VANCOUVER, BC, Oct. 1, 2024
/PRNewswire/ - Augusta Gold Corp. (TSX: G) (OTCQB: AUGG)
(FSE:11B) ("Augusta Gold" or the "Company")
announces that it has extended the maturity date (the "Maturity
Date") of its loan (the "Loan") with Augusta
Investments Inc. (the "Lender") to April 30, 2025 (the "Extension"). The
Company also agreed to pay an extension fee to the Lender of
US$71,748.00 (the "Extension
Fee").
In connection with the Extension, the Lender will loan to the
Company US$5,479,941.03 (the
"Additional Loan Amount"), an amount equal to all interest
and fees payable on the loan under the Loan through September 30, 2024 (including the amount of the
Extension Fee), which the Company will immediately repay to the
Lender in full satisfaction of all interest and fees payable
through September 30th, 2024.
All interest payable from October 1st,
2024 through the Maturity Date, will not become due and
payable under the Loan until the Company obtains approval for the
payment of such interest from the disinterested shareholders of the
Company in accordance with the requirements of the Toronto Stock
Exchange (the "TSX"). If the Company does not obtain the
necessary approval from the Company's disinterested shareholders by
April 30th, 2025, then at any time
immediately following such date until such approval from the
Company's disinterested shareholders is obtained, the principal
amount outstanding under the Loan will become immediately due and
payable in full upon delivery of written notice by the Lender to
the Company making demand for immediate payment of the Loan.
About Augusta
Gold
Augusta Gold is
an exploration and development company focused on building a
long-term business that delivers stakeholder value through
developing the Reward and Bullfrog gold projects and pursing
accretive M&A opportunities. The Reward and Bullfrog gold
projects are located in the prolific Bullfrog mining district
approximately 120 miles north-west of Las
Vegas, Nevada and just outside of Beatty, Nevada. The Company is led by a
management team and board of directors with a proven track record
of success in financing and developing mining assets and delivering
shareholder value. For more information, please visit
www.augustagold.com.
Forward Looking Statements
Certain statements
and information contained in this new release constitute
"forward-looking statements", and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"). These statements appear in a number
of places in this new release and include statements regarding our
intent, or the beliefs or current expectations of our officers and
directors, including the that the Lender will loan the Additional
Loan Amount to the Company, which will be immediately repaid by the
Company to the Lender. When used in this news release words such as
"will" and similar expressions are intended to identify these
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Company can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to vary materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Company's
periodic filings with Canadian securities regulators and the United
States Securities and Exchange Commission. Such forward-looking
statements are based on various assumptions. While the Company
considers these assumptions to be reasonable, based on information
currently available, they may prove to be incorrect. Except as
required by applicable law, we assume no obligation to update or to
publicly announce the results of any change to any forward-looking
statement contained herein to reflect actual results, future events
or developments, changes in assumptions or changes in other factors
affecting the forward- looking statements. If we update any one or
more forward-looking statements, no inference should be drawn that
we will make additional updates with respect to those or other
forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these
statements as of any other date. All forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement.
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SOURCE Augusta Gold Corp.
