Solstice Gold Announces Appointment of Industry Veteran Mike Timmins as a New Director and Grant of Stock Options
VANCOUVER, British Columbia, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Solstice Gold Corp.(TSXV: SGC) (“Solstice”, the “Company”, “its”, “we” or “our”) Solstice Gold is pleased to welcome Mike Timmins to its Board of Directors.
Mr. Timmins is a mining executive with over 24 years of technical and corporate development experience at Agnico Eagle, where he was Vice-President of Corporate Development and Placer Dome Inc. He most recently worked for Fury Gold as President and CEO. Mr. Timmins has extensive project experience in acquisitions and numerous strategic investments into the junior mining space including having worked in various operational capacities in the Red Lake camp for Placer Dome. Mr. Timmins is a graduate of Queens University (MBA), the University of British Columbia (M.Sc.) and Bishops University (B.Sc.).
“I am excited to be joining a seasoned team of explorationists and capital market professionals ahead of what I believe to be a very strong next few years for precious metals. The Company is well positioned with prospective, large-scale land positions in two of Canada’s most prolific gold regions, Red Lake and Nunavut. Today’s transformative acquisition of properties and royalties strengthens the investment appeal and provides significant additional potential to shareholders. I look forward to working alongside my fellow Board members and senior management to advance the company’s unique project portfolio,” stated Mike Timmins.
“I'm very pleased to announce the addition of Mike to our Board. He is experienced and successful in capital markets, project management and in the junior exploration and development space. He brings a wealth of experience and talent to Solstice. His extensive experience in the Red Lake camp will also be a great asset as we continue to move our RLX project forward. In addition, his significant background in corporate development, acquisition and evaluation of properties will be a significant asset as we work to unlock the significant value in our transformative acquisition announced earlier today. The Company looks forward to Mr. Timmins contributions on the board and is confident that his experience will further strengthen our team, improve our operations and support the growth of the Company,” said Chairman David Adamson.
Grant of stock options
In connection with Mr. Timmins appointment, pursuant to Solstice’s stock option plan, Solstice will issue to him 1,000,000 stock options expiring in 5 years, effective today and priced as of close of business September 15th, 2021, vesting over two years as follows: one third vesting immediately, one third after one year and one third after two years. In addition, the Company has granted 1,000,000 options to David Adamson, the Company’s Chairman, 150,000 options to David Fischer, the Company’s CFO, and 300,000 options to a key employee, effective today under the same vesting and pricing terms in accordance with the terms of Solstice’s stock option plan.
Mr. Timmins also expects to invest C$100,000 and purchase 1,000,000 shares in the Company’s proposed non-brokered private placement announced earlier today.
Mr. Timmins’ appointment and his related grant of stock options is subject to TSX Venture Exchange approval.
Solstice announced September 15, 2021 a transformative acquisition which, at closing, will comprise a portfolio of 86 projects in Ontario and Quebec of which 45 are currently providing cash flow through share and cash options payments and are being actively explored by third parties, 10 have stand alone royalties and a further 30 are available for option and potential additional cash flows. The Company expects pay-back of this acquisition within three years.. As part of the transaction, Solstice buys-back its RLX option agreement in Red Lake which, at closing will be 100% owned and royalty-free. See www.solsticegold.com for additional details. The acquisition is subject to customary closing conditions and approval of the TSX-V.
Solstice also engaged in the exploration of our high-quality exploration assets in top tier jurisdictions. Our 55 km2 Red Lake Extension project along with the combined 96 km2 Taillon, Moreau and Berens projects are located on the north end of the prolific Red Lake Gold District in Ontario. Solstice has extensive exploration experience in Red Lake. During his successful 16 years of exploration in the Red Lake camp, Solstice Chairman David Adamson was a co-award winner for the discovery of the Bateman Gold deposit which was recently acquired by Evolution Mining for C$343 million1. In addition, David was instrumental in the acquisition of many of the Red Lake district properties in the Battle North portfolio that was also acquired by Evolution Mining. In Nunavut, our district scale KGP project covers 886 km2 with certain other rights covering an adjacent 683 km2, all with no underlying option or earn in payments. KGP has seen over $12MM dollars spent on significant field work, identified a 10 km2 gold boulder field and now prepared with multiple drill-ready targets. KGP is located in Nunavut, Canada, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Limited. Solstice has approximately 99.8 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, the Red Lake Extension Project and the KGP Project, please see our Corporate Presentation available at www.solsticegold.com.
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.
1 Evolution Mining News Release May 20, 2021.
On Behalf of Solstice Gold Corp.
David Adamson, Ph.D.
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, P.Eng.
Phone: (604) 622-5040
Forward Looking Statements
This news release contains certain forward-looking statements ("FLS") including but not limited to the Company's expectations, intentions, plans and beliefs in connection with the proposed acquisition and concurrent private placement and the terms and conditions thereof, the grant of stock options to Michael Timmins and the expected participation of Michael Timmins in the Company’s proposed private placement announced earlier today. FLS can often be identified by forward-looking words such as "approximate or (~)", "emerging", "goal", "plan", "intent", "estimate", "expects", "potential", "scheduled", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. FLS in this release refer to future work programs such as sampling, drilling, and geophysics, of which there can be no certainty that they will be carried out or completed. There is also no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, failure of the Company to raise sufficient proceeds in the financing to satisfy the purchase price of the portfolio acquisition, failure of the Company to obtain TSX Venture Exchange approval on terms acceptable to the Company or at all, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, local weather conditions, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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