Gold X Mining Corp. (TSX-V: GLDX, OTCQX: SSPXF)
(“
Gold X” or the “
Company”) is
very pleased to announce that it has appointed Mr. Paul Matysek as
the Company’s Chief Executive Officer (“CEO”) and Chairman of the
Board of Directors. Mr. Matysek will succeed Mr. Rich Munson
who has been appointed President of the Company.
The Board of Directors believes that Mr.
Matysek’s unique qualifications and experience are of great value
to the Company as it moves its Toroparu Project forward. As a
member of the Strategic Advisory Committee, Paul, with the
assistance of Brian Paes-Braga and Company CFO Bassam Moubarak was
instrumental in recommending and closing the acquisition of 100% of
the Toroparu Project, a major milestone in the Company’s history.
See Press Release dated March 13, 2020 at goldxmining.com.
Mr. Matysek is a geologist/geochemist by
training, a successful alpha entrepreneur and creator of
shareholder value with over 40 years of experience in the mining
industry. Since 2004 as either CEO or Executive Chairman, Mr.
Matysek has sold five publicly listed exploration and development
companies, in aggregate worth over $2 billion. Most recently, he
was Executive Chairman of Lithium X Energy Corp., which was sold to
Nextview New Energy Lion Hong Kong Limited for $265 million in
cash. Mr. Matysek was President and CEO of Goldrock Mines Corp.,
which sold to Fortuna Silver Mines in July 2016. He was previously
CEO of Lithium One, which merged with Galaxy Resources of Australia
to create a multi-billion-dollar integrated lithium company. He
served as CEO of Potash One, which was acquired by K+S Ag for
$434-million cash in a friendly takeover in 2011. Mr. Matysek was
also the co-founder and CEO of Energy Metals Corp., a uranium
company that grew from a market capitalization of $10 million in
2004 to approximately $1.8 billion when sold in 2007.
Mr. Matysek noted: “The Toroparu Project, at 7.4
million ounces of gold with significant copper and silver credits,
provides a unique opportunity for value creation in this gold
environment. The Toroparu Project is at an advanced development
stage and has in place potential mine financing up to US$135
million from Wheaton Precious Metals (“Wheaton”). Furthermore, Gold
X is blessed with key shareholders Gran Columbia Gold (21%), Frank
Giustra (9%) and Brian Paes-Braga (5%), who are solidly behind our
corporate vision. As a result of gold’s recent positive
performance and bullish long-term expectations, Gold X is certainly
well positioned to develop and/or expand its appreciable resource
base. It will undoubtedly become an increasingly attractive target
to mid and top tier gold companies. I’m looking forward to working
with the reorganized Gold X Board, Management and
shareholders.”
Mr. Munson stated: “Gold X Management is very
excited that Paul has agreed to move from his position on the
Advisory Board to the role of CEO. I am confident that all
investors in Gold X will benefit from the addition of his energy,
experience and expertise to the Company in the role of CEO. I
will continue to focus on the work in Guyana and provide
shareholder communication support.”
The Company has reorganized its Board of
Directors with the resignations of Mr. Munson, Mr. Greg Barnes, Mr.
Gordon Keep and Mr. David Laing. The Board of Directors
recognize their respective contributions to the Company and wishes
Mr. Keep and Mr. Laing much success in the future. Mr. Barnes
remains an Executive Vice President at the Company.
The Board of Directors has also appointed Mr.
Brian O’Neill as a Director. Mr. O’Neill spent nearly a decade in
the practice of law with leading Canadian law firm, McCarthy
Tétrault LLP, principally focused on corporate tax matters,
with a particular emphasis on mergers and acquisitions.
He is currently the Vice President, Merchant Banking at
SAF Group, a leading structured credit and merchant banking
firm. He has experience creating and advising public
companies, including recently as a director of Caldas Gold
Corp. (formerly Bluenose Gold Corp.) in its acquisition of the
Marmato Project in Colombia.
After the reorganization of the Board, the
Company’s Board of Directors is comprised of Mr. Matysek, Chairman,
Mr. Bassam Moubarak, Mr. Suresh Beharry, Mr. Federico
Restrepo-Solano, Mr. Lombardo Paredes-Arena and Mr. O’Neill.
