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California Gold Mining Inc. (CFGMF)

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Previous Close0.1251
Open0.1213
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.1251 - 0.1251
52 Week Range0.0762 - 0.2257
Volume4,850
Avg. Volume1,801
Market Cap9.474M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.0860
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Stratabound to Acquire California Gold Mining Inc. to Create a Combined, Well-Capitalized, Advanced North American-Focused Gold Exploration and Development Company
    GlobeNewswire

    Stratabound to Acquire California Gold Mining Inc. to Create a Combined, Well-Capitalized, Advanced North American-Focused Gold Exploration and Development Company

    Acquisition includes NI 43-101 mineral resource of 515,000 ounces and 364,000 ounces of gold in the Indicated and Inferred categories* respectively hosted in the flagship Fremont Gold Project located in the prolific California Mother Lode Gold Belt. TORONTO, April 21, 2021 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound”) and California Gold Mining Inc. (CSE:CGM) (“California Gold”) are pleased to announce that the companies have entered into a definitive arrangement agreement (the “Arrangement Agreement”), pursuant to which Stratabound has agreed to acquire all of the issued and outstanding shares of California Gold by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). California Gold shareholders will receive one (1.000) Stratabound common share (each, a “Stratabound Share”) for each California Gold share (each, a “California Gold Share”). The exchange ratio implies a consideration of $0.223 per California Gold common share, based on the 20-day volume weighted average price (“VWAP”) of the Stratabound common shares on the TSX Venture Exchange (“TSXV”) for the period ending April 20, 2021. This represents a 104.8% premium to the 20-day VWAP of California Gold common shares on the Canadian Securities Exchange (“CSE”) and a premium of 72.7% based on the closing prices of both companies common shares on April 20, 2021. Pursuant to the Arrangement, Stratabound anticipates that it will issue approximately 65,108,269 shares to California Gold shareholders. The transaction is be carried out by way of a plan of arrangement and California Gold shareholders will be asked to vote on the transaction at a special meeting of shareholders (the “California Gold Meeting”) with closing expected to take place by July 2021. The Arrangement is subject to the approval of the Ontario Superior Court of Justice (Commercial List), approval by at least two-thirds of the votes cast by California Gold shareholders at the California Gold Meeting, and, if required, minority approval after excluding the votes cast by persons whose votes may not be included in determining minority approval of a business combination pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. R. Kim Tyler, Stratabound’s President, Chief Executive Officer, and Director, stated: “We are extremely pleased to welcome California Gold shareholders to our register and anxious to get to work advancing the Fremont Gold Project towards production. Fremont provides a tremendous opportunity to build well beyond its current gold resources, is complimentary to our existing early-stage assets and a powerful catalyst of growth for both our shareholders. Our strong cash position, concentrated long-term investor base, and team in place will allow us to immediately unlock value on this mutually beneficial transaction.” Larry Phillips, California Gold’s Interim President, Chief Executive Officer, and Director, commented: “This is an attractive offer for California Gold Shareholders with the pro forma company being well-capitalized with a strong net cash position, shareholder base and team in place to advance the flagship Fremont Gold project for the benefit of both Stratabound and California Gold shareholders.” The California Gold Meeting is currently expected to be held in June 2021. No shareholder vote is required by Stratabound shareholders. In addition to the aforementioned approvals, completion of the Arrangement is subject to other customary conditions, including the receipt of all necessary regulatory and stock exchange approvals. The Arrangement is expected to close by July 2021. The Arrangement Agreement contains customary terms and conditions which include a break fee payable to Stratabound in the event California Gold does not proceed. The transaction has the full endorsement of both the Boards of California Gold and Stratabound. On December 8, 2020 California Gold announced that it had retained Red Cloud Securities Inc. to initiate a strategic process to explore, review and evaluate a broad range of potential alternatives focused on maximizing shareholder value, including a potential sale or merger of the company. The board of directors of California Gold formed a special committee (the “Special Committee”) to oversee the process and have evaluated the transaction with Stratabound in the context of that process. The Special Committee, following a review of the terms and conditions of the agreement with Stratabound and consideration of a number of factors, unanimously recommended that the California Gold Board approve the transaction. After receiving the recommendation of the Special Committee and advice from its advisors, including a fairness opinion, the California Gold Board has unanimously determined that the transaction is in the best interests of California Gold and will recommend that California Gold shareholders vote in favour of the transaction. Patrick Cronin and Vishal Gupta resigned from the Board of Directors of California Gold immediately prior to the meeting to approve the Arrangement Agreement. The fairness opinion was prepared by INFOR Financial and will be included in the management information circular (the “Circular”) to be mailed to California Gold shareholders in connection with the California Gold Meeting. Prior to the execution of the Arrangement Agreement, INFOR provided a verbal opinion that, based upon and subject to the assumptions, limitations and qualifications in such opinion, the consideration to be received by California Gold shareholders is fair, from a financial point of view, to California Gold shareholders. All California Gold shareholders will be treated on the same basis and no additional consideration or benefit is available to any California Gold shareholder. In connection with the Arrangement, all exercise period for outstanding options of California Gold will be accelerated, and the outstanding common share purchase warrants of California Gold will be exchanged for replacement warrants of Stratabound exercisable to acquire that number of Stratabound Shares as is equal to 1.0 multiplied by the number of California Gold Shares that the holders of the warrants so transferred and assigned would have acquired if such holders had exercised such warrants immediately prior