VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 10, 2017) - Tudor Gold Corp. (TSX VENTURE:TUD)(TUC.F) (the "Company" or "Tudor Gold") announces that it has received $1,100,000 from the exercise of 11,000,000 share purchase warrants at $0.10 per warrant (the "Warrants"). The funds will be used by the Company for exploration work on the Treaty Creek property and for general working capital.
The 11,000,000 common shares of the Company issued on the exercise of the Warrants were acquired by Tudor Holdings Ltd. (the "Acquisition"). Tudor Holdings Ltd. is controlled by Mr. Walter Storm, the President, CEO and a director of the Company. Tudor Holdings Ltd.'s head address is located at 900 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3.
Immediately prior to the Acquisition, in addition to the 11,000,000 Warrants, Tudor Holdings Ltd. directly and indirectly held 41,250,000 common shares, representing 62.9% of the Company's then issued and outstanding shares. Zoe Storm, the spouse of Walter Storm, who controls Tudor Holdings Ltd., beneficially owns 2,000,000 common shares of the Company. Zoe Storm is an associate of Walter Storm and, pursuant to the provisions of Multilateral Instrument 62-104, is deemed to be acting jointly or in concert with Tudor Holdings Ltd. In addition, Walter Storm also holds stock options to purchase an aggregate of 1,000,000 common shares of the Company with an exercise price of $0.10 per share that expire on April 19, 2026. Collectively, immediately prior to the Acquisition, the common shares, Warrants and stock options over which Walter Storm and Zoe Storm collectively had beneficial ownership of, or control or direction over, represented 75.55% of issued and outstanding common shares of the Company on a partially diluted basis assuming the exercise of the Warrants and stock options held by Walter Storm.
After giving effect to the Acquisition, Tudor Holdings Ltd. directly and indirectly holds 52,250,000 common shares, representing 68.2% of the Company's issued and outstanding shares. The other holdings of each of Walter Storm and Zoe Storm have remained unchanged post-Acquisition. Collectively, immediately after the Acquisition, the common shares and stock options over which Walter Storm and Zoe Storm collectively have beneficial ownership of, or control or direction over continues to represent 75.55% of the issued and outstanding common shares of the Company on a partially diluted basis assuming the exercise of the stock options held by Walter Storm, and taking into account the 11,000, 0000 common shares of the Company issued pursuant to the Acquisition.
Tudor Holdings Ltd. has advised the Company that it acquired the common shares under the Acquisition for investment purposes, and that Tudor Holdings Ltd. intends to evaluate the investment in the Company and to increase or decrease its shareholdings from time to time as Tudor Holdings Ltd. may determine appropriate.
A copy of the early warning report of Tudor Holdings Ltd. corresponding to this press release can be obtained from Aris Morfopoulos, CFO of the Company, at 604-721-2650 or on SEDAR at www.sedar.com. The early warning report updates Tudor Holding Ltd.'s prior early warning report that was filed on SEDAR on June 14, 2016.
About Tudor Gold
Tudor Gold is a significant explorer in British Columbia's Golden Triangle, an area which hosts multiple past-producing mines and several large deposits that are approaching potential development. The Company has a 60% interest in both the Electrum and Treaty Creek properties, and a 100% interest in the Mackie, Eskay North, Orion, Fairweather, Delta and the High North properties, all of which are located in the Golden Triangle area.
Aris Morfopoulos, Chief Financial Officer
For further information, please visit the company's website at www.tudor-gold.com.
Cautionary Statements regarding Forward-Looking Information: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements including, without limitation, statements relating to the exploration of the Treaty Creek project and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertain ties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Note: Neither 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.