VANCOUVER, BC, Feb. 29,
2024 /CNW/ - DFR Gold Inc. (TSXV: DFR)
("DFR" or the "Company") announces that the principal
amount of the unsecured convertible debentures originally issued by
the Company on April 6, 2023
("Debentures"), as set out in the Company's press release
issued on April 6, 2023, will
be automatically be converted into common shares of the Company
("Shares") at a price of CAD$0.12 per Share pursuant to the terms of the
Debentures. 19,294,873 Shares will be issued upon conversion of the
aggregate principal amount of the Debentures of US$1,705,750, based on an US$1/CAD$1.3574
exchange rate as of February 28, 2024
(the "Exchange Rate").
In addition, subject to approval of the TSXV Venture Exchange,
the aggregate accrued and unpaid interest payable on the Debentures
of US$192,189 ("Interest")
will also be automatically converted pursuant to the terms of the
Debentures into Shares, based on the Exchange Rate, at a price of
CAD$0.12 per Share, for an aggregate
of 2,173,975 Shares issued on the Interest.
Notes to Editors:
DFR Gold is a TSX Venture Exchange listed exploration and mine
development company focused on gold in West Africa. DFR Gold holds interests in a
portfolio of West African gold exploration projects including the
highly prospective Cascades gold project ("Cascades") in
Burkina Faso. Cascades has a
Mineral Resource prepared in accordance with NI 43-101, please see
the Company's technical report titled "Amended and Re-stated
Technical Report on the Labola Project Burkina Faso" dated
April 2, 2022, with an effective date
of April 20, 2022 for further
information regarding Cascades. This report can be located at
www.dfrgold.com.
In Madagascar, DFR Gold has an
advanced high grade hard rock zircon exploration prospect located
in the west of the country, approximately 220km east of the port of
Maintirano and close to a state road. DFR Gold acquired Beravina
from Pala Investments and Austral Resources in 2016.
Website: www.dfrgold.com
The Company's public documents may be accessed at
www.sedarplus.ca
Neither the TSX-V 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.
Forward-Looking Statements:
This release contains certain "forward-looking information"
within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact in this
release that address activities, events or developments that DFR
Gold expects or anticipates will or may occur in the future are
forward-looking statements or information. Forward-looking
statements in this news release include statements regarding the
conversion of the Debentures, interest thereon and the completion
thereof. Often, but not always, forward-looking information can be
identified by the use of words such as "aim", "aspire", "strive",
"will", "expect", "intend", "plan", "believe" or similar
expressions as they relate to DFR Gold. Forward- looking
information is subject to a variety of risks and uncertainties
which could cause actual events or results to materially differ
from those reflected in the forward-looking information.
There are a number of important factors that could cause DFR
Gold's actual results to differ materially from those indicated or
implied by forward-looking statements and information. Such factors
include, among others: the ability to obtain requisite regulatory
approvals, including TSX Venture Exchange approval of the
conversion of the Interest; the ability to finance drilling
campaigns and exercise its options to acquire exploration permits;
commodity prices; the gold exploration and mining industry in
general; the potential impact of the announcement on relationships;
including with regulatory bodies, employees; suppliers, customers
and competitors; changes in general economic, business and
political conditions, including changes in the financial markets;
changes in applicable laws; and compliance with extensive
government regulation. Should one or more of these risks,
uncertainties or other factors materialize, or should assumptions
underlying the forward-looking information or statement prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected.
DFR Gold cautions that the foregoing list of material factors is
not exhaustive. When relying on DFR Gold's forward-looking
statements and information to make decisions, shareholders should
carefully consider the foregoing factors and other uncertainties
and potential events. DFR Gold has assumed that the material
factors referred to in the previous paragraph will not cause such
forward looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors. The forward-looking information contained in
this release represents the expectations of DFR Gold as of the date
of this release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While DFR Gold may elect to, it does not undertake to
update this information at any particular time except as required
in accordance with applicable laws.
SOURCE DFR Gold Inc. (formerly Diamond Fields Resources
Inc.)
