VANCOUVER, BC, June 6, 2024
/CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI)
("Palisades" or the "Company") announces that it has
reached a settlement concerning a lawsuit filed by ThreeD Capital
Inc. and 1313366 Ontario Inc. (together, the "Plaintiffs")
against the Company, Mr. Collin
Kettell, and New Found Gold Corp. ("NFG" together,
the "Defendants") in the Ontario Superior Court of Justice
in Toronto, Ontario. To avoid the
expense, burden and uncertainty associated with litigation and to
resolve the litigation completely, the parties entered into a
settlement agreement, without any admission of wrongdoing.
As part of the settlement, the Defendants have agreed to provide
a total of 3,750,000 common shares in the capital of NFG to the
Plaintiffs. Palisades has agreed to transfer 3,380,000 NFG common
shares to the Plaintiffs and NFG has agreed to issue the balance of
370,000 NFG common shares, the latter of which is subject to
approval of the TSX Venture Exchange and the NYSE American LLC. The
370,000 common shares issued to the Plaintiffs from NFG, of which
ThreeD Capital Inc. will receive 285,429 common shares, will be
subject to a four month and a day hold period pursuant to
applicable securities laws.
ThreeD Capital Inc. will receive a total of 2,892,863 NFG common
shares and 1313366 Ontario Inc. will receive a total of 857,137 NFG
common shares. Palisades will file a Form 45-102F1 – Notice of
Intention to Distribute Securities under Section 2.8 of NI 45-102
Resale of Securities on SEDAR+ with respect to its transfer of
NFG common shares to the Plaintiffs.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd.
is a resource investment company focused on junior companies in the
resource and mining sector. The Company seeks to acquire equity
participation in pre-initial public offering and early-stage public
resource companies with undeveloped or undervalued high quality
projects. The Company focuses on companies that are in need of
financial resources to realize their full potential, are
undervalued in capital markets, and/or operate in jurisdictions
with low to moderate local political risk. The Company expects to
continue to make investments, pursuant to its dual investment
strategy, to achieve broad sector exposure with upside in the event
of appreciation in mineral commodities prices, while also providing
the potential to realize appreciation in net asset values as a
result of discoveries by issuers in which the Company holds larger
positions. The Company is listed on the TSX Venture Exchange under
the stock symbol "PALI". Palisades holds a diverse portfolio of
securities and derivatives, among which it holds a 24.4% interest
in New Found Gold Corp. (TSX-V: NFG).
On behalf of the Board of Directors
"Collin Kettell"
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements:
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, the "forward-looking statements").
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"will", "can", "may", "could", "expects", "plans", "anticipates"
and similar expressions which, by their nature, refer to future
events. Forward-looking statements included herein include, but are
not limited to, statements with respect to the issuance and
transfer of NFG common shares to the Plaintiffs and the filing of a
Form 45-102F1. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to, the
risks and uncertainties discussed in the Company's filings with the
Canadian Securities Administrators, which factors are incorporated
herein by reference and risks related to the approval of the
issuance of NFG common shares. Readers are cautioned not to place
undue reliance on any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof.
Palisades undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after
the date of this news release or to reflect actual outcomes, unless
required by applicable law or stock exchange requirements.
SOURCE Palisades Goldcorp Ltd.