Sale to West Red Lake Gold Mines Ltd. Approved by the Court
May 30, 2023
VANCOUVER, B.C. – Pure Gold Mining Inc. (NEX:PGM.H) (the “Company”) announces that the British Columbia Supreme Court (the “Court”) has approved a transaction (the “Transaction”) for the sale of the Company’s issued and outstanding shares to West Red Lake Gold Mines Inc. (“West Red Lake”) (TSXV: WRLG, OTC: WRLGF) pursuant to an Approval and Reverse Vesting Order (the “Order”) in the Company’s ongoing proceedings under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”).
Further information with respect to the Transaction is set out in the Company’s Press Release of April 17, 2023, and can also be found on the website of KSV Restructuring Inc., the Company’s Court appointed Monitor in the CCAA Proceedings at: https://www.ksvadvisory.com/experience/case/pure-gold- (the “Monitor’s Website”).
The Company, West Red Lake, and Sprott Resource Lending Corp. are working to close the Transaction prior to June 28, 2023, which is subject to various conditions precedent including receipt of required regulatory approvals.
About Pure Gold Mining Inc.
The Company is a Canadian gold mining company with a mine (the “Mine”) located in Red Lake, Ontario, Canada. The Company owns and operates the Company’s Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The Company’s Mine is centered on a forty-seven square kilometre property with significant discovery potential.
Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com. Additional information about the CCAA Proceedings can be found on the Monitor’s Website.
ON BEHALF OF THE COMPANY
Jonathan Singh, Chief Administrative Officer