PureGold receives court approval of sale and investment solicitation process and related relief, Canadian Business Journal

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VANCOUVER, BRITISH COLUMBIA, November 10, 2022 (GLOBE NEWSWIRE) — Pure Gold Mining Inc. (NEX:PGM.H, LSE:PUR) (the “Company”) has entered the Supreme Court of British Columbia (the “Court”) ), upon our application in proceedings under Corporate Creditors Arrangement Act (“CCAA”) has granted, among other remedies, a Sales and Solicitation Process Order (“SISP Order”).

The SISP Order authorizes, among other things, (i) the sale and solicitation process for all of our assets, businesses and properties, including our mining projects located in Ontario (“SISP”), and (ii) to: approve. Engaging National Bank Financial Inc. (“NBF”) as our distributor for the purposes of his SISP.

To participate in SISP and obtain access to virtual data rooms and other information, interested parties must comply with the terms and conditions set forth in the SISP Order and other relevant documents available on the KSV Restructuring Inc. website. there is. , his court-appointed CCAA monitor (https://www.ksvadvisory.com/experience/case/pure-gold-). Interested parties interested in participating in SISP should contact Morten Eisenhardt and Andrew Armstrong of NBF at the following addresses: [email protected] When [email protected].

In addition to the SISP order, the court also granted the following order:

(a) Extend the suspension of proceedings granted under the CCAA until 27 January 2023;

(b) to borrow additional funds from our lending partner, Splott Private Resource Lending II (Collector), LP, under the Interim Credit Facility to meet our immediate cash needs for the continuity and preservation of our business operations; allow the company. of its property;

(c) Approval of Key Employee Retention Plans, which inter alia provide for payments to our key employees, based on defined timelines and metrics related to the SISP and CCAA processes;When

(d) restating and amending the Court’s original order granted on 31 October 2022;

About Pure Gold Mining Inc.
We are a Canadian gold mining company located in Red Lake, Ontario, Canada. We own and operate our mine which will start producing gold in 2021 after successfully building an 800tpd underground mine and processing facility. Our mine is centered on a 47 square kilometer site with significant discovery potential.

Additional information about the company and its activities can be found on the company website. www.puregoldmining.ca and under company profile www.sedar.com

On behalf of the Board of Directors
“Mark O’Dea“
Mark Odeer, President and CEO

Inquiries from investors:
Adrian O’Brien, Director of Marketing and Communications
Phone: 604-809-6890
[email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are “forward-looking information” about the Company within the meaning of applicable securities laws. Expected Outcomes, Timing and Completion of CCAA Proceedings. the risks associated with CCAA proceedings and their impact on our business; And Expectations Management remains responsible for day-to-day operations under the general supervision of the Monitor. Forward-looking information is often, but not always, “seek,” “expect,” “plan,” “continue,” “plan,” “expect,” Identified using words such as “predict”. , “may”, “target”, “intend”, “believe”, “could” and similar expressions, or “goals”, or to describe variations of such words or phrases, or to specify states that an action, event, or outcome “could”, “should”, “could”, “would”, “could”, or “would” is adopted, generated or achieved. Forward-looking information is not a guarantee of future performance and is not a guarantee of future performance in the future of the price of gold and other metals, exchange rates and interest rates, good business conditions, political stability, timely government approvals and Obtaining financing, obtaining renewals of existing licenses and permits and obtaining required licenses and permits, stability of labor, stability of market conditions, availability of equipment, accuracy of mineral resources, success of disputes Good solution and expected costs and expenses. Many assumptions are based on factors and events beyond our control and there is no guarantee that they will prove correct.

Such forward-looking information involves known and unknown risks that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. I have. This includes the risks associated with CCAA proceedings and their impact. About the operation of the company. Securing funding or undertaking restructuring transactions and their timing. current economic conditions; future prices of commodities; potential fluctuations in grades or recoveries; Cost and timing of development of new deposits. failure of equipment or processes to perform as expected; failure of contracting parties; timing and success of general exploration and development activities; delays in authorization; potential claims against us; Timing of future economic research. Mining Labor Disputes and Other Risks. delays in obtaining government approvals, financing, or completing exploration and the factors described in the section entitled “Risk Factors” of the Company’s Annual Information Form dated March 30, 2022; www.sedar.com.

Although we have attempted to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking information, we do not anticipate any future actions, events or results. , estimates, or other factors that may cause it to differ from expectations. was intended. There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. Unless otherwise indicated, we disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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