Roogold Completes Further Acquisition of Australian Properties

Rhea-AI Summary

RooGold Inc., a Canadian junior mineral exploration issuer, has announced the escrow closing of a definitive Share Exchange Agreement with Aussie Precious Metals Corp., acquiring a 100% interest in the Trilby and Lorne properties in New South Wales, Australia. In exchange, RooGold issued 4 million common shares to APMC shareholders. The shares are currently held in escrow pending ministerial approval. The acquisition positions RooGold for growth in a mineral-rich area, expanding its portfolio to 13 precious metals concessions covering 1,380 km².

Positive

• Acquisition of 100% interest in Trilby and Lorne properties enhances RooGold's portfolio.
• Strategic expansion into a mineral-rich area of New South Wales supports future growth potential.
• Possesses a portfolio of 13 high-grade potential gold and silver concessions.

Negative

• Shares issued for the acquisition may cause short-term dilution for existing shareholders.

NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE SERVICES

VANCOUVER, BC / ACCESSWIRE / October 1, 2021 / (CSE:ROO)(OTC PINK:JNCCD)(FRA:5VHA) - RooGold Inc. ("RooGold" or the "Issuer") is pleased to announce the closing in escrow ("Escrow Closing") of the definitive Share Exchange Agreement ("SEA") with Aussie Precious Metals Corp. ("APMC") whereby RooGold has effectively acquired a 100% interest in APMC's Trilby and Lorne properties ("Properties") in New South Wales (NSW) Australia. The Issuer issued four million (4,000,000) common shares (the "Purchase Shares") to the shareholders of APMC ("Shareholders") in exchange for all of the issued and outstanding shares of APMC with the Properties held in APMC's wholly owned Australian subsidiary. APMC Shareholders have entered into voluntary lock-up undertakings ("Undertakings") with the Issuer. Pursuant to terms of the Undertakings, a majority of the Purchase Shares shall be released in tranches for a period of up to two years from Escrow Closing. In connection with the Escrow Closing, the Purchase Shares are currently being held in escrow pending New South Wales ministerial approval ("Ministerial Approval") of the change in ownership of the Properties and the satisfaction of other final closing conditions. The Issuer expects to shortly make application to the Minister for such approval and will provide prescribed due diligence information on the Issuer as part of such application process. Once Ministerial Approval is obtained and the other closing conditions are satisfied, the final closing of the acquisition will occur and the escrow closing documents will be released from escrow. The Issuer expects the Ministerial Approval to be granted in due course given that such approval has already been received in connection with other acquisitions by the Issuer.

About ROOGOLD

ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of highly mineralized precious metals properties in this prolific region of Australia. Through its acquisition of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which is home to 137 historic mines and prospects.

For further information please contact:

Michael Mulberry
T: 778-855-5001
info@roogoldinc.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subjectto risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: RooGold Inc.

View source version on accesswire.com:
https://www.accesswire.com/666358/Roogold-Completes-Further-Acquisition-of-Australian-Properties

FAQ

What properties did RooGold acquire from Aussie Precious Metals Corp.?

RooGold acquired the Trilby and Lorne properties.

What is the transaction value of the acquisition?

RooGold issued 4 million common shares to APMC shareholders as part of the acquisition.

When will the final closing of the acquisition occur?

The final closing will occur after receiving Ministerial Approval and satisfying other closing conditions.

What is the expected impact of the acquisition on RooGold's portfolio?

The acquisition is expected to enhance RooGold's portfolio, consolidating its position in a mineral-rich region.

How many concessions does RooGold have after the acquisition?

After the acquisition, RooGold commands a portfolio of 13 high-grade potential gold and silver concessions.