VANCOUVER, British Columbia, Oct. 13, 2017 (GLOBE NEWSWIRE) -- MX Gold Corp. (TSX-V:MXL)
(FSE:0DV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce that the Company has
entered into a letter of intent (the “Agreement”) to acquire all of the shares of Symple Internet Financial Ltd.
(“Symple”), an arm’s length private British Columbia cryptocurrency/blockchain mining company based in
Manitoba. The proposed acquisition is the Company’s first foray outside the mineral exploration space and is intended to be a
pilot project to determine whether further investment in the growing cryptocurrency industry is warranted. The Company has
had preliminary discussions about the proposed transaction with the TSX Venture Exchange (the “Exchange”) and
anticipates that it will proceed as a Reviewable Transaction but not a Change of Business in accordance with Exchange policies.
Pursuant to the terms of the Agreement, the Company has agreed to pay $150,000 and issue 4.5 million shares to
the shareholder of Symple in consideration for all of the shares thereof. The closing of the transaction is subject to
customary conditions precedent, including approval by the Exchange and the entry into a consulting agreement with the principal
shareholder and executive of Symple for a minimum term of 12 months for compensation of $8,000 per month. The Agreement
contemplates that a definitive agreement will be entered into on or before November 1, 2017 and closing will occur on or before
December 1, 2017.
Symple operates a cryptocurrency/blockchain mining operation in a 5,000 sq. ft. leased facility in Manitoba with
the possibility to expand in the future under current leases. Symple has been successfully operating in the cryptocurrency
business for approximately 1 year.
Dan Omeniuk, CEO of the Company stated, “The blockchain space is growing and has the power to change the way
finances are conducted globally. We are excited to have the opportunity to work with Albert Buu, the founder of Symple, who
has a vast knowledge in the blockchain space and his educational background in computer engineering.”
In other corporate news, the Company confirms that it has received final Exchange approval for the $4 million
equity financing that closed on September 9, 2017, as further disclosed in its news release of even date.
About MX Gold
MX Gold is a junior mining company focused on the exploration and development of advanced projects located in
Mexico and British Columbia, Canada. The company’s primary focus, is the Magistral del Oro tailings project located 392 km SW of
Chihuahua and includes a 500 tonnes-per-day dynamic cyanide countercurrent system plant constructed in 2013, which the
Company plans to expand to 1,000 tonnes-per day. The Company also owns 50% of the IDS Project, which includes a smelter that
was completed in 2014 for a throughput capacity of 50 tonnes per day. The smelter was built to receive and process material from
small-scale miners across the state of Durango and beyond. MX Gold has acquired a substantial land package of approximately
22,881 acres in the heart of the Golden Triangle. The Company’s primary focus in British Columbia is its Willa gold and
copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the
Willa project and the Max Molybdenum Mine and Mill Complex. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold
Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve. For updates on the Company’s
projects please visit our website. www.mxgoldcorp.com
On behalf of the Board of Directors,
“Akash Patel”
Akash Patel, Vice President and Director, MX Gold Corp.
For further information, please contact
Dan Omeniuk, CEO
Email: dano@mxgoldcorp.com
Or by email to:
info@mxgoldcorp.com
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Statements in this news release that are not historical facts are forward-looking statements.
Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding
future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", “potential”,
"should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements.
Forward-looking statements in this news release include the anticipation of entering into and closing a definitive agreement with
respect to the acquisition of Symple and the possibility of expanding the number of units operated by such company. All of
these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those expressed or implied, including, without limitation: the Company’s ability to
enter into and close the definitive agreement and acquire Symple; the ability to obtain Exchange approval with respect to the
transactions; MX Gold’s ability to attract and retain qualified personnel and management, including the proposed consulting
agreement with Mr. Buu; and the ability of the Company to fund its operations, as well as other risks and uncertainties identified
under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on SEDAR. You are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which may have been used. MX Gold cannot assure you that
actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may
prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating
performance and speak only as of the date hereof and MX Gold does not assume any obligation to update forward-looking statements if
circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the
reasons set forth above, you should not place undue reliance on forward-looking statements.
