Mr. Paul Matysek reports
GOLD X ANNOUNCES COMPLETION OF PLAN OF ARRANGEMENT WITH GRAN COLOMBIA GOLD CORP.
Gold X Mining Corp. has completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Gran Colombia Gold Corp. has acquired all of the issued and outstanding common shares of Gold X not previously 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.
As a result of the arrangement, Gold X has become a wholly owned subsidiary of Gran Colombia and the Gold X shares are anticipated to be delisted from the TSX Venture Exchange on or about June 7, 2021. Gold X will also submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate Gold X's public reporting requirements.
Paul Matysek, former chief executive officer and director of Gold X, stated: "As best said by seven-time Super Bowl champion Tom Brady: 'I just love working hard. I love being part of a team; I love working toward a common goal.' The sale of Gold X is a testament to the hard work, belief and dedication to our vision. We are proud to have appreciably advanced the multimillion-ounce Toroparu project, created significant shareholder-value and delivered a shovel-ready project to our partners Gran Colombia."
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 42,816-hectare (428-square-kilometre) 100-per-cent-owned Upper Puruni concession.
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