VANCOUVER, BC, Dec. 31,
2024 /CNW/ - Elevation Gold Mining Corporation
(TSX.V: ELVT.H) (the "Company" or "Elevation
Gold") previously announced in its press release dated
December 4, 2024 that it entered into
a purchase and sale agreement dated December
2, 2024 (the "APS") with an arm's length purchaser,
EG Acquisition LLC (the "Purchaser"), in respect of the
purchase and sale of certain of Elevation's assets (the
"Transaction"), including the outstanding common shares of
Golden Vertex Corp. ("GVC"), which holds the Moss Mine
located in Arizona. As
announced in the Company's press release dated December 19, 2024, the Transaction was approved
by the British Columbia Supreme Court in an order dated
December 17, 2024 (the "Canadian
Approval Order").
The Canadian Approval Order was subject to recognition by the
U.S. Court (the "US Approval Order") in the Chapter 15
Proceedings (the "US Recognition Hearing"). The US
Recognition Hearing was heard on December
23, 2024, and the US Approval Order was entered on
December 30, 2024. The
Transaction was also approved by the TSX Venture Exchange subject
to approval by the U.S. Court.
The Transaction is expected to close on December 31, 2024. In connection with
Closing of the Transaction, all of the Company's directors and
officers have resigned from their positions, effective
immediately. The net proceeds of the Transaction will be
applied in accordance with the Canadian Approval Order, following
which the Company will have no operating business or material
assets.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, Chief Executive
Officer of Elevation Gold Mining Corporation
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.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the application of the proceeds of the
Transaction, and the Company's status following the completion of
the Transaction. Words such as "believe", "expect", "anticipate",
"contemplate", "target", "plan", "goal", "aim", "intend",
"continue", "budget", "estimate", "may", "will", "can", "could",
"should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to risks and uncertainties
including but not limited to those described the Company's public
disclosure documents which are available on SEDAR at www.sedar.com
under the Company's profile. All of the forward-looking statements
made in this document are qualified by these cautionary statements.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated,
forecast or intended and readers are cautioned that the foregoing
list is not exhaustive of all factors and assumptions which may
have been used. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking information. Accordingly, there can be no assurance
that forward-looking information will prove to be accurate and
forward-looking information is not a guarantee of future
performance. Readers are advised not to place undue reliance on
forward-looking information. The forward-looking information
contained herein speaks only as of the date of this document. The
Company disclaims any intention or obligation to update or revise
forward–looking information or to explain any material difference
between such and subsequent actual events, except as required by
applicable law.
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SOURCE Elevation Gold Mining Corp.
