Name Change Official Gonzaga Changes Name and Enters Into Goldenville Acquisition Agreement GONZAGA CHANGES NAME AND ENTERS INTO GOLDENVILLE ACQUISITION AGREEMENT
TSXV– OS
VANCOUVER, February 24, 2017. OSPREY GOLD DEVELOPMENT LTD. (the “Company” or “Osprey”) (TSXV: OS) is pleased to announce it has completed its previously announced name change from Gonzaga Resources Ltd. to Osprey Gold Development Ltd. It is anticipated that the Company’s common shares will commence trading on the TSX Venture Exchange under the new symbol “OS” upon the opening of the markets on Monday, February 27, 2017. The CUSIP number assigned to the Company’s shares following the name change is 688401108 (ISIN: CA6884011082). No action is required to be taken by shareholders with respect to the name change. Outstanding share certificates are not affected by the name change and do not need to be exchanged.
The Company also announced that it has entered into a definitive acquisition agreement (the “Acquisition Agreement”) with Crosby Gold Ltd. (“Crosby”) in connection with the previously disclosed acquisition (the “Acquisition”) of an option to acquire a 100% interest in the Goldenville Gold Project located in Guysborough County, Nova Scotia (the “Goldenville Property”). As disclosed in the Company’s January 10, 2017 news release, pursuant to an option agreement dated October 14, 2016 (the “Option Agreement”), Crosby holds an option to acquire a 100% interest (subject to certain royalties) in the Goldenville Property.
Under the terms of the Acquisition Agreement, the Company will acquire all of the issued and outstanding shares of Crosby (the “Crosby Shares”) in consideration for the issuance of common shares of the Company on the basis of common share for each Crosby Share, resulting in the issuance of an aggregate of 5,840,000 common shares of the Company to Crosby’s shareholders. Upon completion of the Acquisition, Crosby will be a wholly owned subsidiary of the Company. For additional details regarding the Goldenville Property, the Option Agreement and the Acquisition, please refer to the Company’s January 10, 2017 news release.
Completion of the Acquisition is subject to a number of conditions including, completion by the Company of an equity financing for minimum aggregate proceeds of $500,000, execution of final transaction documentation and receipt of TSX Venture Exchange approval.
ON BEHALF OF OSPREY GOLD DEVELOPMENT LTD.