Advance Gold Proposes Extension to Convertible Debenture
Kamloops, British Columbia--(Newsfile Corp. - October 17, 2019) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") announces that, subject to the approval of the TSX Venture Exchange, it proposes to extend the conversion period of its $100,000 convertible debenture (the "Convertible Debenture") issued November 20, 2018, with a conversion date of November 20, 2019, by one (1) year to November 20, 2020. The exercise expiry date of the warrants issuable on the conversion of the Convertible Debenture, with an original exercise expiry date of November 20, 2020, would also be extended, subject to TSX Venture Exchange approval, by one (1) year to November 20, 2021. The Convertible Debenture is convertible into units (the "Units") at a price of $0.09 per Unit, each Unit consisting of one common share and one share purchase warrant, each exercisable into a further common share at an exercise price of $0.11 for a period of two years. Interest at the rate of 5% per annum will be payable in cash pursuant to the Convertible Debenture. All securities to be issued under this financing will be subject to a four-month resale restriction.
The Convertible Debenture was issued to a director of the Company.
About Advance Gold Corp. (AAX.V)
Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April 2018.
The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings, plus it is a fully permitted mine.
Venaditas is well located adjacent to Teck's San Nicholas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.
In addition, Advance Gold holds a 13.23% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 86.77% of the Kakamega project is held by Barrick Gold Corporation.
For further information, please contact:
Allan Barry Laboucan, President and CEO
Phone (604) 505-4753
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are 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 or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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