Tickers: XTSX:ALG
Tags: #Mining
Montreal, Canada / TheNewswire / May 1st, 2019 - ALGOLD RESOURCES LTD. (TSXV: ALG - "Algold" or the "Corporation") announces the issuance, at a price of $0.13 each, of 268,460 common shares in exchange for services rendered and of 167,932 common shares in settlement of a debt in the amount of $21,831. These issuances remain subject to final approval of the TSX Venture Exchange (the "TSXV").
Furthermore, the previously-announced transaction (please see Algold's press release dated April 2, 2019) by which Kanosak Barbados Ltd., Algold's wholly owned subsidiary, disposed of its 88% interest in Societe Mauritanienne d'Exploration in favor of Wafa Mining and Petroleum SA ("Wafa") in exchange for the cancellation of a debt in the amount of US$200,000 (the "Transaction") has been conditionally approved by the TSXV. The Transaction is a non-arm's length transaction since at the time of its closing, Wafa's president, Mr. Brahim Ghadda, was a director of Algold. The Transaction did not require the approval of the minority shareholders of Algold since, at the time it was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Transaction, insofar as it involved interested parties, exceeded 25% of Algold's market capitalization.
ABOUT ALGOLD
Algold Resources Ltd is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Benoit LaSalle, FCPA, FCA Alex Ball
Chairman and Chief Executive Officer Executive VP, Finance and Corporate Development
b.lasalle@algold.com a.ball@algold.com
+1 (514) 951-4411 +1 (647) 919 2227
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