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Gold X Announces Increase in Shareholder Support for Merger With Gran Colombia and Guyana Goldfields

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Gold X Announces Increase in Shareholder Support for Merger With Gran Colombia and Guyana Goldfields

 

 

 

 

 

Gold X Mining Corp. (TSX-V: GLDX) (OTCQX: SSPXF) is pleased to announce that certain shareholders of Gold X, who collectively hold 2,897,225 shares or 7.62% of Gold X’s issued common shares, have entered into voting support agreements in favour of the business combination with Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF).

 

When added to the previously announced voting support agreements entered into by directors, officers and shareholders of Gold X, the aggregate number of common shares for which voting support agreements have been signed is 8,785,015 common shares or 23.10% of Gold X’s issued common shares.  As a result, including the common shares held by Gran Colombia, 42.33% of Gold X’s issued common shares will vote in favor of the Gold X Transaction and, in respect of the required “majority of the minority” vote (which excludes the votes cast in favour of the Gold X Transaction by Gran Colombia), 28.60% of shares eligible for that vote will vote in favour of the Gold X Transaction.

 

About Gold X Mining Corp

 

Gold X Mining Corp. is a Canadian junior mining company developing the Toroparu Gold Project in Guyana, South America. Gold X has spent more than US$150 million on the Project to date to both classify 7.35 million ounces of Measured and Indicated and 3.15 M-oz of Inferred Gold Resources, develop engineering studies for use in a feasibility study, and define a number of exploration targets around Toroparu on its 100% owned Upper Puruni Concession. Gold X has 38 M issued and outstanding common shares with more than 40% of the shares closely held by Insiders and the company’s executive management team.

 

A Preliminary Economic Assessment study (Preliminary Economic Assessment Report, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated July 18, 2019 completed by SRK Consulting (U.S.), Inc.) Gold defined a 5.02 M-oz Potentially Mineable Gold Resource producing 188 thousand ounces of gold per year over a 24-year mine-life.

 

Posted May 14, 2020

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