaun Heinrichs, President and CEO. "I expect we will see more warrants exercised over the coming weeks with the release of the updated mineral resource estimate and in support of the Company's upcoming drill program."
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.
1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
