Leocor Gold Converts Special Warrants in Intrepid Metals

About this update from Leocor Mining Inc.

VANCOUVER, British Columbia – TheNewswire - September 17, 2024 — Leocor Gold Inc. (CSE: LECR) (OTC: LECRF) (“Leocor” or the “Company”) announces that it has converted 2,223,529 pre-funded special warrants (each, a “Special Warrant”) of Intrepid Metals Corp. (TSXV: INTR) (“Intrepid”).  The Special Warrants were previously acquired by the Company on January 5, 2024 in connection with a strategic investment in Intrepid.  No additional consideration was payable by the Company in connection with conversion of the Special Warrants. Following conversion of the Special Warrants, the Company has received 2,223,529 units (each, a “Unit”) of Intrepid.  Each Unit consists of one common share of Intrepid and one common share purchase warrant (each a “Warrant”) entitling the Company to acquire one additional common share at a price of $0.40 until January 5, 2026. Prior to conversion of the Special Warrants, the Company held 6,600,000 common shares, representing approximately 14.55% of the issued and outstanding common shares of Intrepid, 6,600,000 Warrants and 2,223,529 Special Warrants.  As a result of the conversion of the Special Warrants, the Company now holds 8,823,529 common shares representing approximately 18.55% of the issued and outstanding common shares of Intrepid.  The Company holds an additional 8,823,529 Warrants that if exercised will result in the issuance of an equivalent number of common shares of Intrepid. If all of the Warrants held by the Company are exercised it would result in the Company holding 17,647,058 common shares of Intrepid equal to approximately 32.59% of the then issued and outstanding common shares of the Company.  However, the Warrants held by the Company are subject to an exercise limitation such that the Company may not exercise if it would result in them having beneficial ownership over common shares in excess of 19.9%. The Company has converted the Special Warrants of Intrepid for investment purposes. Depending on market conditions and other factors, the Company may from time to time acquire or dispose of securities of Intrepid or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the Investment will be available on SEDAR+ at www.sedarplus.com and can be obtained by contacting the Company. About ...

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