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Generic Gold Corp. (CSE: GGC) (FSE: 1WD) (OCTQB: GGCPF) ("Generic Gold" or the "Company") is pleased to announce that it has entered into arm's length definitive agreements (the "Agreements") to sell 100% interest in the Company's Yukon exploration portfolio in the Tintina Gold Belt in the Yukon Territory of Canada (collectively, the "Yukon Properties").
Under the terms of the Agreements, the Company will receive consideration from the dispositions as follows: (i) $100,000; and $3,000,000 to be satisfied through the issuance of 2,142,857 common shares in the capital of Banyan Gold Corp. (the "Consideration Shares").
Closing is subject to customary conditions, including the approval of the Canadian Securities Exchange. The Consideration Shares shall be subject to a hold period expiring on the anniversary of the closing date.
About Generic Gold
Generic Gold is a Canadian mineral exploration company focused on gold projects the Abitibi Greenstone Belt in Quebec, Canada. The Company's Quebec exploration portfolio consists of four properties covering 12,563 hectares proximal to the town of Normétal, and east of Amex Exploration's Perron project and the past-producing Normétal mine. Generic Gold's board of directors and management team is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets, and mine development. For information on the Company's property portfolio, visit the Company's website at www.genericgold.ca.
For further information contact:
Generic Gold Corp.
Richard Patricio, President and CEO
Tel: 416-456-6529
Email: rpatricio@genericgold.ca
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain statements in this press release are "forward-looking" statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300046
