RooGold Inc. Closes Definitive Agreement With RooGold Ltd.

Rhea-AI Summary

RooGold Inc. (OTC:JNCCF) has successfully closed its agreement to acquire Roo Private Co. and its subsidiary, Great Southern Precious Metals Pty Ltd., which controls nine exploration properties in New South Wales. These properties historically produced high-grade gold and silver, with grades reaching up to 384 g/t Au and 1,200 g/t Ag. The acquisition included issuing 20 million common shares to Roo Private Co. shareholders, who have agreed to a staggered lockup period for the shares, releasing 25% of them on specified dates through August 2023.

Positive

• Acquisition of Roo Private Co. enhances RooGold's portfolio with nine high-potential exploration properties in New South Wales.
• Historical production grades from the properties indicate significant mineralization potential, with grades of up to 384 g/t Au and 1,200 g/t Ag.
• The properties include a diverse range of deposit types and are strategically located near recognized regional structures.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / January 26, 2022 / (CSE:ROO) (OTC:JNCCF) (Frankfurt:5VHA) -Further to the August 30, 2021 news release, RooGold Inc. ("RooGold" or the "Issuer") and 1267248 B.C. Ltd. (formerly RooGold, "Roo Private Co.") are pleased to announce that New South Wales ministerial approval of the indirect change in control of Roo Private Co.'s wholly-owned subsidiary, Great Southern Precious Metals Pty Ltd. (the "Subsidiary"), has been received and the parties have now closed the Definitive Agreement in which RooGold has acquired Roo Private Co. and its Subsidiary, which holds 100% interests in nine (9) past producing and exploratory properties (the "Properties") in New South Wales (NSW).

The Properties being acquired have hosted historical high-grade gold and silver production, but have limited exploration work conducted on them recently. The Properties provide diversity in terms of the deposit types and are controlled by renowned regional structures and contacts. One of these structures is the well-recognized Peel-Manning fault system. The Properties have had a combined total of 93 historic precious metals mines and prospects. Highly lucrative production grades of up to 384 g/t Au and 1,200 g/t Ag have been recorded on these historical mines. The Properties represent a very unique proposition: they possess a rare combination of having large exploration potential along with strong indications pointing towards the presence of high-grade mineralization through the significant historical mines and prospects.

The Company issued twenty million (20,000,000) common shares (the "Purchase Shares") to the shareholders ("Shareholders") of Roo Private Co. in exchange for all of the issued and outstanding shares of Roo Private Co. The Roo Private Co. Shareholders have entered into voluntary lockup undertakings wherein the Purchase Shares, which are otherwise free-trading, will be released as to 25% on February 27, 2022, 25% on August 27, 2022, an additional 25% on February 27, 2023, and the balance on August 27, 2023.

For further information please contact:

Ryan Bilodeau
(416) 910-1440
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 subject to 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 ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: RooGold Inc.

View source version on accesswire.com:
https://www.accesswire.com/685584/RooGold-Inc-Closes-Definitive-Agreement-With-RooGold-Ltd

FAQ

What did RooGold Inc. announce on January 26, 2022?

RooGold Inc. announced the successful closing of an agreement to acquire Roo Private Co. and its subsidiary, enhancing its exploration portfolio in New South Wales.

What is the stock symbol for RooGold Inc.?

The stock symbol for RooGold Inc. is JNCCF, traded on the OTC market.

What are the historical production grades of the properties acquired by RooGold?

The properties acquired have recorded historical production grades of up to 384 g/t Au and 1,200 g/t Ag.

How many shares did RooGold issue for the acquisition of Roo Private Co.?

RooGold issued 20 million common shares to the shareholders of Roo Private Co. as part of the acquisition agreement.

When will RooGold shareholders be able to trade the Purchase Shares?

The Purchase Shares will be released in phases: 25% on February 27, 2022, another 25% on August 27, 2022, followed by 25% on February 27, 2023, and the remaining 25% on August 27, 2023.