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Phoenix Gold Resources Corp (2)
Symbol PXA
Shares Issued 5,038,982
Close 2019-04-12 C$ 0.045
Recent Sedar Documents

Phoenix Gold RTO target Fox forms Hungarian subsidiary

2019-09-24 17:50 ET - News Release

Mr. Andrew Lee reports

FOX AUTOMOTIVE SWITZERLAND AG ANNOUNCES HUNGARY SUBSIDIARY FOR PRODUCTION LINE AND UPDATE ON RTO

Fox Automotive Switzerland AG and Phoenix Gold Resources Corp. have provided an update referring to the latest developments and preparation for production and sale of MIA EV 2.0 in Hungary and across Europe. Fox reports that over the course of the third quarter of 2019, Fox has founded the fully owned Hungarian subsidiary called Fox Automotive Hungary Zrt. The Hungarian subsidiary is headed by Ekkehard Philipp as chief executive officer. Mr. Philipp was, until 2017, managing director and chief financial officer of Mercedes-Benz Manufacturing Hungary, and built up its Hungarian manufacturing plant under his leadership and direction. This Mercedes plant started from greenfield and now produces 200,000 vehicles annually.

The manufacturing site of the new MIA production plant is located in the western part of Hungary and in the logistically favourable triangle of Austria-Slovakia-Croatia.

During the summer months, Fox provided full support to legal due diligence and adapting financials statements from Swiss accounting standards to international financial reporting standards. The audit of the accounts of Fox is being carried out by Davidson & Company LLP, chartered professional accountant, Vancouver, Canada. Fox confirms the company continues to proceed with the proposed reverse takeover transaction of Phoenix Gold Resources previously announced in a joint press release dated July 3, 2019, and will sign a definitive agreement once legal documentation and related work are completed.

Fox is raising funds in Europe to raise equity financing of a minimum of $3-million to a maximum of $9-million as previously disclosed in the July 3, 2019, press release to satisfy working capital requirements for Fox's business plans to support its application to become a Tier 1 listed issuer under the policies of the TSX Venture Exchange with the trading symbol, FOXE.

Fox also wishes to announce its management is currently in negotiating potential strategic partnerships with automotive industry suppliers and financial groups in Korea, India, Germany, Hungary and the Middle East. These parties have met in person in Hungary with test drives of the MIA EV 1.0 in Budapest. Fox will announce further details as to material developments as negotiations proceed.

About Fox Automotive Switzerland AG

Fox is incorporated under the laws of Switzerland and is engaged in the commercialization of electric vehicles under the MIA electric vehicle brand. It has a full-fledged assembly line, which is expected to be capable of producing 12,000 EV cars per year as street certified cars for the European market by early 2020. Fox continues to advance its electric vehicle technology to increase mileage per charge to develop affordable mobility options in the electric vehicle space.

Additional disclosure about Fox, its business, management and financial performance, all as required under applicable securities laws and the policies of the TSX Venture Exchange, will be publicly disclosed in due course.

About Phoenix Gold Resources Corp.

Phoenix is a mineral exploration and development company. The business activity of the company includes acquisition and exploration of the gold mineral rights located in Battle Mountain, Nev., the United States. It currently holds interests in the Plumas property, which consists of two patented lode mining claims with extra lateral rights, covering an area of 40 acres, as well as one patented mill site claim, consisting of 8.5 acres; and the Eldorado property, comprising one patented lode mining claim, covering an area of 20 acres, located in Battle Mountain, Lander county, Nevada. The company is based in Vancouver, Canada.

General

Completion of the transaction is subject to a number of conditions, including, but not limited to, TSX-V acceptance and, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete, and should not be relied upon. Trading in the securities of Phoenix should be considered highly speculative.

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