Dryden Gold issues $1M Share Property Payment to Alamos
Dryden Gold Corp. will issue an aggregate of 6,377,551 common shares at a deemed price $0.1568 per share to Alamos Gold Inc. (NYSE: AGI) ("Alamos") to satisfy a April 20, 2024, $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 (a wholly owned subsidiary of Alamos) option agreement dated April 20, 2022, as amended, (the "Dryden Option Agreement") and are based on the 20-day volume weighted price of the Company's common shares on the TSXV. The proposed Property Payment 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 Property Payment 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 Property Payment Alamos will hold, directly and indirectly, an aggregate of 14,434,346 common shares of the Company representing 15.17% of the outstanding shares of the Company.
AUTOMATED MARKET MAKING SERVICES
Dryden Gold also announces that it has engaged the services of Insight Capital Partners Inc. of Toronto, Ontario, and it's market making service provider, ICP Securities Inc. (together "ICP") effective April 19, 2024 to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSXV and applicable securities laws. ICP will receive aggregate fees of C$10,000 plus applicable taxes per month, payable monthly in advance. The agreement between the Company and ICP is for an Initial Term of four (4) months and shall be automatically renewed for subsequent one (1) month terms (each month called an "Additional Term") unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.
ICP is an arm's length party to the Company. ICP's market making activities will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurred in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities. The Company's engagement of ICP remains subject to the approval of the TSX Venture Exchange.
ABOUT ICP SECURITIES INC.
ICP Securities Inc. (ICP) is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
ABOUT DRYDEN GOLD CORP.
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.
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