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Newcore Gold Ltd V.NCAU

Alternate Symbol(s):  NCAUF

Newcore Gold Ltd. is a Canada-based company. The Company is engaged principally in the acquisition, advancement, and development of precious mineral properties, particularly its Enchi Gold Project in Ghana. The Company hosts an indicated mineral resource of 743,500 ounces of gold at 0.55 g/t and an inferred mineral resource of 972,000 ounces of gold at 0.65 g/t in a district hosting several five-million-ounce gold deposits. This approximately 216 square kilometers (km2) land package covers 40 kilometers of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several five-million-ounce gold deposits, including the Chirano mine 50 kilometers to the north. The property remains substantially underexplored, with several geochemical and geophysical anomalies yet to be tested by drilling.

TSXV:NCAU - Post by User

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  • Super_CycleX
Comment by Super_Cycleon Jun 08, 2020 4:11pm
Post# 31125884

RE:RE:RE:RE:A Little Action Today

RE:RE:RE:RE:A Little Action Todaynice:

Institutional Investors Purchase Kinross’ 17% Stake in Pinecrest Resources


VANCOUVER, British Columbia, June 08, 2020 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V: PCR) (the "Company" or "Pinecrest") is pleased to announce Ruffer LLP along with other institutional investors based in London, Hong Kong, Canada and the United States have purchased 10,925,000 common shares of Pinecrest from Kinross Gold Corporation (“Kinross”) at a price of $0.36 per common share representing approximately 17% of the issued and outstanding shares of the Company. Upon settlement of the purchase, Ruffer LLP will own 7,500,000 common shares in Pinecrest representing an approximate 12% ownership in the Company prior to the closing of the May 19th private placement, which is expected to close on June 17th, 2020.  

Luke Alexander, President and Chief Executive Officer of Pinecrest Resources, stated: “We are very excited to have such a prominent group of institutional mining investors become shareholders of Pinecrest. Combined with the investors who participated alongside management and directors in the $3.0 million private placement announced on May 19th, we believe we will be extremely well supported to execute on our growth initiatives to create significant shareholder value. These investors share our vision that there is a significant amount of value to be unlocked at our Enchi Gold Project. I would like to thank Kinross for their support over the years and look forward to continuing to collaborate with them as our closest neighbour in Ghana.”

On closing of the $3.0 million private placement financing announced on May 19, 2020, Pinecrest will have 79.8 million shares issued and outstanding with Management and the Board owing a 39% equity interest and Ruffer LLP owning a 9% equity interest.

On Behalf of the Board of Directors

Pinecrest Resources Ltd.

"Luke Alexander"

Luke Alexander
President, CEO & Director

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