Rackla provides update on proposed acquisition of Misisi Gold Project; files amended NI 43-101 technical report
Vancouver, February 14, 2022 - Rackla Metals Inc. ("Rackla" or the "Company") (TSXV:RAK) reports that it continues to work on satisfying the conditions precedent to its proposed acquisition of a 73.5-per-cent interest in the Misisi gold project, located in the Democratic Republic of the Congo. The Company has filed on SEDAR an amended independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, supporting the mineral resource estimate for the project previously reported in the Company's news release dated May 5, 2021. The amended report, which includes a two-stage recommended work program for the Project, replaces the previous amended technical report for the project filed on October 12, 2021.
The parties to the acquisition agreements have agreed to extend the deadline for completing the acquisition to March 15, 2022. The TSX Venture Exchange has conditionally approved the acquisition transaction. The closing is subject to Rackla completing a financing to raise a minimum of CAD$5-million and other customary conditions, and to TSXV final approval. The Company is in the process of satisfying the requirements to obtain such approval. Trading in the Company's common shares continues to be halted and is anticipated to remain halted until the completion of the transaction, expected within the next two weeks.
It is intended, subject to TSXV approval, that on closing, the name of the Company will be changed to Goldenhawk Resources Ltd., and Darryll Castle will be appointed as President, Chief Executive Officer and a Director of the Company.
ON BEHALF OF THE BOARD
Simon Ridgway,
CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
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 press release.
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company's activities and proposed transactions. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether the Company's acquisition of an interest in the Misisi Gold Project, and related transactions, will be completed as planned; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company's acquisition of an interest in the Misisi Gold Project, and related transactions, will be completed as planned; that the Company's stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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