August 10, 2017 TSX-V: DMR
DAMARA GOLD CORP. (TSX-V:DMR) (“Damara” or the “Company”), reports that subject to certain approvals, the Company has agreed to sell its holdings of 9,039,560 Osino Resource Corp. shares (“Osino Shares”) at a price of $0.05 per share for gross proceeds of $451,978 to arms-length purchasers.
As the proposed sale of the Osino Share’s represents more than 50% of the Company’s assets the Company will be required to obtain and provide to the TSX Venture Exchange (“Exchange”) as a condition to Exchange’s acceptance of the sale of the Osino Shares, written confirmation from shareholders holding not less than 50% of the Company’s issued and outstanding shares that they will vote in favour of the proposed sale of the Osino Shares.
Upon completion of the sale of the Osino Shares the net proceeds will be allocated for working capital and project acquisitions.
The Company confirms there are no finders’ fees applicable to the sale of the Osino Shares.
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored gold properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Chief Executive Officer or
Chief Financial Officer
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.
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.