TRIGOLD RESOURCES INC. (the “Company” and “Trigold”) (TSX-V: TGD) has terminated the Share Purchase Agreement (SPA) announced on September 23, 2015.
The SPA was contingent on the Mineral Resources Authority (MRA) of Papua New Guinea (PNG) renewing tenements in favour of the vendor company. The MRA did not grant tenement renewals and as a result the vendor could not confirm legal ownership of the projects to be conveyed pursuant to the SPA. A $35,000 cash payment was made upon signing of the Letter of Intent for legal and PNG regulatory matters. No subsequent cash or share payments were transferred during the course of the arranged transaction.
Although the underlying assets and terms of the transaction represented an exceptional value proposition for Trigold shareholders, PNG’s lengthy tenement renewal process and inconsistent regulation proved unreliable, which has led Trigold, among others, to refocus its considerable efforts in other jurisdictions.
Over the past twelve months, Trigold has evaluated and negotiated numerous other investment opportunities worldwide and will continue to do so with the intent to acquire outstanding mineral interests while maintaining a tight share structure and reduced operating costs in the best interests of shareholders.
About Trigold Resources Inc.
Trigold is a Canadian mineral exploration company headquartered in Edmonton, Canada. Common shares of Trigold are listed for trading on the TSX Venture Exchange under the trading symbol “TGD”. Trigold’s management includes proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Jim Greig”
President and Chief Executive 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.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Trigold and transactions described by this news release, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Except as required by law, Trigold assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. There can be no assurance that the transactions described in this news release will be completed as proposed or at all. Important factors that could cause actual results to differ materially from Trigold’s expectations are the risks detailed herein and from time to time in the filings made by Trigold with securities regulators. Those filings can be found on the Internet athttps://www.sedar.com.