to the effective time of the Arrangement. All directors of California Gold (representing approximately 16.4% of the currently outstanding California common shares) have entered into customary support agreements with Stratabound to vote their shares in favour of the transaction. In addition, Romspen Investment Corporation and R.W. Tomlinson Ltd. have consented to the transaction under their respective loan agreements with California Gold and have entered into customary support agreements with Stratabound to vote their shares (representing approximately 15.3% of the currently outstanding California common shares) in favour of the transaction. Details of the transaction and the Arrangement Agreement will be set out in the Circular that will be prepared and mailed to California Gold shareholders in connection with the California Gold Meeting. As well, additional information regarding the terms of the definitive Arrangement Agreement, the background to the transaction, the rationale for the recommendations made by the Special Committee of the California Gold Board and how shareholders can participate in and vote at the California Gold Meeting will be provided in the Circular. Subject to the conditions precedent being met; the transaction is expected to close by July 2021. Transaction Highlights: Benefits to Stratabound Shareholders: Immediate acquisition of NI 43-101 mineral resource 515,000 ounces grading 1.71 g/t gold in the Indicated category, and an additional 364,000 ounces grading 1.44 g/t gold in the Inferred category* of an advanced gold project with excellent exploration upside plus development potential at an attractive valuation;Bulked-up capital markets profile in a larger entity with exposure to a more diverse group of institutional and retail investors; andCreation of a stronger asset and market profile platform to accelerate the company’s stated goal of becoming a gold production company. Benefits to California Gold Shareholders: Continued exposure to the Fremont Gold project with access to an experienced technical team that intend to take the project on as a flagship asset;Strengthened balance sheet with a meaningful cash position and greater access to capital in a larger pro forma entity; andGreater trading liquidity, providing exposure to a larger and more diverse group of institutional and retail investors. If the Arrangement is completed, the California Gold Shares will be delisted from the CSE. A copy of the Arrangement Agreement is available through California Gold’s and Stratabound’s filings with the securities regulatory authorities in Canada in SEDAR at www.sedar.com. None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Stratabound will file an updated early warning report in connection with entering into the Arrangement Agreement and the Support Agreements. A copy of the report will be available under California Gold’s profile at www.sedar.com, or by contacting R. Kim Tyler, the Chief Executive Officer of Stratabound at 1 (416) 915-4157. ADVISORS Red Cloud Securities Inc. and INFOR Financial are acting as the financial advisors to California Gold in connection with the Arrangement. Norton Rose Fulbright Canada LLP is acting as legal counsel to California Gold and Dentons LLP is acting as legal counsel to Stratabound in connection with the Arrangement. ABOUT STRATABOUND Stratabound Minerals Corp. is a well-funded Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource. Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a “Qualified Person” for the purpose of NI 43-101, has reviewed and approved the contents of this news release. ABOUT CALIFORNIA GOLD California Gold Mining Inc.’s flagship Fremont gold project located in Mariposa County, California lies within California’s prolific Mother Lode Gold Belt. The Fremont Project hosts a NI 43-101 mineral resource of 515,000 ounces grading 1.71 g/t gold in the Indicated category, and an additional 364,000 ounces grading 1.44 g/t gold in the Inferred category, currently encompassing only the Pine Tree-Josephine zone, (*TECHNICAL REPORT ON THE FREMONT PROJECT, MARIPOSA COUNTY, STATE OF CALIFORNIA, U.S.A., Roscoe Postle Associates Inc. (RPA), 2016). The Project hosts two historical underground gold mines across approximately one kilometre out of a total four kilometres of strike along the regional Mother Lode Shear Zone extending across and beyond the Property. FORWARD-LOOKING INFORMATION Certain information contained in this news release constitutes forward-looking information. All information other than information of historical fact is forward-looking information. The use of any of the words “intend”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct, and such forward-looking information included in this news release should not be unduly relied upon. The forward-looking information provided in this news release is based upon a number of material factors and assumptions including, without limitation: (a) that the Arrangement will be completed in the timelines and on the terms currently anticipated, if at all; (b) that all necessary CSE, TSXV, court and regulatory approvals will be obtained on the timelines and in the manner currently anticipated; (c) that all necessary California Gold shareholder approvals will be obtained; and (d) general assumptions respecting the business and operations of both Stratabound and California Gold, including that each business will continue to operate in a manner consistent with past practice and pursuant to certain industry and market conditions. Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward-looking information. In particular, the completion of the Arrangement is subject to a number of risks including, without limitation: (a) CSE, TSXV, court and regulatory approvals may not be obtained in the timelines or on the terms currently anticipated or at all; (b) necessary California Gold shareholder approvals may not be obtained; (c) the Arrangement is subject to a number of closing conditions and no assurance can be given that all such conditions will be met or will be met in the timelines required by the Arrangement Agreement; and (d) the business, operational and/or financial performance or achievements of Stratabound or California Gold may be materially different from that currently anticipated. In particular, the benefits anticipated in respect of the Arrangement are based on the current business, operational and financial position of each of Stratabound and California Gold, which are subject to a number of risks and uncertainties. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. The forward-looking information included in this news release is expressly qualified by this cautionary statement and is made as of the date of this news release. Neither Stratabound nor California Gold undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. FURTHER INFORMATION StrataboundR. Kim TylerPresident, CEO(416) 915-4157info@stratabound.comCalifornia GoldLarry PhillipsPresident, CEO(647) 977-9267 x 333lphillips@caligold.ca

