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Japan Gold Announces Results of 2024 Annual General Meeting of Shareholders and Conversion of Debentures

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Japan Gold Corp (TSXV: JG) (OTCQB: JGLDF) announced that all resolutions were passed at its Annual General Meeting. The company will convert $2.9 million in convertible debentures into common shares, eliminating all outstanding debt. Shareholders approved Equinox Partners becoming a new Control Person, converting their US$2 million debenture plus interest into 22.3 million shares at $0.13 per share, increasing their ownership to 26.16%. The company also authorized 9.7 million restricted share units to directors and officers, approved the cancellation of 5.4 million stock options, and plans to issue 2.4 million RSUs to non-insiders.

Japan Gold Corp (TSXV: JG) (OTCQB: JGLDF) ha annunciato che tutte le risoluzioni sono state approvate durante l'Assemblea Generale Annuale. La società convertirà 2,9 milioni di dollari in obbligazioni convertibili in azioni ordinarie, estinguendo così tutto il debito residuo. Gli azionisti hanno approvato che Equinox Partners diventi un nuovo Soggetto di Controllo, convertendo il loro debito di 2 milioni di dollari più interessi in 22,3 milioni di azioni a $0,13 per azione, aumentando la loro partecipazione al 26,16%. La società ha anche autorizzato 9,7 milioni di unità di azioni riservate per i direttori e funzionari, ha approvato la cancellazione di 5,4 milioni di opzioni su azioni e pianifica di emettere 2,4 milioni di RSU a non insider.

Japan Gold Corp (TSXV: JG) (OTCQB: JGLDF) anunció que se aprobaron todas las resoluciones en su Asamblea General Anual. La compañía convertirá 2.9 millones de dólares en bonos convertibles en acciones ordinarias, eliminando así toda la deuda pendiente. Los accionistas aprobaron que Equinox Partners se convierta en un nuevo Persona de Control, convirtiendo su deuda de 2 millones de dólares más intereses en 22.3 millones de acciones a $0.13 por acción, aumentando su propiedad al 26.16%. La compañía también autorizó 9.7 millones de unidades de acciones restringidas para directores y funcionarios, aprobó la cancelación de 5.4 millones de opciones sobre acciones y planea emitir 2.4 millones de RSU a personas no insider.

일본 골드 주식회사 (TSXV: JG) (OTCQB: JGLDF)는 연례 총회의 모든 결의안이 통과되었다고 발표했습니다. 회사는 290만 달러의 전환 사채를 보통주로 전환하여 모든 미지급 부채를 없앨 것입니다. 주주들은 Equinox Partners가 새로운 지배 주체가 되는 것을 승인하였으며, 그들의 200만 달러의 부채와 이자를 2230만 주로 $0.13에 전환하여 소유 지분을 26.16%로 높였습니다. 회사는 또한 이사 및 임원을 위해 970만 제한 주식 유닛을 승인하고, 540만 주식 매수 선택권의 취소를 승인했으며, 비-insider에게 240만 RSU를 발행할 계획입니다.

Japan Gold Corp (TSXV: JG) (OTCQB: JGLDF) a annoncé que toutes les résolutions ont été adoptées lors de son Assemblée Générale Annuelle. La société convertira 2,9 millions de dollars en débentures convertibles en actions ordinaires, éliminant ainsi toute dette en cours. Les actionnaires ont approuvé que Equinox Partners devienne un nouveau Personne de Contrôle, en convertissant leur débenture de 2 millions de dollars plus intérêts en 22,3 millions d'actions à 0,13 dollar par action, augmentant leur participation à 26,16%. La société a également autorisé 9,7 millions d'unités d'actions restreintes pour les directeurs et les dirigeants, a approuvé l'annulation de 5,4 millions d'options sur actions et prévoit d'émettre 2,4 millions de RSU à des non-insiders.

Japan Gold Corp (TSXV: JG) (OTCQB: JGLDF) gab bekannt, dass alle Beschlüsse auf ihrer Hauptversammlung angenommen wurden. Das Unternehmen wird 2,9 Millionen Dollar in wandelbare Schuldverschreibungen in Stammaktien umwandeln und damit alle ausstehenden Schulden tilgen. Die Aktionäre genehmigten, dass Equinox Partners zu einer neuen Kontrollperson wird und ihre 2 Millionen Dollar an Schuldverschreibung plus Zinsen in 22,3 Millionen Aktien zu je 0,13 Dollar pro Aktie umwandeln, wodurch sich ihr Besitz auf 26,16% erhöht. Das Unternehmen genehmigte außerdem 9,7 Millionen beschränkte Aktieneinheiten für Direktoren und Führungskräfte, genehmigte die Stornierung von 5,4 Millionen Aktienoptionen und plant die Ausgabe von 2,4 Millionen RSUs an Nicht-Insider.

