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Updates and Next Steps:
o Spin Out requires approval at the virtual KORE shareholder meeting on
o Meeting materials filed and mailed in late
o Shareholders encouraged to vote as soon as possible and no later than
o Shareholders may attend the meeting online and will be required to register via the instructions in the materials in advance if they wish to vote online
o Management and the
o If the Spin Out is approved and final court approval is obtained, KORE shareholders at the distribution date will be eligible to receive Karus shares
o Distribution date expected to be
o Karus shares will not be publicly listed to trade immediately after Spin Out; listing anticipated in the first half of 2021
o Upon completion of the Spin Out, Karus intends to raise capital via a rights offering ("Rights Offering") to all Karus shareholders
o Rights Offering expected to commence in
o Karus shareholders will have exclusive access to invest in Karus via the Rights Offering, raising initial capital for Karus to execute its strategy
Highlights of Karus Gold:
o Unlocks value of BC assets for KORE shareholders through creation of Karus Gold
o Dominant 1,000 km2 land position in the emerging
o Flagship FG Gold project open for growth after 2020
o 10.0 meters of 3.9 g/t gold at 237 meters downhole
o 14.3 meters of 6.4 g/t gold at 386 meters downhole
o Controls under-explored 110 km trend including five high-priority gold prospects
o Results from 14 FG Gold holes and five
Upon completion of the Spin Out, KORE will continue as a leading gold company with a focus on growing and developing the Imperial and
Details of the Spin Out are available at www.koremining.com/karus and materials for the special shareholders meeting are available at www.koremining.com/... and under KORE's profile on SEDAR at www.sedar.com.
About KORE's BC Gold Exploration Assets
KORE controls a dominant 1,000 square kilometers of claims in its
The FG Gold project hosts an orogenic gold deposit on a 20 km trend defined by gold in soils and geophysics. Drilling performed by KORE in 2020 transformed the project, opening up the potential for both open pit and underground type mineralization. The FG Gold project also hosts copper-gold porphyry mineralization at the
In connection with the transaction, the Company and Karus have filed an updated National Instrument 43-101 compliant Technical Report titled "Technical Report on the South Cariboo Property,
About
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in
Further information on the Spin Out and KORE can be found on the Company's website at www.koremining.com/Karus or by contacting us at karusgold@koremining.com or 888-455-7620.
Technical information with respect to the
Neither the
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and Karus Gold and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "plan", "should", "anticipate", "expects", "intends", "indicates" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company and Karus Gold are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the expected timeline and date of completion of the Spin Out, the ability of KORE to receive and obtain shareholder approval and court approval, the ability of the parties to satisfy, in a timely manner, the other conditions to closing of the Spin Out, the future listing of Karus Gold and the expected timeline and completion of the anticipated Karus rights offering. There can be no assurance that the Spin Out will be completed or that it will be completed on the terms and conditions contemplated in this news release. The Spin Out could be modified or terminated in accordance with its terms. Such forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking information.
Such factors include, among others: the Spin Out will be completed on the terms currently contemplated, the Spin Out will be completed in accordance with the timing currently expected without any undue delay, all conditions to the completion of the Spin Out will be satisfied or waived in due course and the Spin Out Agreement will not be terminated prior to the completion of the Spin Out, assumptions and expectations related to the trading price of KORE and the future listing of Karus Gold, and other expectations and assumptions concerning the Spin Out.
In addition to the above summary, additional risks and uncertainties inherent to the Company and its operations are described in the "Risk Factors" section of the Company's management discussion and analysis for the year ended
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information 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 information.
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(C) 2021 M2 COMMUNICATIONS, source