Anacortes intends to focus on continued exploration and advancement of its 100% owned Tres Cruces project located in
In connection with the closing of the Transaction (the 'Closing'), Anacortes acquired New Oroperu by way of a statutory plan of arrangement under the Business Corporations Act (
The Company also entered into voluntary escrow agreements with
In addition, the Company issued to three eligible persons, in the aggregate and as partial payment of advisory fees due, 708,333 Shares and 354,166 warrants, each exercisable for one Share for a period of 24 months following the Closing at an exercise price of
Key Highlights on the Launch of Anacortes
Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide Indicated resources of 2.474 Mozs at 1.65 g/t gold and Inferred resources of 104 kozs at 1.26 g/t gold, inclusive of 630 kozs of high-grade leachable gold at 1.28 g/t gold
Tres Cruces is strategically located in a highly prospective geological belt that hosts significant gold deposits such as Lagunas Norte, which is located within 10 km, Yanacocha and Pierina
Anacortes is led by a new management team and Board of Directors with extensive experience in
Anacortes is well-capitalized post-closing of the approximately
Underexplored property with oxide and sulphide resource growth potential - Tres Cruces has not been drilled since 2008 when gold prices were approximately
Attractive relative valuation on an enterprise value per Indicated resource ounce basis
Consolidation, Name Change and Trading Symbol
Concurrent to the Closing, the Company completed a consolidation of its issued and outstanding Shares on the basis of one (1) post-consolidation Share for each six (6) pre-consolidation Shares (the 'Consolidation').
Additionally, the corporate name of '
The post-Consolidation Shares of Anacortes are expected to commence trading on the
About Anacortes
Anacortes is a new growth-oriented gold company in the
Contact:
Tel: (604) 764-7108
Cautionary Note Regarding Forward Looking Information
This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation (collectively, the 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.
The Forward-looking Statements in this news release may include, without limitation, statements about the Anacortes' current expectations, estimates and projections for Company following the Closing; the anticipated benefits of the Transaction to shareholders and the combined company, including corporate, operational and other synergies and the anticipated uses of the net proceeds of the Private Placement. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'anticipated', 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of Anacortes to control or predict and which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such risks, uncertainties and factors include, among others, the ability of the combined company to realize the anticipated benefits of, and synergies and savings from, the Transaction and the timing thereof; changes in general economic conditions and financial markets; political risks; risks relating to the current and potential adverse impacts of the COVID-19 pandemic on the economy, financial markets and the parties' operations and risks inherent in mineral exploration. Although Forward-looking Statements contained in this news release are based upon what each of the parties believe are reasonable assumptions at the time they were made, such statements are made as of the date hereof and Anacortes disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
This news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including
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