Palamina Receives CDN$3,625,000 from Return of Capital to Winshear Shareholders

Rhea-AI Summary

Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) received a non-dilutive payment of $3,625,000 from equity/royalty partner Winshear Gold Corp. (TSXV: WINS), resulting in a return of capital of CDN$0.25 per share to Winshear shareholders. Palamina continues to hold 14,500,000 common shares of Winshear, representing 15.4% of their outstanding shares. Both companies now have in excess of $3M each to carry out meaningful drill programs in 2024, with flagship gold projects located in the Puno Orogenic Gold Belt in Peru. Palamina also retains a 2% NSR royalty on all Winshear projects and holds a significant land bank of gold projects in the same region. Winshear's settlement with the Republic of Tanzania and subsequent cash distribution to its shareholders has positioned Palamina shareholders well for success in 2024.

Toronto, Ontario--(Newsfile Corp. - December 14, 2023) - Palamina Corp.'s (TSXV: PA) (OTCQB: PLMNF) equity/royalty partner Winshear Gold Corp. (TSXV: WINS) provided a return of capital of CDN$0.25 per share on December 8, 2023 to Winshear shareholders, resulting in a non-dilutive payment of $3,625,000 to Palamina. Palamina continues to own 14,500,000 common shares of Winshear representing 15.4% of their outstanding shares.

"Post Winshear's return of capital to shareholders, both Palamina and Winshear hold in excess of $3M each to carry out meaningful drill programs in 2024. Palamina's Usicayos and Winshear's Gaban flagship gold projects are both located in the Puno Orogenic Gold Belt and fully permitted for drilling. Moving forward Palamina retains a 14,500,000 common share interest in Winshear, a 2% NSR royalty on all Winshear projects and holds a significant land bank of gold projects in the Puno Orogenic Gold Belt in Peru. Winshear's settlement with the Republic of Tanzania and subsequent cash distribution to its shareholders, has left Palamina shareholders well positioned for success in 2024," noted Andrew Thomson, President of Palamina.

For details on Palamina's flagship Usicayos Gold Project please visit www.palamina.com and on Winshear's flagship Gaban Gold Project please visit www.winshear.com.

About Palamina Corp.

Palamina has participation in eight gold projects in south-eastern Peru hosted within the Puno Orogenic Gold Belt. Palamina is advancing the Usicayos gold project through the drill discovery phase. The Company also has rights to the Galena silver-copper project in the Santa Lucia district. Palamina holds an 15.4% equity interest on a fully diluted basis in Winshear Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase.

Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191020

FAQ

What is the return of capital provided by Winshear Gold Corp. to Palamina Corp.?

Winshear Gold Corp. provided a return of capital of CDN$0.25 per share to its shareholders, resulting in a non-dilutive payment of $3,625,000 to Palamina Corp.

How many common shares of Winshear does Palamina Corp. own?

Palamina Corp. owns 14,500,000 common shares of Winshear, representing 15.4% of their outstanding shares.

Where are the flagship gold projects of Palamina Corp. and Winshear Gold Corp. located?

Palamina's Usicayos and Winshear's Gaban flagship gold projects are both located in the Puno Orogenic Gold Belt in Peru.

What is the significance of Winshear's settlement with the Republic of Tanzania for Palamina shareholders?

Winshear's settlement with the Republic of Tanzania and subsequent cash distribution to its shareholders has left Palamina shareholders well positioned for success in 2024.