Vancouver, BC – May 31, 2019, Ethos Gold Corp. (“Ethos” or the “Company”) (TSXV:ECC) is pleased to announce a non-brokered private placement to raise gross proceeds of $225,000 (the “Offering”). The Company will issue 1,125,000 units (each a “Unit”) at a purchase price of $0.20 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company at a purchase price of $0.40 per share for a period of two years from the date of the closing of the Offering.
Dr. Quinton Hennigh will be subscribing to the Offering. As announced in the Company’s May 17, 2019 press release, Dr. Hennigh joined Ethos as a technical advisor to oversee the Company’s drill campaign to test a Carlin-type gold target at Iron Point, 22 miles east of Winnemucca, Nevada. Stated Craig Roberts, P.Eng., President and CEO of Ethos: “We are very pleased to have Dr. Hennigh on board as a shareholder of Ethos and we look forward to working with him in drill testing the Carlin-type gold target at Iron Point. We anticipate announcing the date for commencement of drilling at Iron Point shortly.”
The proceeds of the Offering will be used the Company’s exploration projects and for general working capital. The Offering is subject to the acceptance of the TSX Venture Exchange (the “Exchange”), and securities issued in the Offering will be subject to a 4-month hold period. No finder’s fees are payable in respect of the Offering.
Ethos also announces that it has granted, under its Share Option Plan, incentive stock options to certain directors, officers and consultants of the Company to purchase an aggregate of up to 600,000 common shares exercisable for a period of up to five years from the date of grant at a price of $0.20 per share. This grant is subject to acceptance by the TSX Venture Exchange.
About Ethos Gold
Ethos Gold is exploring the La Purisima gold project (earning 100%) in Chihuahua Mexico, the Iron Point Carlin gold project (earning 50% from Victory Metals Inc: TSX-V: VMX) 22 miles east of Winnemucca, Nevada, and the Perk-Rocky copper-gold porphyry project (earning 100%), 220 km west of Williams Lake, British Columbia. La Purisima is a near surface, bulk tonnage, oxide gold target, and a maiden drill program will commence shortly. Iron Point is a Lower Plate hosted Carlin style gold target, and a planned program of three vertical holes to test this target will commence shortly under the supervision of Dr. Quinton Hennigh. Perk-Rocky is a copper-gold porphyry target, and an exploration program including detailed airborne geophysics and ground mapping and sampling will commence shortly. Ethos also owns approximately 8% of the equity of Carlin Type Holdings Ltd., a private company earning into 100% ownership of three Nevada exploration projects, including two deep Carlin type targets (Carlin East and Selena). Ethos is also earning into the Pine Pass and Ursula vanadium projects (100% earn-in) in north-central British Columbia. In March 2019 Ethos received notice from the Province of British Columbia that the mineral tenures making up its Pine Pass vanadium project are included in an area under consideration for an immediate moratorium on development proposals and possible inclusion in an expanded environmental protected area, and Ethos is now waiting on the resolution of this issue before finalizing plans for further work.
Ethos currently has cash of approximately C$6.5 million and 54.8 million shares issued.
Ethos Gold Corp.
Per: “Craig Roberts“
Craig Roberts, P.Eng., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions:
This press release may contain certain “forward-looking statements” within the meaning of Canadian securities legislation, including statements regarding the Company’s planned 2019 exploration program for its Pine Pass project. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other governmental clearances, necessary to carry out the Company’s exploration plans, and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects