Triumph Gold Corp., (TSXV:TIG, OTCMKTS:TIGCF) (“Triumph Gold” or the “Company”) is pleased to provide the following corporate update.
The Company has recently completed a private placement financing raising gross proceeds of $5,122,913 ($2,960,315.40 flow through and $2,162,597.85 non-flow through) and issued 6,041,460 flow through units at $0.49 per flow through unit and 6,178,851 units at $0.35 per unit. In connection with the financing, the Company has paid finder’s fees totaling $130,840.70 and issued 241,259 finder’s warrants. Each finder’s warrant is exercisable to acquire one share in the capital of the Company at an exercise price of CDN$0.60 per share until such date that is 24 months from the date of issuance (for further details see PR#19-13 dated July 24, 2019). Triumph Gold plans to allocate the proceeds of the offering to exploration on its 100% owned, road accessible, Freegold Mountain property in the Yukon Territory, and to general working capital.
The Company’s 2019 Phase I drill campaign (see PR#19-10 dated June 18, 2019) is approximately 50% complete. It is designed to test for a mineralized porphyry system beneath areas where high grade copper gold silver breccia mineralization were intersected in 2017 and 2018 (e.g. 315 metres of 1.1 g/t Au 5 g/t Ag, 0.27% Cu and 0.02% Mo; see PR#18-09 dated September 12, 2018).
Pursuant to its stock option plan, the Company is issuing 2,850,000 options to officers and directors. The options are priced at $0.55 and are valid for a period of 5 years. The stock options will vest 25% immediately, 25% after six months, 25% after twelve months and 25% after eighteen months.
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., VP Exploration for the company, and qualified person as defined by National Instrument 43-101.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com
On behalf of the Board of Directors
Signed “Paul Reynolds”
Paul Reynolds, President & CEO
Neither the 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 news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.