VANCOUVER - Sassy Resources Corporation ('Sassy' or the 'Company') (CSE: SASY) (FSE: 4E7) (OTCQB: SSYRF) is pleased to announce that it filed the preliminary non-offering prospectus for its Newfoundland-focused subsidiary Gander Gold Corporation with the British Columbia Securities Commission ('BCSC') on December 2, 2021.
The Company is equally pleased to announce that Gander Gold has appointed its founding Executive Officers and Board of Directors.
The filing of the preliminary prospectus with the BCSC initiates the review and approval process. Following final approval of the non-offering prospectus by the BCSC, Gander Gold will convert 100% of the outstanding Special Warrants into Gander Gold common shares and will file a 2A Listing Statement with the Canadian Securities Exchange (CSE). The prospectus qualifies all of the shares issued under the Special Warrants so that they will be free trading when Gander Gold commences trading. The Company will update on timing of the process as it progresses in the coming weeks.
The date of record for the planned capital distribution of 8,833,333 Gander Gold shares to Sassy shareholders is February 1, 2022, at a ratio of one Gander share for every 5.3816 Sassy shares owned by a Sassy shareholder based on the current Sassy share structure. The Company will maintain ownership of 35,328,723 Gander shares following the capital distribution to its shareholders, representing approximately 49.5% ownership of Gander. Mr. Eric Sprott will beneficially own 10,666,667 Gander shares, representing approximately 15% ownership. The final spinout ratio is subject to any changes to the Sassy share structure between the date of this announcement and the final record date for the share distribution, though Sassy has no plans and no need to carry out a private placement prior to February 1.
Mr. Mark Scott, President and CEO of Sassy who will also be Gander Gold's founding President and CEO, stated: 'Gander Gold will have a powerful presence in Newfoundland as Sassy's eight projects on the island covering 2,257 sq. km constitute the property spinout. Exploration has already been carried out at each of these projects with exciting early results from Gander North and many more results to come over the next couple of months. Gander Gold will be well positioned to quickly establish itself as a discovery leader in Newfoundland.'
Mr. Mark Scott added, 'With respect to Sassy, it will be left with a large share position in Gander along with its 100%-owned Foremore Project in northwest BC's prolific Eskay Camp. Keeping with the brand and our strategy from the day we originally commenced trading on the CSE in August of last year, Sassy is currently in discussions to acquire a drill-ready new property in a very favorable jurisdiction to maintain its ability to carry out direct exploration year-round following the Gander Gold spinout.'
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, and the Central Newfoundland Gold Belt where Sassy is one of the district's largest landowners.
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.
Contact:
Terry Bramhall
Tel: 1.604.675.9985
Email: terry.bramhall@sassyresources.ca
SASSY GOLD CORP. 