Goldshore Announces Share Block Purchase

Rhea-AI Summary

Goldshore Resources announced the purchase of 19,096,083 common shares by SAF Group in a private transaction. This transaction represents an additional 7% of the company's outstanding shares now under the control of long-term supportive shareholders.

CEO Michael Henrichsen highlighted the significance of this strategic placement and the supportive role of SAF Group and Brian Paes-Braga as advisors and shareholders. This move is seen as a critical step in advancing the Moss Gold deposit.

Additionally, Henrichsen has been granted 2,250,000 stock options at $0.225 per share, expiring in May 2029, and 600,000 restricted share units vesting in May 2025.

Positive

• Purchase of 19,096,083 common shares by SAF Group, signaling strong investor confidence.
• Addition of 7% of outstanding shares under long-term supportive shareholders.
• Strategic support from SAF Group and Brian Paes-Braga as advisors and shareholders.
• CEO Michael Henrichsen granted 2,250,000 stock options, potentially aligning his interests with shareholders.
• Henrichsen also receives 600,000 restricted share units, vesting in May 2025, indicating confidence in future company performance.

Negative

• Grant of 2,250,000 stock options to the CEO may dilute existing shares.
• 600,000 restricted share units granted to the CEO could lead to further dilution upon vesting.
• Concentration of 7% of shares in one investor group may increase risk.

Vancouver, British Columbia--(Newsfile Corp. - May 28, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce that 19,096,083 common shares of the Company have been purchased in a private transaction involving SAF Group.

Michael Henrichsen, CEO of Goldshore commented, "We are excited about the continued support of SAF Group and the strategic placement of an additional 7% of our outstanding shares into the control of long-term supportive shareholders. SAF Group, and Brian Paes-Braga, are delivering as strategic advisors, shareholders, and board members as we accelerate the advancement of the Moss Gold deposit in this new gold environment. We believe the scale, grade, and location of Moss Gold, combined with our growing execution and financing team, make it a clear candidate for continued advancement."

The Company also announces that in connection with his appointment as Chief Executive Officer and Director, Mr. Henrichsen has been granted 2,250,000 stock options, exercisable at a price of $0.225 (closing price on May 27, 2024) until May 27, 2029, and vesting 1/3 in 6 months, 1/3 in 18 months and 1/3 in 30 months, and 600,000 restricted share units vesting on May 27, 2025.

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project ("Moss Gold") which has large scale, high grade and excellent metallurgy. It is uniquely positioned in Ontario, Canada, with direct accessibility from the Trans-Canada Highway with hydroelectric power at site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate ("MRE") has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldshoreresources.com).

For More Information - Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210733

FAQ

What is the significance of Goldshore's share block purchase?

The purchase of 19,096,083 common shares by SAF Group increases their stake by an additional 7%, indicating strong investor confidence and support.

How many shares did SAF Group purchase in Goldshore?

SAF Group purchased 19,096,083 common shares of Goldshore.

How does the share purchase affect Goldshore's outstanding shares?

The share purchase represents an additional 7% of Goldshore's outstanding shares now controlled by long-term supportive shareholders.

What stock options were granted to Goldshore's CEO?

CEO Michael Henrichsen was granted 2,250,000 stock options at $0.225 per share, expiring in May 2029.

What restricted share units were granted to Goldshore's CEO?

CEO Michael Henrichsen received 600,000 restricted share units, vesting in May 2025.