Pursuant to an amalgamation agreement, the Resulting Issuer acquired all of the issued and outstanding shares of
The Resulting Issuer also issued 7,120,826 warrants to the former securityholders of Centenario and a further 784,986 finder's warrants were issued in connection with the concurrent financing as detailed below.
In connection with the Qualifying Transaction, the Resulting Issuer's name was changed from '
The Resulting Issuer will operate as a Tier 2 exploration issuer listed on the Exchange under the trading symbol CTG. The Company's new CUSIP number will be 15139A109 and its new ISIN will be CA15139A1093.Shareholders of the Company are not required to take any action with respect to the name change and are not required to exchange their existing share certificates for new certificates bearing the Company's new name. The transfer agent will send registered shareholders a new Direct Registration System advice (DRS) representing the number of Common Shares held by such shareholders in addition to the new warrants held by such warrant holders.
Concurrent Financing
As part of the Qualifying Transaction, Centenario issued 11,703,672 subscription receipts (the 'Subscription Receipts') at a price of
In addition, upon conversion of the Subscription Receipts, Centenario paid to certain finders (the 'Finders') cash commissions of
Resulting Issuer Outstanding and Escrowed Shares
Following the closing of the Qualifying Transaction, there are 41,499,156 Common Shares issued and outstanding on an undiluted basis. 11,735,832 Common Share (representing approximately 28.28% of the issued and outstanding Common Shares on an undiluted basis and 89,166 Warrants of the Company have been deposited into escrow with
CEO Commentary
Stock Option Grant
The Resulting Issuer has granted 3,100,000 incentive stock options to directors, officers, employees, and consultants of the Company under its stock option plan. The options are exercisable for a period of five years at a price of
About the Resulting Issuer
The Eden Property is located in the historical
Centenario completed a first phase exploration program on the Eden property in late 2022. During that period, Centenario collected more than 300 rock samples from surface and underground workings and more than 700 soil samples along the 'Buenavista' prospect's mineralized corridor. Many rock samples returned high grades, as high as 239.94 g/t Au and 1389.91 g/t Ag. Centenario also completed semi-detailed mapping over a 2.8 km portion of the 'Buenavista' prospect's mineralized corridor, followed by an IP/Resistivity geophysical survey and soil sampling program. Additional geophysical and soil sampling studies were completed across the 'La Provedora' prospect located 1.5 km further to the east.
Board of Directors and Senior Management
In connection with the Qualifying Transaction, certain members of the board of directors have resigned from the Company. The board of directors and management is now comprised of:
Full details of the Qualifying Transaction and related matters are set out in the filing statement of the Company dated
The registered and head office of the Resulting Issuer will be located at
Contact:
Tel: 604-803-5901
Tel: 604-762-7869
Web: www.centenariogold.com
Caution Regarding Forward Looking Statements
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute 'forward-looking statements'. Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions may include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
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