Cerrado Gold Announces Filing of Circular and Provides Update

Cerrado Gold Announces Filing of Circular and Provides Update

  • Proxy related materials filed in relation to annual and special meeting of shareholders scheduled for June 27
  • Audited annual financial statements expected to be completed this week
  • Third advance of US$7 million under the Signing Loan with subsidiary of Hochschild Mining PLC ("Hochschild") to be received two business days following the satisfaction of all conditions precedent, including the issuance of financial statements

Cerrado Gold Inc. [TSX.V:CERT][OTCQX:CRDOF] ("Cerrado" or the "Company") announces that it has filed proxy related materials, including its notice of annual and special meeting of shareholders and management information circular (collectively, the "Meeting Materials") on SEDAR+ at www.sedarplus.com in respect of its annual and special meeting of shareholders to be held on June 27, 2024 (the "Shareholder Meeting"). The Meeting Materials were mailed on June 5 to shareholders of record as of May 22, 2024

The Company also announces that it anticipates filing this week its audited annual financial statements and management's discussion and analysis for the year ended December 31, 2023 (the "Financial Statements"). Filing the Financial Statements is one of the conditions to receiving payment of the third advance of US$7 million (the "Third Advance") from Amarillo Mineração do Brasil Ltda. ("Amarillo"), a wholly-owned subsidiary of Hochschild. Receipt of the Third Advance is subject to, and is expected to be received two business days following, satisfaction of all conditions which, as of the date hereof, the Company believes have been satisfied other than with respect to filing the Financial Statements. Funds received from the Third Advance will be used to fund immediate obligations of Cerrado and ongoing corporate G&A.

Cerrado has granted to Amarillo the option to purchase a 100% interest in the Company's Monte Do Carmo project located in the State of Tocantins, Brazil (the "Proposed Transaction"), for total consideration of US$60 million (approximately C$80 million) (the "Purchase Price"), subject to the fulfilment of certain conditions.

The Third Advance will complete the total US$15 million initially advanced by way of a 10% interest-bearing secured loan (the "Signing Loan"). Upon Cerrado obtaining shareholder approval for the Proposed Transaction at the Shareholder Meeting, the Signing Loan, together with all accrued and unpaid interest thereon and expenses relating thereto, shall be deemed to be repaid in full by Cerrado by the concurrent set off of an amount equal to the Signing Loan due by Amarillo as part of the Purchase Price. If Cerrado fails to secure the Cerrado Shareholder Approval on or before June 30, 2024, the Signing Loan will mature on September 30, 2024, however Hochschild shall be entitled, in its sole discretion, to accelerate the Signing Loan as early as July 1, 2024.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias Heap Leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.

In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces contributing to the decarbonisation of the industry and the achievement of SDG goals.

For more information about Cerrado please visit our website at: www.cerradogold.com.

Mark Brennan
CEO and Chairman

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com

Disclaimer

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 RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado, the Shareholder Meeting and the Proposed Transaction. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE: Cerrado Gold Inc.



View the original press release on accesswire.com

News Provided by ACCESSWIRE via QuoteMedia

CERT:CA
The Conversation (0)
Cerrado Gold Povides Update on Cease Trade Order

Cerrado Gold Povides Update on Cease Trade Order

Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is providing this update on the status of the cease trade order (the "CTO") imposed on May 7, 2024 by its principal regulator, the Ontario Securities Commission (the "OSC"), under National Policy 11-207, following the... Keep Reading...
Cerrado Gold Provides Update on Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and MCTO Application

Cerrado Gold Provides Update on Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and MCTO Application

Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is providing an update on the status of the cease trade order (the "CTO") imposed on May 7, 2024, the Ontario Securities Commission (the "OSC"), under National Policy 11-207, following the Company's failure to file its... Keep Reading...
Cerrado Gold Announces Failure To File Cease Trade Order

Cerrado Gold Announces Failure To File Cease Trade Order

Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces that the Ontario Securities Commission (the "OSC") has issued a failure to file cease trade order ("FFCTO") prohibiting the trading by any person of any securities of the Company in CanadaThe FFCTO was issued as a... Keep Reading...
Cerrado Gold Announces Receipt of Second Advance Under Secured Loan From Subsidiary of Hochschild Mining PLC

Cerrado Gold Announces Receipt of Second Advance Under Secured Loan From Subsidiary of Hochschild Mining PLC

US$1 million received as second advance of Signing Loan under option agreement with Hochschild Mining Plc ("Hochschild").Total of US$8 million received with remaining US$7 million expected to be advanced in June.Funds received to-date addressed short-term capital needs in Argentina and will... Keep Reading...
Cerrado Gold Announces Q1 Gold Production Results for Its Minera Don Nicolas Mine in Argentina

Cerrado Gold Announces Q1 Gold Production Results for Its Minera Don Nicolas Mine in Argentina

Calandrias Norte production in March driving improved production growth.Focus for 2024 remains on delivering strong cash flow and rebuilding the balance sheet with exploration focused on mine life extension.Management currently developing a longer-term production plan for Argentina.Cerrado Gold... Keep Reading...
Silver and gold coins stacked, one 2015 coin in focus.

Gold Price Breaks US$3,900; Silver Above US$48, Platinum Over US$1,600

Gold continued to set new records on Monday (October 6), breaking US$3,900 per ounce. After spending the summer months consolidating, the yellow metal began pushing higher toward the end of August. It quickly reached US$3,500 and continued on up, rising as high as US$3,972.60 on on Monday. The... Keep Reading...
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...
Gold bars and rising graph; "5 Top Canadian Mining Stocks This Week" text overlay.

Top 5 Canadian Mining Stocks This Week: Prospector Metals Gains 356 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.The big event impacting markets this week was the shutdown of the US government. Although... Keep Reading...
Gold nugget, stock chart,and US flag with "Weekly Editor's Picks" text.

Editor's Picks: Gold Price Sets Sights on US$3,900, Silver Breaks US$48

The gold price continued to move this week, approaching the US$3,900 per ounce level and setting a fresh all-time high on the back of a US government shutdown.The closure came after Congress failed to reach an agreement on a spending bill ahead of the new American fiscal year, which began on... Keep Reading...
Gold "M&A" letters on textured wood background with lighting effects.

Minera Alamos Closes Nevada Mine Acquisition, Expands US Gold Footprint

Minera Alamos (TSXV:MAI,OTCQX:MAIFF) has completed its purchase of the Pan gold mine and two development-stage projects in Nevada from Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX).The Toronto-based company said Wednesday (October 1) that it closed the previously announced transaction to acquire the... Keep Reading...
Option Exercise Nets $2.3M to Expand Exploration at Pinjin

Option Exercise Nets $2.3M to Expand Exploration at Pinjin

Kalgoorlie Gold Mining (KAL:AU) has announced Option exercise nets $2.3M to expand exploration at PinjinDownload the PDF here. Keep Reading...

Latest Press Releases

Related News