GFG Resources Announces Agreements to Consolidate Significant Timmins Land Package with ...

GFG Resources Announces Agreements to Consolidate Significant Timmins Land Package with ...

7 Pages · 2012 · 82 KB · English

Leading management and board of directors: Highly experienced leadership team with a proven track record and focused on aggressively advancing projects;. Near term catalysts: GFG will plan to aggressively drill both Rattlesnake Hills and the Timmins portfolio in. 2018. A maiden resource is expected

GFG Resources Announces Agreements to Consolidate Significant Timmins Land Package with ... free download

NEWS RELEASEGFG Resources Announces Agreements toConsolidate Significant Timmins Land Package withProposed Acquisition of Rapier Gold and Propertiesfrom Probe Metals and Osisko Mining12/11/2017GFG Resources Also Announces Private Placement of up to C$7 MillionSASKATOON, Saskatchewan, Dec 11, 2017 (GLOBE NEWSWIRE) Not for dissemination in the United States or through US NewswiresGFG Resources Inc (TSXV:GFG) (OTCQB:GFGSF) (“GFG” or the “Company”) is pleased to announce that it hasentered into agreements (the “Agreements”) to consolidate a large, highly prospective land package west ofTimmins, Ontario (See Figure 1) with each of Rapier Gold Inc (TSXV:RPR) (“Rapier”), Probe Metals Inc (TSXV:PRB)(“Probe”), and Osisko Mining Inc (TSX:OSK) (“Osisko”) Under the respective Agreements, GFG will acquire all of theoutstanding common shares of Rapier pursuant to a plan of arrangement (the “Rapier Acquisition”) and the WestPorcupine Property from Probe (the “West Porcupine Property Acquisition”) and the Swayze Project from Osisko(the “Swayze Property Acquisition”) via property purchase agreements In addition to the Agreements, theCompany announces a nonbrokered private placement to raise gross proceeds of up to $7 million (the “ConcurrentFinancing”) Upon completion of these transactions, GFG will hold nearly 700 square kilometres (“km2”) of highlyprospective district scale gold assets in tier one mining jurisdictionsTransaction Highlights:Creation of a prominent North American precious metals explorer: Combination of ~700 km2 gold propertiesin tier one jurisdictions, Wyoming and Ontario;1 Significant exploration potential: Highly prospective district scale assets with brownfield and greenfieldopportunities;Leading management and board of directors: Highly experienced leadership team with a proven track recordand focused on aggressively advancing projects;Near term catalysts: GFG will plan to aggressively drill both Rattlesnake Hills and the Timmins portfolio in2018 A maiden resource is expected at Rattlesnake Hills in H1 2018;Well capitalized company: Strong financial position and capital structure to aggressively advance projects; andStrong strategic investor support: GFG is pleased to welcome Probe Metals and Osisko Mining as significantstakeholders in the pro forma companyFor further information and a detailed presentation on the transaction and related assets, please visit theCompany’s website wwwgfgresourcescom/investors/TransactionOverviewBrian Skanderbeg, President and CEO, commented, “We are very excited to announce these transactions, which willinvolve the acquisition of over 550 km2 in one of the best mining camps in the world This area of the West Timminsgold belt has all the geological hallmarks that have contributed to over 70 million ounces of historic gold productionin the Timmins mining camp along with several large deposits in the southern Swayze district These transactionsperfectly complement our technical skill set and our strategy to aggressively explore district scale gold projects intier one mining jurisdictions in North America Our focus and commitment to our Rattlesnake Hills Gold Project willnot be impacted by these transactions and we are excited to aggressively explore at both projects in 2018”Transaction DetailsRapier AcquisitionUnder the terms of the arrangement agreement dated December 11, 2017 between GFG and Rapier (the“Arrangement Agreement”), all of Rapier’s issued and outstanding common shares will be exchanged on the basis of015 of a common share in the capital of GFG (each whole share, a “GFG Share”) for each one Rapier common share,representing total consideration of approximately C$008 per Rapier share based on GFG’s 20day volume weightedaverage share price (“VWAP”) ending December 7, 2017 on the TSX Venture Exchange (“TSXV”) The considerationrepresents a premium

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