  • California Gold Announces Strategic Review Process
    GlobeNewswire

    California Gold Announces Strategic Review Process

    TORONTO, Dec. 08, 2020 (GLOBE NEWSWIRE) -- California Gold Mining Inc. (CSE:CGM) (“California Gold” or the “Company”) is pleased to announce that it has initiated a strategic process to explore, review and evaluate a broad range of potential alternatives focused on maximizing shareholder value, including a potential sale or merger of the Company and the sale or joint venture of the Company’s Fremont property. Larry Phillips, Interim President and CEO of California Gold, states, “We have been working diligently to organize a proper data-room and qualify previous expressions of interest from credible parties relating to the Freemont asset. We believe the engagement of Red Cloud will expedite the process of identifying all interested parties and advancing those interests to a point where the California Gold shareholders can make a proper and final determination on any transaction that may be recommended by the Board of Directors.”California Gold has engaged Red Cloud Securities Inc. as exclusive financial advisor with regards to the strategic review process.The Company has not made any decisions related to strategic alternatives at this time, and there can be no assurance that the evaluation of strategic alternatives will result in any transaction or change in strategy. The Company does not intend to comment further unless and until the Board of Directors of the Company has approved a specific course of action or the Company has determined further disclosure is appropriate or necessary.About California Gold Mining Inc. California Gold Mining Inc. is focused on continued development of a high-quality gold resource on its 100% owned Fremont property in Mariposa County, California. The Fremont property consists of an entirely private and patented land package totaling 3,351 acres of historically producing gold mines, with a state highway, PG&E electric substation and abundant water present on the property itself. The Fremont property lies within California’s prolific Mother Lode Gold Belt that has produced over 50 million ounces of gold. The Company purchased the Fremont property in March 2013.The Company’s technical report in respect of the Fremont Property prepared pursuant to National Instrument 43-101 is available on SEDAR at www.sedar.com and on the Company’s website at www.caligold.ca.CAUTION REGARDING FORWARD-LOOKING INFORMATIONThis news release of California Gold contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include: the Special Committee’s intention to review and evaluate a broad range of potential alternatives focused on maximizing shareholder value; the Company’s intention not to disclose further developments with respect to the review process by the Special Committee; management’s expectation with respect to how long the Subordinated Secured Loan will fund operations; the issuance of Warrants to the subordinated lender; the intention of the Company to apply the proceeds of the sale of Grove Road Farm to the Company’s senior debt facility with Romspen; and statements related to the treatment and future plans of the Company’s Hemp Business. Forward-looking statements are based on various assumptions including with respect to financing sources and use of funds, results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed in the forward-looking statements, including, but not limited to: general business, economic, competitive, political and social uncertainties; the lack of available capital; the ability of the Company to sell Grove Road Farm and the anticipated timing and terms of such sale; impact of COVID-19 on the business of the Company; and other risks detailed from time-to-time in the Company’s ongoing filings with securities regulatory authorities, which filings can be found at www.sedar.com. California Gold cannot assure readers that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release. These forward-looking statements are made as of the date of this news release and California Gold disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless otherwise required by law.Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.For further information contact:Mr. Larry Phillips, Interim President & CEO Tel.: 647.977.9267 | Website: www.caligold.ca