Positive
  • Complete elimination of debt through conversion of $2.9M in debentures
  • Strategic investment from Equinox Partners strengthening ownership structure
Negative
  • Significant shareholder dilution through conversion of debentures into 22.3M shares
  • Additional dilution from issuance of 9.7M RSUs to directors and officers

Vancouver, British Columbia--(Newsfile Corp. - November 7, 2024) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to announce that all resolutions were passed at its Annual General Meeting of shareholders ("AGM") held in Vancouver on October 24, 2024. Following the AGM, the Company will convert convertible debentures ("Debentures") in the amount of $2,904,036 into common shares, resulting in the Company having no outstanding debentures or debt instruments.

At the AGM, all the nominees for election as directors of the Company listed in the Company's information circular dated September 16, 2024, being John Proust, Takashi Kuriyama, Murray Flanigan, Ian Burney, Michael Carrick, Tanneke Heersche, and Dr. Keiko Hattori were re-elected as directors of the Company for the ensuing year. Davidson & Company LLP, Chartered Professional Accountants, were re-appointed as auditor for the Company, and shareholders approved the continuation of the Company's 2023 Omnibus Equity Incentive Plan (the "Plan").

Additionally, disinterested shareholders approved Equinox Partners Investment Management LLC ("Equinox") becoming a new "Control Person" of the Company upon conversion of outstanding Debentures. Following receipt of this shareholder approval, subject to TSX Venture Exchange approval, the Company will convert the Debentures issued to Equinox in April 2024, totaling US$2,000,000 (C$2,769,000) in principal, plus accrued interest, into 22,338,738 common shares of the Company at a deemed price of $0.13 per share. Prior to the conversion of the Debentures, Equinox holds 50,612,280 shares, representing approximately 19.73% of the common shares of the Company. Following the conversion, Equinox will hold 72,951,018 shares, representing approximately 26.16% of the issued and outstanding common shares of the Company. Equinox is subject to the alternative monthly reporting scheme under Part 4 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, and a report of Equinox under that instrument will be made available on the Company's SEDAR+ profile in due course.

As Equinox is an insider of the Company, the conversion of the Debentures constitutes a "related party transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from the formal valuation and requirement under section 5.5(a) of MI 61-101, as the fair market value of the securities issued to the related party do not exceed 25% of the Company's market capitalization.

Following the AGM, the Board of Directors appointed the following officers of the Company: John Proust as Chairman and CEO; Fraser MacCorquodale as President and Discovery Lead; Takashi Kuriyama as Chief Operating Officer; Vince Boon as Chief Financial Officer; Eileen Au as Corporate Secretary, Alexia Helgason as Vice President Corporate Communications; and Andrew Rowe as Exploration Manager, Barrick Alliance.

Following shareholder approval of the continuation of the Plan, the Company has authorized the issuance of an aggregate of 9,700,000 restricted share units ("RSUs") to directors and officers. The RSUs will vest over two years from the grant date.

The Company has also approved the cancellation of 5,420,000 stock options held by non-insiders. Subject to TSX Venture Exchange approval, the Company intends to issue an aggregate of 2,400,000 RSUs to non-insiders who are relinquishing their stock options.

About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused on gold exploration across Japan. The Company holds a significant portfolio of tenements covering areas with known gold occurrences, history of mining and prospective for high-grade epithermal gold mineralization. The Japan Gold leadership and operational team of geologists, drillers and technical advisors have extensive experience exploring and operating in Japan and have a track record of discoveries world-wide.

Japan Gold has an alliance with Barrick Gold Corporation to jointly explore, develop and mine certain gold mineral properties and mining projects with the potential to host Tier 1 or Tier 2 gold ore bodies in Japan.

On behalf of the Board of Japan Gold Corp.
John Proust
Chairman & CEO

For further information, please contact:
Alexia Helgason
Vice President, Corporate Communications
Phone: 604-417-1265
Email: ahelgason@japangold.com

Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements relating to the conversion of convertible debentures held by Equinox Partners Investment Management Inc., issuance of RSUs and cancellation of certain stock options, expected or anticipated future events, and anticipated results related to the Company's gold exploration program. These statements are forward-looking in nature and, as a result, are subject to certain risks and uncertainties that include, but are not limited to, the receipt of TSX Venture Exchange acceptance for the debenture conversion, TSX Venture Exchange acceptance of the RSU grants to non-insiders, the timing and granting of prospecting rights; the Company's ability to convert prospecting rights into digging rights within the timeframe prescribed by the Mining Act; general economic, market and business conditions; competition for qualified staff; the regulatory process and actions; technical issues; new legislation; potential delays or changes in plans; working in a new political jurisdiction; results of exploration; the Company's ability to execute and implement future plans,; and the occurrence of unexpected events. Actual results achieved may differ from the information provided herein and, consequently, readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this News Release. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229254

FAQ

What is the value of convertible debentures being converted by Japan Gold (JGLDF)?

Japan Gold is converting $2,904,036 in convertible debentures into common shares.

What will be Equinox Partners' ownership percentage in Japan Gold (JGLDF) after debenture conversion?

After the debenture conversion, Equinox Partners will hold 72,951,018 shares, representing approximately 26.16% of Japan Gold's outstanding shares.

How many restricted share units (RSUs) did Japan Gold (JGLDF) authorize in 2024?

Japan Gold authorized the issuance of 9,700,000 restricted share units to directors and officers, vesting over two years.

JAPAN GOLD CORP ORD

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