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Dryden Gold Corp Makes Final Property Payment to Alamos Gold
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2025) - Dryden Gold Corp. (TSXV: DRY) ...
About this update from Dryden Gold Corp
[{"type":"text","content":"Dryden Gold Corp Makes Final Property Payment to Alamos GoldVancouver, British Columbia--(Newsfile Corp. - March 18, 2025) - Dryden Gold Corp. (TSXV: DRY) (\"Dryden Gold\" or the \"Company\") is pleased to announce that it has notified Alamos Gold Inc. (\"Alamos\") (NYSE: AGI) that the Company has fulfilled its remaining obligations under the Option Agreement, dated April 20, 2022, between Dryden Gold and Manitou Gold Inc., a wholly owned subsidiary of Alamos. (the \"Option Agreement\").Under the terms of the Option Agreement, Dryden Gold has paid Alamos a total of $2,000,000 payable as to $1,000,000 in cash and has issued an aggregate of 8,568,980 common shares (the \"Shares\") (the \"Share Issuance\") at a deemed price of $0.1167 per share to Alamos to satisfy the remaining $1,000,000 on its Dryden Gold Property located in Northwest Ontario (the \"Dryden Property\"). The Shares were issued based on twenty days of trading in the Company's stock on a volume-weighted basis (the \"20-day VWAP\") for the period ending March 12, 2025. The proposed Share Issuance was previously disclosed in the Company's TSXV Form 3D2 Filing Statement dated December 27, 2023, (the \"Filing Statement\") a copy of which was filed under the Company's profile at www.sedarplus.ca on December 27, 2023. Please refer to the Filing Statement for a detailed description of the Dryden Option Agreement and the Dryden Property. All of the Shares will be subject to a hold period of four months and one day from the date of issuance.Dryden Gold has also completed the required $1,400,000 in firm work commitments on the Dryden Property and will now own a 100% legal and beneficial interest to the Dryden Property subject to a 1% Net Smelter Returns (\"NSR\") royalty to Alamos and other permitted encumbrances.Prior to the Share Issuance, Alamos holds an aggregate of 14,434,346 common shares of the Company, representing a security holding percentage of 9.58%. After the Share Issuance, Alamos will hold an aggregate of 23,003,326 common shares of the Company representing 14.44% of the outstanding shares of the Company making them Dryden Gold's largest single shareholder.EARLY WARNING REPORT BY ALAMOS GOLD INC.An early warning report in respect of the Share Issuance will be filed in accordance with applicable securities laws and will be available on Dryden's SEDAR+ profile at...