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     151  0 Kommentare Troilus Completes Acquisition of UrbanGold Minerals

    TORONTO, May 18, 2021 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) and UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold”) are pleased to announce that Troilus has completed the previously announced acquisition of all of the issued and outstanding common shares of UrbanGold (the “UrbanGold Shares”) that it does not currently own by way of a three-cornered amalgamation (the “Amalgamation”) under the Canada Business Corporations Act.

    Pursuant to the Amalgamation, Troilus acquired all of the issued and outstanding UrbanGold Shares that it does not currently own for a consideration (the “Exchange Ratio”) of 0.3004 of a common share of Troilus (“Troilus Shares”) for each outstanding UrbanGold Share. Troilus now owns 100% of the outstanding UrbanGold Shares. On closing of the Amalgamation, Troilus issued an aggregate of 19,518,273 Troilus Shares to former UrbanGold shareholders, who now hold approximately 12.9% of the 151,764,781 Troilus Shares issued and outstanding, on an undiluted basis. Outstanding warrants to acquire UrbanGold Shares have been adjusted as a result of the Amalgamation based on the Exchange Ratio and will be exercisable in the aggregate for 4,325,325 Troilus Shares.

    The delisting of the UrbanGold Shares from the TSX-V is expected to occur at the close of business on or about May 21, 2021.

    “In 2020, Troilus significantly expanded its land package to over 107,000 hectares, becoming the largest claims holder in the Frôtet-Evans Greenstone Belt. Field exploration work undertaken last summer exceeded our expectations with high-grade gold and copper samples collected across a number of new zones on the expanded property,” stated Justin Reid, Troilus Gold’s Director and CEO. “The acquisition of UrbanGold adds another 35,000 hectares to the Troilus property. Drill-ready targets throughout the consolidated land package offer further growth potential to the long-term scale and scope of the Troilus asset, and in particular, our exploration team is excited to do further work on UrbanGold’s Cressida target directly adjacent to our Beyan Zone, the Freegold/Bullseye target which is adjacent to Testard and the Pallador Regnault target which is in close proximity to the Tortigny deposit and Goldfield Boulders Zone. We welcome UrbanGold shareholders to the Company and look forward to delivering value to all of our shareholders as we continue to explore and develop the highly prospective Frôtet-Evans Greenstone Belt.”

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    Troilus Completes Acquisition of UrbanGold Minerals TORONTO, May 18, 2021 (GLOBE NEWSWIRE) - Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) and UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold”) are pleased to announce that Troilus has completed the previously announced …

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