VANCOUVER, British Columbia, May 06, 2021 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT; OTCQX:GTGDF) (the “Company” or “GT Gold”) is pleased to announce that at today’s special meeting (the "Meeting") of the Company’s shareholders, the Company’s shareholders approved the previously announced arrangement (the "Arrangement") pursuant to which Newmont Corporation ("Newmont") will acquire the remaining 85.1% of common shares of the Company (the "Shares") which it and its affiliates do not already own. Under the terms of the Arrangement, shareholders of GT Gold (other than Newmont and its affiliates) will receive C$3.25 per Share in cash.
Approximately 99.98% of the Shares voted at the Meeting and 99.97% of the Shares voted at the Meeting after excluding votes from certain shareholders, including Newmont, as required under MI 61-101, voted in favour of the special resolution approving the Arrangement. Details of the voting results will be filed under the Company's profile on SEDAR www.sedar.com.
GT Gold will apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on May 10, 2021. Closing of the transaction remains subject to certain customary closing conditions including court approval and the receipt of the remaining required regulatory approvals. Assuming the satisfaction of these closing conditions, the transaction is expected to close on or around May 17, 2021. Following completion of the Arrangement, the Company will be de-listed from the TSX Venture Exchange and the Company will make the respective applications to the relevant securities regulatory authorities in Canada to cease to be a reporting issuer for the purposes of securities legislation.
Shareholders who have questions or require assistance with submitting their Shares to the Arrangement may direct their questions to Computershare Investor Services Inc., who is acting as depositary under the Arrangement. Further information regarding the Arrangement is available in the management information circular of the Company dated April 6, 2021, which is available under GT Gold's profile on SEDAR at www.sedar.com.
About GT Gold Corp.
GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned "Golden Triangle" near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, "Saddle South", a precious metal rich vein system and "Saddle North", a gold-rich copper porphyry system.
Investor Contact
| GT Gold Corp. Paul Harbidge President and Chief Executive Officer Tel: (236) 427 5744 Website: www.gtgoldcorp.ca | GT Gold Corp. Shawn Campbell Chief Financial Officer Tel: (236) 427 5744 |
Cautionary Statement on Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements") regarding the proposed transaction including the anticipated completion and timing thereof. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would", "could", "should", "continue", "goal", "objective", and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking information involves numerous assumptions including assumptions concerning the receipt, in a timely manner, of required approvals in respect of the Arrangement and the satisfaction of the other closing conditions to the Arrangement. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, management can give no assurance that actual results will be consistent with these forward-looking statements. Not all factors which affect our forward-looking information are known, and actual results may vary from projected results in a material respect, and may be above or below the forward-looking information presented in a material respect.
Forward-looking statements are subject to various risks and uncertainties which could cause actual results and expectations to differ materially from the anticipated results or expectations expressed in this press release. The anticipated timeline for completion of the Arrangement may change for a number of reasons, including the inability to secure necessary approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Arrangement. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained in this press release concerning the timing of the transaction. A comprehensive discussion of other risks that impact GT Gold can also be found on the Company's most recently filed annual MD&A for the year ended December 31, 2020, available on SEDAR at www.sedar.com.
GT Gold does not undertake any obligation to update forward-looking statements should the factors and assumptions related to its plans, estimates, projections, beliefs and opinions, including those listed above, change except as required by applicable securities laws.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.