- cash position grows as a result of recent warrant
exercises
- drilling at Golden Mountain, where drill results to date
have been excellent, is ongoing
- 12 different drill permit applications are in progress,
spanning 5 projects
VANCOUVER, BC, Nov. 23, 2020 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South" or the
"Company") (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) announces that the Company's
cash position has grown to approximately CAD $30.35 million, largely due to recent warrant
exercises.
With $30.35 million in cash on
hand, the Company is in an excellent position to accelerate
drilling and other exploration activities on multiple projects.
Currently, Fosterville South is drilling at the Golden Mountain
project, where results to date have been excellent, is preparing to
drill at Lauriston and has 12 different drill permit applications
in progress spanning 5 separate Fosterville South projects.
Separately, Fosterville South completed the spinout of Leviathan
Gold Ltd. ("Leviathan Gold") to the shareholders of
Fosterville South by way of plan of arrangement (the
"Arrangement"). Pursuant to the Arrangement each existing
common share of the Company was exchanged for (i) one new common
share of the Company and (ii) one common share of Leviathan
Gold.
Leviathan Gold recently announced a $7.5
million subscription receipt financing which was
significantly oversubscribed due to strong institutional interest.
After performing cutbacks, Leviathan Gold upsized the financing to
$9.99 million and then closed the
books, on the same day of launch, as reported in Fosterville South
News Release dated November 20,
2020.
Leviathan Gold will target to commence trading in December 2020 with a strong treasury, excellent
projects and an experienced management team with a proven track
record at creating shareholder value in the sector.
The Leviathan Gold website launch will occur concurrent with
trade date and will be www.leviathangold.com while the stock
symbol for Leviathan Gold is anticipated as LVX:TSX Venture
Exchange. List of the common shares is subject to TSX Venture
Exchange approval.
Post-warrant exercises, Fosterville South has 67,907,831 common
shares issued and outstanding. A fully updated share structure can
be found here https://fostervillesouth.com/investors/.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade epizonal
gold projects called the Lauriston and Golden Mountain Projects, a
large group of tenement applications called the Providence Project
and a large group of recently consolidated tenement applications
called the Walhalla Belt Project, all in the state of Victoria, Australia. The Fosterville South
land packaged, assembled over a multi-year period, notably includes
a 600 sq. km property immediately to the south of and within the
same geological framework that hosts Kirkland Lake Gold's Fosterville tenements. Additionally,
Fosterville South has gold-focused projects called the Moormbool,
Timor and Avoca Projects, which are also located in the state of
Victoria, Australia. The Timor and
Avoca projects are part of the Leviathan spin-out transaction.
Six of Fosterville South's properties (Lauriston, Providence, Golden Mountain, Walhalla Belt and
the two properties being spun-out to Leviathan Gold; Timor, Avoca)
have had historical gold production from hard rock sources despite
limited modern exploration and drilling.
On behalf of the Company,
Bryan Slusarchuk, Chief Executive
Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approval or disapproved of the contents of this press
release.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Fosterville South cautions
that all forward looking statements are inherently uncertain and
that actual performance may be affected by many material factors,
many of which are beyond their respective control. Such factors
include, among other things: risks and uncertainties relating to
Fosterville South's limited operating history, its proposed
exploration and development activities on is Lauriston and Golden
Mountain Properties and the need to comply with environmental and
governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Fosterville South does not
undertake to publicly update or revise forward-looking
information.
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SOURCE Fosterville South Exploration Ltd.