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Trillium Gold Mines Announces Intention to Issue Shares to Benton Resources in Payment of $100,000 Option
VANCOUVER, British Columbia, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) tod
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[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) today announced that it intends to issue common shares to Benton Resources Inc. (“Benton”) in satisfaction of its obligation to make a cash payment of Cdn $100,000 pursuant to the terms of the Option Agreement whereby Trillium Gold has the right to acquire a 70% interest in the Panama Lake Property (see news release dated July 13, 2022). Trillium Gold intends to issue to Benton a total of 473,934 common shares of the Company (the “Common Shares”) at a deemed price of $0.211 per Common Share in lieu of paying Cdn $100,000, as payment for the Second Option as defined in the Option Agreement dated October 22, 2019. The issuance of Common Shares is subject to the receipt of all required approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the issuance of the Common Shares are subject to a statutory four month hold period. The Panama Lake Gold Project is located approximately 80 km from, and on the same structural trend as Kinross Gold’s LP Fault Zone, and effectively extends Trillium’s dominant contiguous foothold along the Confederation belt by a further 9,882 hectares. With the completed acquisition of the Eastern Vision properties, the Panama Lake acquisition brings Trillium Gold’s consolidated land package along the Confederation Belt to over 58,400 hectares, bound by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake mining district. On behalf of the Board of Directors,Trillium Gold Mines Inc. Russell StarrDirector, President & CEO For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at [email protected], (416) 722-2456, or [email protected]. Visit our website at www.trilliumgold.com. About Trillium Gold Mines Inc. Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake min...