In This Article:
Calgary, Alberta--(Newsfile Corp. - May 29, 2023) - Antioquia Gold Inc. ("Antioquia Gold" or the "Company") (TSXV: AGD) (OTC Pink: AGDXF) is pleased to announce its intention to complete a restructuring of CAD$1,359,300 of debt under an existing loan agreement with Infinita Prosperidad Minera SAC ("Infinita"), the Company's largest shareholder (the "Debt Restructuring"). Pursuant to the Debt Restructuring, Antioquia will issue 135,930,000 common shares at a deemed price of $0.01 per share. Prior to the Debt Restructuring, Infinita owned and controlled 853,351,437 common shares, representing approximately 89.9% of the issued and outstanding common shares of the Company. After closing of the Debt Restructuring, Infinita will own and control 989,281,437 common shares, representing approximately 91.15% of the issued and outstanding common shares of the Company.
The Debt Restructuring, is subject to customary closing conditions, including the approval of the TSX Venture Exchange and closing is expected to occur on the satisfaction of all such conditions.
The Debt Restructuring is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101") and is exempt from the formal valuation approval requirements of MI 61-101 as the securities of the Company are listed on the TSX Venture Exchange. The Debt Restructuring is also exempt from the minority approval requirement of MI 61-101 as the fair market value of the consideration for the transaction does not exceed 25% of the Company's market capitalization.
ON BEHALF OF THE BOARD OF ANTIOQUIA GOLD INC.
Gonzalo de Losada President and CEO Antioquia Gold Inc.
For further information contact:
Gonzalo de Losada - CEO
Thomas Kelly - Director
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com
Phone 57 604 6041948
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 press release.
Reader Advisory Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. The use of any of the words "anticipates", "believes", "expects", "intends", "plans", "will", "would", and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release includes forward-looking information with respect to the Debt Restructuring including the completion of the Debt Restructuring and related matters, the conditions to closing of the Debt Restructuring and the receipt of any required regulatory and TSXV approvals for the Debt Restructuring.