GFG Issues Shares to IEP Pursuant to WWCC Gold Property Option Agreement

Rhea-AI Summary

GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) has issued 1,334,757 common shares to International Explorers and Prospectors Inc. (IEP) at C$0.187 per share, based on the 5-day VWAP. This share issuance is part of a previously announced option agreement that allows GFG to acquire 100% interest in the WWCC Property, located 40 kilometres east of Timmins, Ontario.

The issued shares will have a four-month and one-day statutory hold period from the issuance date of April 11, 2025. GFG operates three gold projects in the Timmins Gold Camp, which has historically produced over 70 million ounces of gold.

Positive

• Option to acquire 100% interest in strategic property near Timmins Gold Camp
• Property located in tier one mining jurisdiction with historical production of 70M oz gold

Negative

• Share issuance creates dilution for existing shareholders

SASKATOON, Saskatchewan, April 14, 2025 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that it has issued shares pursuant to the previously announced option agreement (the “Agreement”) with International Explorers and Prospectors Inc. (“IEP”) whereby GFG can acquire a 100% interest of the WWCC Property, located 40 kilometres east of Timmins, Ontario (see news release: “GFG Finalizes WWCC Property Acquisition East of the Prolific Timmins Gold District”).

Pursuant to the Agreement, GFG issued a total of 1,334,757 common shares of the Company to IEP on April 11, 2025 at a deemed value of C$0.187 per common share based on the VWAP for the five previous trading days. The common shares issued will have a statutory hold period of four months and one day from the date of issuance.

About GFG Resources Inc.
GFG is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions. The Company operates three gold projects, each hosting large and highly prospective gold properties within the prolific gold district of Timmins, Ontario, Canada. The projects have similar geological settings that host most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold.

For further information, please contact:
Brian Skanderbeg, President & CEO
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: info@gfgresources.com
Website: www.gfgresources.com

Stay Connected with Us
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Neither 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.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the Company’s future exploration plans with respect to its property interests and the timing thereof, the prospective nature of the projects, future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects. In addition, the similarity or proximity of other gold deposits to the Company’s projects is not necessary indicative of the geological setting, alteration and mineralization of the Goldarm Property, the Pen Gold Project and the Dore Gold Project.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; availability of capital, delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties and the additional risks described in the Company’s most recently filed annual and interim MD&A are not and should not be construed as being exhaustive.

Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

FAQ

How many shares did GFG Resources (GFGSF) issue for the WWCC Property option agreement?

GFG Resources issued 1,334,757 common shares at C$0.187 per share to International Explorers and Prospectors Inc. on April 11, 2025.

What is the lock-up period for the newly issued GFGSF shares?

The common shares have a statutory hold period of four months and one day from the April 11, 2025 issuance date.

Where is the WWCC Property that GFGSF is acquiring located?

The WWCC Property is located 40 kilometres east of Timmins, Ontario, within the Timmins Gold Camp.

What percentage interest can GFG Resources (GFGSF) acquire in the WWCC Property?

Through the option agreement, GFG Resources can acquire a 100% interest in the WWCC Property.