  • California Gold Provides Corporate Update and Completes Subordinated Loan Financing
    GlobeNewswire

    California Gold Provides Corporate Update and Completes Subordinated Loan Financing

    TORONTO, Nov. 06, 2020 (GLOBE NEWSWIRE) -- California Gold Mining Inc. (CSE:CGM) (“California Gold” or the “Company”) is today announcing a strategic review by Special Committee and the completion of a subordinated loan financing. Special CommitteeFollowing the announcement on September 30, 2020 regarding the appointment of Mr. Scott Rasenberg as Chair of the Board in replacement of Mr. Patrick Cronin and Mr. Larry Phillips as Interim President & CEO, following the termination of Mr. Vishal Gupta, the board of directors (the “Board”) and the new management team have concluded an initial review of the Company's operations and financial position, including an assessment of short term cash requirements for the orderly continuation of the business of the Company.The Board has created a special committee, comprised of Scott Rasenberg, Larry Phillips and William Tomlinson (the “Special Committee”), to carry out a review process to explore, review and evaluate a broad range of potential alternatives focused on maximizing shareholder value, including a potential sale or merger of the Company, a disposition of the mining exploration assets owned by the Company and a general review of the Hemp Business. The Special Committee will also be considering financing alternatives available to the Company due to limited capital resources and, as is discussed in further detail below, the inability to realize revenue from the isolate inventory held as part of the Hemp Business. There can be no assurance that this process will result in a transaction.The Company has not made any decisions related to strategic alternatives regarding the mining assets of the Company at this time, and there can be no assurance that the evaluation of alternatives will result in any transaction or change in strategy. The Company does not intend to disclose further developments with respect to this process unless and until the Board has approved a specific course of action or the Company has determined further disclosure is appropriate or necessary.Subordinated Loan FinancingRegarding the Company’s financial situation, the Company has entered into a subordinated secured credit facility (the “Subordinated Secured Loan”) with R.W. Tomlinson Limited on the following principal terms: a principal amount of up to $1,000,000, advanced in two $500,000 tranches, the first immediately and the second if certain conditions are met at the beginning of January 2021, interest accrues at 14% per annum and is paid at maturity (which is in April 2021). Warrants will also be issued to the subordinated lender to purchase 300,000 common shares at an exercise price equal to the greater of $0.15 and the closing market price on November 6, 2020 (“Warrants”). The first tranche of the Subordinated Secured Loan has been received by the Company, the proceeds of which, together with the availability of the second tranche, is anticipated to fund operating costs of the Company until Q2 of 2021. As noted above, the Special Committee will continue to consider and evaluate financing alternatives available to the Company.As RW Tomlinson is an insider of the Company, the Subordinated Secured Loan and related Warrants are a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), which requires the Company to obtain minority approval for and a valuation of the related party transaction unless there is an exemption from such requirements. The Company is relying on the exemptions in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 on the basis that the securities of the Company are listed on the Canadian Securities Exchange (“CSE”) and that the fair market value of the related party transaction is less than 25% of the Company’s market capitalization.In connection with the above financing, Romspen Investment Corporation (“Romspen”), the Company’s existing senior lender, consented to the new financing and agreed to forbear on any enforcement in connection with the missed interest payments under the senior facility for September, October and November 2020 and add those outstanding amounts to the amounts to be repaid on the maturity date in exchange for the issuance of Warrants to purchase 300,000 common shares at an exercise price equal to the greater of $0.15 and the closing market price on November 6, 2020.Hemp BusinessSince December 2019, the Company’s industrial hemp business (“Hemp Business”) has been impacted by external factors including lower demand and competition between players in the supply chain, regulatory uncertainties with respect to the characterization of CBD Isolate, and the impact of COVID-19 on general economic conditions, resulting in significant pricing pressures.As a result of the evolution of these developments, the Company did not plant any