CanXGold Mining Corp. Reports on Discussions with Senior Lender and Management Changes

Rhea-AI Summary

CanXGold Mining Corp. (OTC PINK: GDMRF) has announced a significant impasse with its senior secured creditor, RIVI Opportunity Fund LP, regarding a debt restructuring agreement initially communicated on December 27, 2021. Consequently, the company will halt all expenditures related to its properties and permits. Additionally, there have been immediate resignations from key management positions, including Dr. Mathew Ball as President and Nicolette Keith as CFO, raising concerns about leadership stability during this critical time.

Positive

• Potential for new leadership perspectives with the appointment of new management.

Negative

• Ceasing all expenditures on property maintenance due to debt restructuring issues.
• Resignations of key management personnel may lead to instability.

VANCOUVER, BC / ACCESSWIRE / November 2,2022 / CanXGold Mining Corp., (TSXV:CXG)(FRANKFURT:3G8C)(OTC PINK:GDMRD), ("CanXGold" or the "Company) announces that, despite its ongoing good faith efforts, it has reached an impasse in its discussions with its senior secured creditor, RIVI Opportunity Fund LP ("RIVI"), to settle definitive documents regarding a debt restructuring agreement first announced on December 27, 2021. As a result, the Company has been forced to cease all expenditures on the maintenance of its properties, permits and related assets. Company management has no guidance at this time from RIVI as to how it will respond to this development.

Dr. Mathew Ball, P. Geo., has stepped down as President of the Company effective immediately. The Company thanks Mr. Ball for his valued guidance and commitment to the Company and wish him success in his future endeavours. The Company also announces the resignation of Nicolette Keith as CFO and Corporate Secretary of the Company effective immediately. The Company thanks Ms. Keith for her valuable insights and assistance and wishes her well in her future endeavours.

On behalf of the Board of Directors:
CANXGOLD MINING CORP.

Per: "Christopher R. Anderson"

Christopher R. Anderson CEO

For further information, please contact:

CanXGold Mining Corp. - Corporate Communications:
Tel: 604-288-2610
Email: Office@CanXGold.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: CanXGold Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/723658/CanXGold-Mining-Corp-Reports-on-Discussions-with-Senior-Lender-and-Management-Changes

FAQ

What are the implications of CanXGold's management changes?

The resignations of President Dr. Mathew Ball and CFO Nicolette Keith may lead to changes in company strategy and direction, potentially impacting shareholder confidence.

Why did CanXGold Mining Corp. stop expenditures on its properties?

CanXGold has ceased expenditures due to an ongoing impasse with its senior secured creditor, RIVI, regarding a debt restructuring agreement.

What is the status of the debt restructuring for CanXGold Mining Corp.?

As of now, CanXGold has not reached a definitive agreement with RIVI Opportunity Fund LP for debt restructuring, resulting in significant operational halts.

What does the impasse with RIVI mean for CanXGold's future?

The impasse may jeopardize CanXGold's ability to maintain its assets and operations, impacting its financial stability and future growth.