VANCOUVER, BC / ACCESSWIRE / March 4, 2022 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY) (FSE:4E7) (OTCQB:SSYRF) is pleased to announce that its spinout Gander Gold Corporation ("Gander Gold" or "Gander") has been approved for listing by the British Columbia Securities Commission (the "BCSC") and the Canadian Securities Exchange (the "CSE"). The common shares of Gander Gold (the "Gander Shares") are expected to commence trading on Tuesday, March 8, 2022 under the symbol "GAND".
Gander Gold's assets consist of eight gold-focused projects covering 2,257 sq. km (9,032 claims) in Newfoundland, making Gander Gold one of the largest claim holders on the island and a leading force in the developing Newfoundland Gold Rush.
Watch for the official debut of "GanderGold.com" in the near future.
Mr. Mark Scott, Sassy Resources and Gander Gold CEO, commented on the occasion of Gander Gold's listing approval: "On behalf of the Board of Directors and management teams of both Sassy Resources and Gander Gold, I wish to thank and congratulate everyone on our teams who have worked so effectively over the past year to execute this vision. We have layered in more value for Sassy shareholders by creating an all-Newfoundland vehicle with tremendous upside potential, both geologically and in the market."
Mr. Mark Scott continued: "Gander Gold starts its new life as a public company with eight highly prospective Newfoundland projects already generating very positive early stage exploration results. Gander Gold also features a strong cash position, no debt and a tight public float. Sassy's motto is "Think Big and Make it Happen", and our teams have done exactly that so far with both Sassy and Gander Gold in the 18 months in which Sassy has been a public company."
Gander Gold Share Structure
Gander Gold will have 73,193,721 Gander Shares issued and outstanding when it commences trading on March 8, 2022, of which only 21,830,368 will be free trading due to Gander Gold's share structure along with regulatory escrow requirements for insider individuals and entities and 4-month holds placed on recent annual share issuances made pursuant to Gander's four option agreements in Newfoundland.
Special warrants purchased by Gander Gold investors who participated in the $0.15, $0.20 or $0.25 rounds of private placement financing have been converted to Gander Shares and DRS advices have been distributed. With the exception of those Gander Shares held by Gander insiders which are subject to escrow, these Gander Shares will be free trading as of the listing date.
Sassy Resources possesses a commanding share position in Gander Gold, with a total of 44,162,056 Gander Shares, of which 8,833,333 Gander Shares will be distributed to those holders who were Sassy shareholders of record as at the close of business on February 1, 2022 (the "Distribution"). Sassy shareholders who are entitled to receive Gander Shares from the Distribution will receive their pro-rata Gander Shares in two separate transactions, the first of which will occur on or around the listing date of March 8, 2022. As Sassy's Gander Shares are subject to escrow pursuant to BCSC regulations, the first 10% of Sassy's total 44,162,056 Gander Shares, or approximately 4.16 million Gander Shares, will be available for immediate distribution on the listing date. This represents approximately 49% of the total Distribution to Sassy shareholders. The outstanding distribution of approximately 4.67 million remaining Gander Shares will be completed on the six month anniversary of the listing date, when the first 15% tranche of Gander shares held by Sassy is released from escrow. This is expected to be on or about September 8, 2022. Upon completion of the Distribution, Sassy Resources will hold approximately 35.3 million Gander Shares.
As of the record date (February 1, 2022), there were 51,235,006 common shares of Sassy outstanding. Accordingly, the ratio for the Distribution is approximately one (1) Gander share for every 5.80 Sassy shares held.
Following Gander Gold
Once listed, Gander Gold will provide news releases and company information under its own banner, website and social media channels. Investors are invited to bookmark www.gandergold.com and sign up for news updates to stay abreast of Gander Gold corporate and exploration developments.
Subscribe for Sassy Updates
Photographs and videos from the Company's projects in Northwest B.C., Newfoundland and Saskatchewan are added regularly to the Sassy website. Visit SassyResources.com and sign up for news alerts to stay informed as exploration and corporate development continues year-round.
About Sassy Resources Corporation
Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle, the Central Newfoundland Gold Belt, and the Company's newly-acquired Highrock uranium project in the Athabasca basin.
Caution Regarding Forward Looking Statements
Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.
Chief Executive Officer & Director
Sassy Resources - Corporate Communications/IR
Managing Director - Star Finance GmbH
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sassy Resources Corporation