The Company also announces a non-brokered
private placement of 2,631,579 units (the “Units”) at a price of
$0.95 per Unit for gross proceeds of up to $2,500,000. Each Unit
consists of one common share of the Company (“Share”) and one share
purchase warrant entitling the holder to purchase one Share at
$1.30 for a period of three years from the date of issuance
(“Warrant”). The Warrants are subject to an acceleration clause
whereby the warrant must be exercised within 30 days should the
share price trade at $2.25 or higher for ten consecutive days.
The Company intends to use the proceeds for
obtaining a mine permit, optimizing project economics, mergers and
acquisitions and general corporate activities.
Completion of the private placement is subject
to the acceptance for filing of the TSX Venture Exchange. The
securities issued by the Company in connection with this offering
are subject to a four-month “hold period” as prescribed by the TSX
Venture Exchange and applicable securities laws.
The Company further announces an aggregate grant
of 925,000 stock options to certain directors, officers and
consultants of the Company exercisable at $1.30 per share, expiring
5 years from the date of grant, subject to regulatory approval.
On behalf of the Board of Directors of
Gold X Mining Corp.
“Paul Matysek”Director and Chief Executive
Officer
About Gold X Mining Corp.
Ltd.
Gold X Mining Corp. is a Canadian junior mining
company currently moving toward a feasibility study for the
Toroparu Project in Guyana, South America with 7.4 million ounces
of gold in the Measured and Indicated categories. A Preliminary
Economic Assessment study (Preliminary Economic Assessment Report,
Toroparu Gold Project, Upper Puruni River Area, Guyana, dated July
18, 2019 completed by SRK Consulting (U.S.), Inc.,) (the “PEA”)
available on SEDAR (www.sedar.com) and on the Company’s website
(www.goldxmining.com). The Toroparu Project, with Wheaton’s
participation, generates a 24.2% after tax IRR at $1,400/oz of Au,
and 27.68% at $1,500/oz of Au, indicating that project returns are
both robust at historic Au prices and positively leveraged to
higher Au prices.
The Company signed a renewal in 2019 of the
Environmental Permit that authorizes the development, construction
and operation of a large-scale mine at the Toroparu Project.
Under the terms of the existing Mineral Agreement between
Sandspring, ETK Inc. (“ETK”) and the Government of Guyana and with
the Environmental Permit in place, the final step in securing the
large scale Mining License is the review of the economic viability
of the Toroparu Project as demonstrated by the PEA.
The Company is closely monitoring the COVID-19
pandemic and has taken precautionary measures at its locations in
Guyana and at the main office in North America to help protect the
safety of the Company's workforce and local communities. To date
there are no confirmed or presumptive cases of the COVID-19 virus
at any of the Company's operations or offices. The Company will
continue to closely monitor the rapidly changing COVID-19
developments and will adjust its plans as necessary. The Company is
following the COVID-19 safety guidelines outlined by the
governments at each of its operations.
Additional information is available at
www.goldxmining.com or by email at info@goldxmining.com
Visit Gold X’s website at www.goldxmining.com.
Contact Gold X Mining Corp.
Rich MunsonPresidentTel: +1 (303) 991-5683 or via email at
info@goldxmining.com
Neither the 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.
Forward-looking StatementsThis
press release includes certain forward-looking statements
concerning future performance and operations of the Company,
including the anticipated date for the commencement of trading
post-consolidated basis. Forward-looking statements are frequently
identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements are based on
the current opinions and expectations of management at the time
such statements are made. All forward-looking statements and
information are inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, changes in project parameters as plans continue
to be refined, uncertainties of project cost overruns or
unanticipated costs and expenses, uncertainties inherent in
conducting operations in a foreign country, uncertainties related
to the availability and costs of financing needed in the future,
the risk that the conclusion of pre-production studies may not be
accurate, the Company's successful advancement of the Toroparu
Project toward feasibility and obtaining positive results from
ongoing evaluation and testing of multiple gold targets located in
the Company's landholdings in Guyana and Colombia, among other
risks as described in our public filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements and we caution
against placing undue reliance thereon. Gold X Mining Corp. has an
ongoing obligation to disclose material information, as it becomes
available.
Gold X Mining (TSXV:GLDX)
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