Mr. Freddie Leigh reports
GOLD X OBTAINS SHAREHOLDER APPROVAL FOR ARRANGEMENT WITH GRAN COLOMBIA GOLD CORP.
At the special meeting of shareholders of Gold X Mining Corp. held earlier today, Gold X shareholders approved the previously announced proposed plan of arrangement, under which, subject to the satisfaction (or waiver) of all applicable conditions precedent, Gran Colombia Gold Corp. will acquire all of the issued and outstanding common shares of Gold X not already owned by Gran Colombia in exchange for Gran Colombia common shares on the basis of 0.6948 of a Gran Colombia share for each Gold X share.
The total number of Gold X shares represented by Gold X shareholders present in person or represented by proxy at the meeting was 31,049,290, representing approximately 57.3 per cent of the issued and outstanding Gold X shares as at April 19, 2021, the record date for the meeting. At the meeting, Gold X shareholders approved the arrangement resolution with approximately 99.8 per cent of the votes cast at the meeting in favour of the arrangement (99.7 per cent excluding the votes of certain Gold X shareholders in accordance with Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions).
Gold X is also pleased to announce that, earlier today, the Gran Colombia shareholders passed an ordinary resolution authorizing the issuance of the Gran Colombia shares required to be issued in connection with the arrangement.
Gold X will apply for a final order of the Supreme Court of British Columbia approving the arrangement on June 1, 2021. Apart from the final order, all third party approvals and consents required as conditions precedent to completion of the arrangement have been obtained or waived. Subject to receipt of the final order, as well as the satisfaction or waiver of other customary closing conditions, Gold X currently expects that the arrangement will become effective at 12:01 a.m. on June 4, 2021. Following completion of the arrangement, the company will be delisted from the TSX Venture Exchange, and the company will make the applications to the relevant securities regulatory authorities in Canada to cease to be a reporting issuer for the purposes of securities legislation.
Further information regarding the arrangement is contained in the management information circular of Gold X in respect of the meeting, which is available under Gold X's profile on SEDAR.
About Gold X Mining Corp.
Gold X Mining is a Canadian junior mining company developing the Toroparu gold project in Guyana, South America. Gold X has spent more than $150-million (U.S.) on the project to date to classify 7.35 million ounces of measured and indicated, and 3.15 million ounces of inferred gold resources, develop engineering studies for use in a feasibility study, and define a number of exploration targets around the Toroparu project on its 53,844-hectare (538-square-kilometre), 100-per-cent-owned Upper Puruni concession.
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