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Canadian GoldCamps Announces AGSM Results and Provides Update on Asset Sale to MegumaGold

04.02.2021  |  GlobeNewswire

TORONTO, Feb. 04, 2021 - Canadian GoldCamps Corp. (formerly, Supreme Metals Corp.) ("Canadian GoldCamps", or the "Company") (CSE: CAMP) (FSE: A68) is pleased to announce that all matters submitted to the shareholders for approval as set forth in the Company's Notice of Meeting and Information Circular, both dated January 5, 2021, were approved unanimously with 100% of the votes cast in favour of all matters put forth at the Company's Annual General and Special Meeting (the "Meeting") held on Friday, January 29, 2021.

Pursuant to the previously announced asset purchase agreement dated January 4, 2021 (the "Agreement", see press release dated January 6, 2021) Canadian GoldCamps will sell to MegumaGold Corp. ("MegumaGold") all of its Canadian assets and the associated working capital in exchange for securities of MegumaGold (the "Transaction"), that it intends to distribute directly to its shareholders. The Transaction sees substantially all of Canadian GoldCamp's assets transferred to MegumaGold. The closing of the Transaction remains subject to the completion of all applicable documentation to affect the transfer of the Canadian assets to MegumaGold. Upon completion of the Transaction, the Company will focus on its interest in South America.

The sale price for the Company's Canadian assets will be comprised of 1.1 shares of MegumaGold for each one (1) issued and outstanding share of Canadian GoldCamp as of November 16, 2020 (the "Exchange Ratio"). In addition, all outstanding options and warrants of Canadian GoldCamps that have not been duly exercised prior to the closing of the Transaction (the "Closing Date") will be exchanged for options and warrants, as the case may be, of MegumaGold, after giving effect to the Exchange Ratio and otherwise on the same terms and conditions as were applicable to such options and warrants immediately before the Closing Date. Securities which are distributed to Canadian GoldCamps' shareholders will be subject to a total of a four-month and one-day hold period from the date of closing of the transaction.

The Company also advises that Ms. Vicki Rosenthal resigned in advance of the Meeting; the Company wishes to thank Ms. Rosenthal for her contributions to the Company and wishes her well with her other endeavours.

Canadian GoldCamps interim CEO Brendan Purdy commented: "The synergies between the MegumaGold and the GoldCamps assets creates a unique situation for investors through a consolidated Atlantic Canadian portfolio with real exposure to three growing gold districts in Nova Scotia, New Brunswick and Newfoundland. All three of the jurisdictions have recently seen major discoveries and development work which has lead to a rejuvenation of gold mining and exploration on the east coast of Canada. The combined assets compliment one another in building the critical mass necessary for accretive entry into emerging gold camps across eastern Canada."

About Canadian GoldCamps Corp.
Canadian GoldCamps is a Canadian based exploration company focused on acquiring prospective properties and making new gold discoveries in established gold camps in Canada, focusing on Ontario and Quebec. With a long history of mining, excellent infrastructure and a rich geological environment, the superior geologic province in Ontario and Quebec is one of the best places globally for discovering world-class deposits.

For further information, please contact:

Canadian GoldCamps
Brendan Purdy, Interim CEO
Tel: 604-687-2038

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.

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