/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, May 30, 2023
/CNW/ - Pure Gold Mining Inc. (NEX:PGM.H) (the "Company")
announces that the British Columbia Supreme Court (the
"Court") has approved a transaction (the
"Transaction") for the sale of the Company's issued and
outstanding shares to West Red Lake Gold Mines Inc.
("West Red Lake") (TSXV:
WRLG, OTC: WRLGF) pursuant to an Approval and Reverse Vesting Order
(the "Order") in the Company's ongoing proceedings under the
Companies' Creditors Arrangement Act (the "CCAA
Proceedings").
Further information with respect to the Transaction is set out
in the Company's Press Release of April 17,
2023, and can also be found on the website of KSV
Restructuring Inc., the Company's Court appointed Monitor in the
CCAA Proceedings at:
https://www.ksvadvisory.com/experience/case/pure-gold- (the
"Monitor's Website").
The Company, West Red Lake, and
Sprott Resource Lending Corp. are working to close the Transaction
prior to June 28, 2023, which is
subject to various conditions precedent including receipt of
required regulatory approvals.
About Pure Gold Mining
Inc.
The Company is a Canadian gold mining company with a mine (the
"Mine") located in Red Lake,
Ontario, Canada. The Company owns and operates the Company's
Mine, which began gold production in 2021 after the successful
construction of an 800 tpd underground mine and processing
facility. The Company's Mine is centered on a forty-seven square
kilometre property with significant discovery potential.
Additional information about the Company and its activities may
be found on the Company's website
at www.puregoldmining.ca and under the Company's
profile at www.sedar.com. Additional
information about the CCAA Proceedings can be found on the
Monitor's Website.
ON BEHALF OF THE COMPANY
"Jonathan
Singh"
Jonathan Singh, Chief
Administrative Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to the Company within the meaning of applicable
securities laws, including, but not limited to statements relating
to the closing of the Transaction and receipt of all necessary
approvals including West Red Lake
shareholder and TSX Venture Exchange approval. Forward-looking
information is often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "planned",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", and similar expressions, or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "should", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licences and permits and obtaining required licences and permits,
labour stability, stability in market conditions, availability of
equipment, accuracy of any mineral resources, successful resolution
of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are
not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the CCAA
Proceedings and the impact of the same on the Company's operations;
completing the Transaction and the impact and timing thereof;
current economic conditions; future prices of commodities; possible
variations in grade or recovery rates; the costs and timing of the
development of new deposits; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; the timing and success of exploration and development
activities generally; delays in permitting; possible
claims against the Company; the timing of future economic studies;
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March
30, 2022 in the section entitled "Risk Factors", under the
Company's SEDAR profile at www.sedar.com.
Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise unless required by law.
SOURCE Pure Gold Mining Inc.
