- 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'sFosterville 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