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Dryden Gold Corp. issues Share Property Payment to Alamos

Feb 8, 2024

Dryden Gold Corp. is pleased to announce that, subject to receipt of final TSX Venture Exchange approval, it will issue an aggregate of 4,056,795 common shares at a deemed price $0.2465 per share to Alamos Gold Inc. to satisfy a December 31, 2023, $1,000,000 property payment on its Dryden Gold Property located in Northwest Ontario. The Shares are being issued in accordance with Dryden Gold and Manitou Gold Inc's (Manitou Gold Inc. acquired and wholly owned by Alamos) option agreement dated April 20, 2022, as amended, (the "Dryden Option Agreement") and are based on the first twenty days of trading in the Company's stock on a volume weighted basis (the "20-day VWAP"). The proposed Share Issuance was previously disclosed in the Company's TSXV Form 3D2 Filing Statement dated December 27, 2023, (the "Filing Statement") a copy of which was filed under the Company's profile at www.sedarplus.ca on December 27, 2023. Please refer to the Filing Statement for a detailed description of the Dryden Option Agreement and the Dryden Property. Final TSXV approval of the Share Issuance is pending. All of the Shares will be subject to a hold period of four months and one day from the date of issuance.

After the Share Issuance Alamos will hold an aggregate of 8,056,795 common shares representing 9.27% of the outstanding shares of the Company making them Dryden Gold's largest single shareholder. Other major shareholders include Rob McEwen, Eric Sprott, EuroPac Gold Fund and Delbrook Capital.

Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange ("DRY"). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers & acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold's property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys First Nations support and proximity to an experienced mining workforce.


Tags: Northern Ontario / Deals & Financial / Gold / All Articles