- Sun Valley has the real capital, plan and leadership that
Canagold deserves.
- Sun Valley’s goal is to salvage this year’s drilling season and
recommence drilling at New Polaris to enhance shareholder
value.
- Sun Valley’s highly-qualified director nominees will provide
the much-needed governance and independent oversight that Canagold
deserves.
- Vote only the BLUE proxy FOR Sun Valley’s
nominees by 5:00 p.m. on Thursday, July 14, 2022. To vote, contact
Kingsdale Advisors at 1-888-213-0093 or at
contactus@kingsdaleadvisors.com.
- Even if you have voted using the management proxy, you can
still change your vote for Sun Valley’s nominees by submitting a
BLUE proxy today.
Sun Valley Investments (“Sun Valley”), a strategic and
long-term focused investor of Canagold Resources Ltd. (TSX: CCM)
(“Canagold” or the “Company”), thanks Canagold
shareholders for the overwhelming support it has received so far
and reminds shareholders to vote only the BLUE proxy
FOR Sun Valley’s nominees prior to the proxy deadline on
Thursday, July 14, 2022 at 5:00 p.m. ET.
Mr. Bradford Cooke and the Canagold board of directors (the
“Board”) have tried to convince shareholders to ignore the
decades of value destruction, inexplicable trading of shares at
Canagold and other companies, empty disclosures and flagrant
disregard for good governance. Enough is enough. We have
heard from many frustrated shareholders who are voting with Sun
Valley – join us by voting only the BLUE proxy. By voting the BLUE
proxy, Canagold shareholders can send a clear message to the Board:
it’s time to put shareholders’ interest first.
The Real Capital that Canagold
Deserves
Sun Valley has been committed to funding Canagold and we have
the financial strength to support the Company. Despite Mr. Cooke
and the Board’s efforts to mislead shareholders, the fact remains
that Sun Valley has offered CAD $7.6 million in equity to the
Company at a premium to market prices – a 20% premium above market
price or a 60% premium on a flow-through basis.
As such, we stand ready to provide Canagold with the capital
necessary to save New Polaris from the 28-year hiatus at the hands
of Mr. Cooke and finally advance it. The capital would also keep
Canagold from taking on a second royalty that would further destroy
shareholder value, and support Canagold through the 2022 drilling
season, saving Canagold from going into an inevitable hibernation
under the current leadership.
The Real Plan that Canagold
Deserves
Unlike Canagold’s non-existent plan, Sun Valley’s strategic plan
is focused on delivering results that is on time and on budget. Our
goal is to salvage this year’s drilling season and recommence
drilling at New Polaris so that a mine may be built.
The three-stage plan below outlines our plan for New
Polaris:
Stage 1
- Stop all royalty discussions, hence putting an end to
shareholder value destruction
- Introduce a credible financing option to fund the operation of
Canagold and the project
Stage 2
- Tender a feasibility study with a view to an 18-month
completion timeline
- Begin the permitting process in the second quarter of 2023
Stage 3
- Continue drilling in 2022/2023 to grow the Company's resource
base and convert existing inferred mineral resources into indicated
mineral resources
Sun Valley has a track record of success when it comes to
developing assets from exploration to production.
Like all shareholders, Sun Valley believes in the potential of
New Polaris, and only by progressing it in a timely fashion will it
deliver value to all shareholders. We believe that the feasibility
study will result in a steadily increasing share price.
The Real Leadership that Canagold
Deserves
Canagold stated that the Company “requires an independent and
experienced Board” – and we agree. Sun Valley’s highly experienced
and qualified director nominees, Dr. Carmen Letton, Ms. Sofia
Bianchi and Mr. Andrew Trow, would provide refreshed perspectives,
technical experience, and most importantly, the much-needed
governance and independent oversight to turn Canagold around.
It is time to save your investment and press play on a
company that has been put on pause for 35 years. Once elected,
our independent directors will put Canagold on the right path. Our
director nominees are respected industry leaders with the relevant
expertise in metals and mining, operations and business
improvement, and corporate finance, and are the best candidates to
turn Canagold around, deliver results and lead us to the
long-awaited New Canagold.
VOTE ONLY THE BLUE PROXY
Time is running out. Vote now for the New Canagold. As
announced on July 7, 2022, ISS recommends Canagold shareholders
vote FOR change using Sun Valley’s BLUE proxy
only.
Please vote before the proxy voting deadline on Thursday, July
14, 2022 at 5:00 p.m. ET. If you have questions or need help
voting, contact Kingsdale Advisors at 1-888-213-0093 or at
contactus@kingsdaleadvisors.com.
Advisors Kingsdale Advisors is acting as strategic
shareholder and communications advisor to Sun Valley. McMillan LLP
is acting as legal counsel to Sun Valley.
About Sun Valley Sun Valley is a private equity firm
focussed on the precious metals industry with portfolio companies
and branch offices in the Americas, Europe and Asia. Sun Valley
seeks to invest in sustainable development projects and operations
with growth potential, low cash costs of production, or the
operating flexibility to insulate against volatility in the
commodity markets.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information within the
meaning of applicable securities laws. In general, forward-looking
information refers to disclosure about future conditions, courses
of action, and events. All statements contained in this press
release that are not clearly historical in nature or that
necessarily depend on future events are forward-looking, and the
use of any of the words “anticipates”, “believes”, “expects”,
“intends”, “plans”, “will”, “would”, and similar expressions are
intended to identify forward-looking statements. These statements
are based on current expectations of Sun Valley and currently
available information. Forward-looking statements are not
guarantees of future performance, involve certain risks and
uncertainties that are difficult to predict, and are based upon
assumptions as to future events that may not prove to be accurate.
Sun Valley undertakes no obligation to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities legislation.
Disclaimer The information contained or referenced herein
is for information purposes only in order to provide the views of
Sun Valley and the matters which Sun Valley believes to be of
concern to shareholders described herein. The information is not
tailored to specific investment objectives, the financial
situations, suitability, or particular need of any specific
person(s) who may receive the information, and should not be taken
as advice in considering the merits of any investment decision. The
views expressed herein represent the views and opinions of Sun
Valley, whose opinions may change at any time and which are based
on analyses of Sun Valley and its advisors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220712005981/en/
Sun Valley: Daniel Henao Partner / VP Business Development
Phone: 6042607046 Email: dhenao@sunvalleyinv.com Kingsdale
Advisors: Tom Graham Executive Vice President, Western Canada
Direct: 587-330-1924 Email: tgraham@kingsdaleadvisors.com Media:
Hyunjoo Kim Vice President, Strategic Communications and Marketing
Direct: 416-867-2357 Email: hkim@kingsdaleadvisors.com
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