Mr. Peter Mah reports
SPANISH MOUNTAIN GOLD ANNOUNCES INVESTMENT FROM CREDITOR
Spanish Mountain Gold Ltd. has entered into an agreement with Whittle Consulting Ltd., pursuant to which Whittle will, in lieu of receiving a cash payment from the company for services rendered, invest $348,000 of the amount due to Whittle in exchange for 1,831,579 common shares of the company. The issue price of the shares is equal to 19 cents per share.
Whittle is conducting an enterprise optimization study for Spanish Mountain Gold's multimillion-ounce open-pit project in the Cariboo gold corridor near Likely, B.C., Canada. The optimization deploys Whittle's Prober-F software, global computing power and an experienced team of mining industry professionals to determine the optimal operation and scale of the project. The study was announced in the company's Dec. 22, 2023, news release.
Gerald Whittle, chief executive officer of Whittle Consulting, commented: "We are delighted to become shareholders in Spanish Mountain Gold. We have great confidence in the management team. We look forward to helping realize the full potential of this project."
The shares represent partial payment of the services performed by Whittle to date, the balance of which is being paid in cash. The issuance of the shares is subject to approval from the TSX Venture Exchange. Once issued, the shares will be subject to a four-month hold period under applicable securities legislation.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold is focused on advancing its 100-per-cent-owned Spanish Mountain gold project toward construction of the next gold mine in the Cariboo gold corridor in British Columbia. The company is conducting an integrated Whittle enterprise optimization to identify the highest potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. The company is striving to be a leader in community and indigenous relations by leveraging technology and innovation to build the greenest gold mine in Canada. The relentless pursuit for better gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities.
We seek Safe Harbor.
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