Toronto, Ontario--(Newsfile Corp. - August 20, 2014) - Trident Gold Corp. (TSXV: TTG) ("Trident" or the "Company") is pleased to announce a proposed private placement financing and provide a corporate update.
Trident intends to offer up to 20,000,000 common shares at $0.02 per share by private placement (the "Offering") for aggregate gross proceeds of up to $400,000. The proceeds of the Offering will be used to maintain Trident's Marquesa Gold Property Portfolio in Colombia. Current insiders of the Company are expected to subscribe for over 50% of the common shares being sold under the Offering. Closing of the Offering will be on or about the 29th August.
In connection with and as a condition to TSX Venture Exchange approval of the Offering, the Company has provided an undertaking to the exchange to seek shareholder approval to consolidate the issued and outstanding common shares on a minimum basis of one post-consolidation common share for every two and one-half currently issued and outstanding common shares (1 for 2.5) . The Company has called a shareholders' meeting for September 30, 2014 to approve, among other things, the consolidation. Shareholders holding over 50% of the issued and outstanding common shares have confirmed that they will vote in favour of the consolidation.
As communicated in the September 2013 quarterly Management Discussion & Analysis report, the Company has taken the necessary steps to reduce its cash burn to conserve cash until such time as the investor market for gold exploration returns. As a result, the Company's core cash burn is in the order of $350k per annum and the board is confident that the cash burn can be held at this level for the foreseeable future.
Corporate Update
Mr. David Volkert has resigned from the Board of Directors. Mr. Volkert resigns to focus solely on his duties as CEO of Paget Minerals Corporation. The Board of Trident would like to extend its gratitude to Mr. Volkert for his invaluable technical input in the acquisition and exploration activities of Trident and wish him well in his future endeavours.
About Trident
Trident's principal asset is the Marquesa Gold Property Portfolio located within the highly prospective Antioquia Batholith in Antioquia, Colombia. The project is comprised of approximately 115,000ha contiguous land package located approximately 25km north of AngloGold Ashanti/B2Gold´s Gramalote Gold Project. Multiple drill targets and prospects have been identified on the property, whilst the current focus is the Quebraditas Target.
The Quebraditas Target area measures 3km x 1km and is open in all directions. Exploration to date at Quebraditas has focused on the mapping and sampling of over 3,000m of artisanal mine tunnels and the recently completed 1,525m initial drill program. More than 55 mineralized structures have been identified, in an area bounded by two district scale lineaments.
For further information please contact:
Timothy Russell
President & CEO
Email: tim.russell@tridentgoldcorp.com
See our website for further information
www.tridentgoldcorp.com
NEITHER THE 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. THIS NEWS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO RISKS AND UNCERTAINTIES. ALL STATEMENTS WITHIN, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE TO BE CONSIDERED FORWARD LOOKING. ALTHOUGH THE COMPANY BELIEVES THE EXPECTATIONS EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, SUCH STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND ACTUAL RESULTS OR DEVELOPMENTS MAY DIFFER MATERIALLY FROM THOSE IN FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN FORWARD-LOOKING STATEMENTS INCLUDE MARKET PRICES, EXPLOITATION AND EXPLORATION SUCCESSES, CONTINUED AVAILABILITY OF CAPITAL AND FINANCING, AND GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS. THERE CAN BE NO ASSURANCES THAT SUCH STATEMENTS WILL PROVE ACCURATE AND, THEREFORE, READERS ARE ADVISED TO RELY ON THEIR OWN EVALUATION OF SUCH UNCERTAINTIES. WE DO NOT ASSUME ANY OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