crop on the Grove Road Farm in 2020, and in September 2020, listed the property for sale. The proceeds of any sale will be applied to reduce the Company’s senior debt facility with Romspen. The Special Committee no longer contemplates the purchase of successive batches of biomass from other farmers.The revenue realized by the Company from the sale of the first tranche of CBD Isolate announced on August 17, 2020 was applied to the outstanding liabilities associated with the purchase of biomass and processing by Isolera. The sale was conducted by Isolera and the form of CBD Isolate required additional processing costs that were not originally contemplated. As a result, no proceeds from the sale were received by the Company.The Company’s current inventory of bulk hemp-CBD products is located in the Isolera facilities in North Carolina. Based on unaudited statements from Isolera, the inventory equates to over 31 kilograms of CBD Isolate, 520 litres of Full Spectrum Distillate, 833 litres of Crude Oil and 754 liters of Mothers Liquor - 754 Liters. The Special Committee has undertaken a review of the Hemp Business as well as an assessment of the proper valuation of the inventory. The view of the Special Committee, at this time, is that the value of the inventory is, without further processing (which would incur significant additional expense), insufficient to pay for all of the associated costs and expenses and accrued liabilities of the Hemp Business.Larry Phillips added that “This has been a challenging year for California Gold due to factors including the COVID-19 pandemic and developments within the CBD Isolate market. The Company also saw changes to its board of directors and senior management following the AGM. Since assuming the role of Interim President and CEO at the end of September, I have been working closely with the CFO and other members of the Special Committee to take a close and careful look at the business and operations of the Company. While we are still in the midst of the Special Committee review, we have already determined that it is in the best interest of the shareholders that the Hemp Business be wound up in an orderly fashion to preserve overall value for all shareholders.”About California Gold Mining Inc. California Gold Mining Inc. is focused on continued development of a high-quality gold resource on its 100% owned Fremont property in Mariposa County, California. The Fremont property consists of an entirely private and patented land package totaling 3,351 acres of historically producing gold mines, with a state highway, PG&E electric substation and abundant water present on the property itself. The Fremont property lies within California’s prolific Mother Lode Gold Belt that has produced over 50 million ounces of gold. The Company purchased the Fremont property in March 2013.The Company’s technical report in respect of the Fremont Property prepared pursuant to National Instrument 43-101 is available on SEDAR at www.sedar.com and on the Company’s website at www.caligold.ca.CAUTION REGARDING FORWARD-LOOKING INFORMATIONThis news release of California Gold contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include: the Special Committee’s intention to review and evaluate a broad range of potential alternatives focused on maximizing shareholder value; the Company’s intention not to disclose further developments with respect to the review process by the Special Committee; management’s expectation with respect to how long the Subordinated Secured Loan will fund operations; the issuance of Warrants to the subordinated lender; the intention of the Company to apply the proceeds of the sale of Grove Road Farm to the Company’s senior debt facility with Romspen; and statements related to the treatment and future plans of the Company’s Hemp Business. Forward-looking statements are based on various assumptions including with respect to financing sources and use of funds, results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed in the forward-looking statements, including, but not limited to: general business, economic, competitive, political and social uncertainties; the lack of available capital; the ability of the Company to sell Grove Road Farm and the anticipated timing and terms of such sale; impact of COVID-19 on the business of the Company; and other risks detailed from time-to-time in the Company’s ongoing filings with securities regulatory authorities, which filings can be found at www.sedar.com. California Gold cannot assure readers that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release. These forward-looking statements are made as of the date of this news release and California Gold disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless otherwise required by law.Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.For further information contact:Mr. Larry Phillips, Interim President & CEO Tel.: 647.977.9267 | Website: www.caligold.ca