$glxy

Gold Mountain Announces Graduation to the Toronto Stock Exchange

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX.V:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) announced today that it has received final approval for listing of the Company's common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX"). In connection with the graduation the Common Shares, which are currently listed for trading on the TSX Venture Exchange (the "TSXV"), will be up-listed to the TSX


"After commencing trading on the Venture only 11 months ago, graduating to the senior board marks an exciting achievement for our company and is testament to Management's commitment to deliver shareholder value," commented CEO and Director Kevin Smith. "By going into production with only 70 million shares issued and outstanding, a clear path to revenue and an updated resource estimate expected to be completed this fall, we plan on ending our first year of trading carrying serious momentum. We anticipate that 2022 will see Gold Mountain transition into steady state production, positive cashflow and another multi-phased exploration program to continue showcasing the Elk's scalability."

The Common Shares are all expected to begin trading on the TSX effective as of commencement of trading on November 23, 2021 (the "Listing Date"). Upon listing on the TSX, the Common Shares will continue to trade under the ticker symbol "GMTN", respectively. In conjunction with the graduation to the TSX, the Common Shares will be concurrently delisted from the TSXV prior to commencement of trading on the TSX. Holders of the Common Shares are not required to take any action in connection with the graduation to the TSX.

Update to Escrow Release Schedule

In connection with the graduation to the TSX, all of the Gold Mountain securities that were subject to a Tier 2 escrow release schedule pursuant to a Surplus Securities Escrow Agreement and a Value Security Escrow Agreement both dated December 16, 2020 and a CPC Escrow Agreement dated December 6, 2019 will be subject to a Tier 1 release schedule. The tables below sets out the updated Escrow Release Schedule for each applicable agreement:

VALUE ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Percentage

Shares Released

December 29, 2020

10%

256,160

25%

640,400

June 29, 2021

15%

384,240

25%

640,400

December 29, 2021

15%

384,240

25%

640,400

June 29, 2022

15%

384,240

25%

640,400

December 29, 2022

15%

384,240

N/A

-

June 29, 2023

15%

384,240

N/A

-

December 29, 2023

15%

384,240

N/A

-

TOTAL

100%

2,561,600

100%

2,561,600

SURPLUS ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Options Released

Percentage

Shares Released

Options Released

December 29, 2020

5%

475,144

77,707

10%

950,289

155,414

June 29, 2021

5%

475,144

77,707

20%

1,900,487

310,828

December 29, 2021

10%

950,289

155,414

30%

2,850,868

466,242

June 29, 2022

10%

950,289

155,414

40%

3,801,250

621,656

December 29, 2022

15%

1,425,434

233,121

N/A

-

June 29, 2023

15%

1,425,434

233,121

N/A

-

December 29, 2023

40%

3,801,250

621,656

N/A

-

TOTAL

100%

9,502,894

1,554,140

100%

9,502,894

1,554,140

CPC ESCROW TABLE

Release Dates

Tier 2

Original Release Schedule

TSX

Percentage

Shares Released

Percentage

Shares Released

December 29, 2020

10%

250,000

25%

625,000

June 29, 2021

15%

375,000

25%

625,000

December 29, 2021

15%

375,000

25%

625,000

June 29, 2022

15%

375,000

25%

625,000

December 29, 2022

15%

375,000

N/A

-

June 29, 2023

15%

375,000

N/A

-

December 29, 2023

15%

375,000

N/A

-

TOTAL

100%

2,500,000

100%

2,500,000

Preliminary Economic Assessment

For details on the key assumptions behind the Company entering into steady state production and its anticipated cash flow, please see the Preliminary Economic Assessment entitled "Updated Preliminary Economic Assessment on the Elk Gold Project" dated June 21, 2021 with an effective date of May 14, 2021 a copy of which is available on SEDAR (the "PEA").

The Company's mine plan and annual after-tax profit are based on the PEA which is preliminary in nature and includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.gold-mountain.ca.

For Further information, please contact

Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: ks@gold-mountain.ca
Website: www.gold-mountain.ca

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

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements in this press release include the statement with respect to the anticipated listing date on the TSX, the increase in resource estimate this fall, the anticipated state of production. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to 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; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Company's Annual Information Form for the year ended January 31, 2021 which was filed on the Company's SEDAR profile on November 4, 2021.

SOURCE: Gold Mountain Mining Corp



View source version on accesswire.com:
https://www.accesswire.com/673969/Gold-Mountain-Announces-Graduation-to-the-Toronto-Stock-Exchange

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
Aurum Resources

Takeover Offer for Mako Gold Limited – Share Offer Unconditional and Status of Offers Conditions

Aurum Resources Limited (ASX: AUE) (Aurum) refers to its off-market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX:MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).

Keep reading...Show less
Rows of gold bars.

Top 10 Gold Reserves by Country

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold's association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold's hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it's a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

Keep reading...Show less
Physical gold bar and gold Maple Leaf coin with small gold nuggets on top.

A Guide to Investing in Physical Gold (Updated 2024)

Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history.

It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.

For that reason, gold market analysts typically recommend that investors build a diversified portfolio with a portion of their wealth in gold bullion. Here the Investing News Network explains what's involved in building and managing a physical gold portfolio.

Keep reading...Show less
Providence Insider Participates in Financing

Providence Insider Participates in Financing

Providence Gold Mines Inc. (“the Company) is pleased to announce further to the Private placement announced on November 14, 2024 that an insider of the Company is participating in the first tranche of the private placement in the amount of $75,000 Cdn for 1,500,000 units at $0.05 per unit. Each unit comprises of one common share and one non-transferable warrant exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing. The funds will be used for general purposes.

As announced, a placement of up to $1,800,000 Cdn for 36,000,000 units at $0.05 per unit is now underway. Each unit will comprise of one common share and one non-transferable warrant, exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing.

Keep reading...Show less
Tempest Minerals

TEM | Yalgoo Update - Further Excellent Iron Results

Tempest Minerals Limited (ASX: TEM) is pleased to update that recent RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays which has now been confirmed with multiple drill holes over several kilometres of strike length. The Remorse Target is situated within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.

Keep reading...Show less

Latest Press Releases

Related News

×