Hanstone Gold Provides Update on Proposed Issuance of Bonus Shares
VANCOUVER, Feb. 17, 2021 - Hanstone Gold Corp. (TSX.V: HANS, FSE: HGO) ("Hanstone" or the "Company") is pleased to provide an update respecting its previously announced proposed issuance of common shares of the Company as bonus shares ("Bonus Shares") (see Hanstone's press release dated January 29, 2021). Hanstone will now issue 268,000 Bonus Shares to Ray Marks, the Company's President and CEO. Hanstone's board of directors, with Mr. Marks abstaining, approved the issuance of the Bonus Shares to Mr. Marks in recognition of his significant contributions to the Company since completion of the Company's "qualifying transaction" on August 19, 2020, which contributions were substantially in excess of those contemplated in his consulting services agreement with the Company. Those contributions include: constructing the exploration camp at the Doc Property and having it fully functional despite a late in the season start, unusually adverse weather conditions and the remote and inaccessible nature of the property; spending 86 days on site to ensure a successful exploration season; and devoting significantly more than "full time" hours through the 2020 exploration season.
The issuance of the Bonus Shares is subject to TSX Venture Exchange ("TSXV") acceptance. The Bonus Shares will be issued at a deemed price of $0.40. No new insiders will be created, nor will any change of control occur, as a result of the issuance of the Bonus Shares. The Bonus Shares will be subject to a four month hold period pursuant to applicable securities laws. In addition, Mr. Marks has agreed to enter into a voluntary escrow agreement which will restrict the trading of the Bonus Shares for one year from the date of issuance. Hanstone has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the Bonus Shares (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
Ray Marks, President and Chief Executive Officer
For Further Information Contact:
Carrie Howes, Director of Communications+1-778-551-8488, email@example.com; or
Raymond Marks, President & CEO, +1-778-896-7778, firstname.lastname@example.org; or
Bob Quinn, Vice President, +1-713-412-2620, email@example.com
Or visit the Company's website at www.hanstonegold.com.