Elevation Gold Announces AGM Results and US$6 Million Working Capital Loan

VANCOUVER, BC, August 18, 2022 /PRNewswire/ – Elevation Gold Mining Company (TSX.V: ELVT) (OTCQX: EVGDF) (the “Company” or “Elevation Gold”) is pleased to announce that all matters submitted for shareholder approval, as set forth in the detail of the management information circular of the Company dated July 13, 2022, were approved by the required majority of votes cast at its Annual General Meeting (“AGM”). A total of 36,024,003 common shares of the Company were represented by shareholders in person or by proxy at the AGM, representing 32.63% of the issued and outstanding common shares of the Company as of the record date of July 13, 2022.

Specifically, shareholders voted to approve:

  • Election of the appointed Board of Directors;
  • Reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the Company’s external auditors for 2022; and
  • Approval of the Company’s new 10% capital incentive plan.

The detailed voting results are shown below:

Movements

Voting results

Number of shares

Percentage of votes cast

For

Versus

Withheld

For

Versus

Withheld

Number of directors (5)

Adopted

35,416,155

607 848

0

98.31%

1.69%

0.00%

Douglas Hurst

Adopted

35 252 125

0

771 878

97.86%

0.00%

2.14%

Marcel de Groot

Adopted

35,243,279

0

780 724

97.83%

0.00%

2.17%

Raymond Threlkeld

Adopted

35 137 276

0

886 727

97.54%

0.00%

2.46%

Geoff Burns

Adopted

35,237,481

0

786,522

97.82%

0.00%

2.18%

Michael Haworth

Adopted

35,239,524

0

784 479

97.82%

0.00%

2.18%

Appointment of auditors

Adopted

35,717,693

0

306 310

99.15%

0.00%

0.85%

Approval of a new 10% continuing stock incentive plan

Adopted

34,594,778

1,429,225

0

96.03%

3.97%

0.00%

The directors will sit on the board of directors until the next annual general meeting of shareholders of the company.

Full details of all proposals are described in the Company’s management information circular available on SEDAR at www.sedar.com.

In addition, the Company has entered into an agreement which provides Elevation Gold with a US $6 million revolving credit facility (the “Credit Facility”). The net proceeds will be used for operating and capital expenditures at its wholly-owned Moss mine, which produces gold and silver in Arizona and for general working capital purposes. Under the terms of the credit facility, interest accrues on any unpaid principal at an interest rate of 12% per annum compounded monthly, all accrued interest and principal being payable no later than December 31, 2023. At closing, Elevation Gold received an advance in the principal amount of $3 million (the “Initial Advance”). Additional advances after the Initial Advance will be made available to the Company at the discretion of the lender. The Company may, at its option, at any time and from time to time, prepay without penalty or premium the Credit Facility, in whole or in part.

ON BEHALF OF GOLD MINING CORPORATION ELEVATION COUNCIL

“Tim J. Swendseid”

Tim J. SwendseidPresident of Elevation Gold Mining Corporation

About Elevation Gold Mining Corporation

Elevation Gold is a publicly traded gold and silver producer engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. The common shares of Elevation Gold are listed on the TSX Venture Exchange (“TSXV”) in Canada under the symbol ELVT and on the NASDAQ OTC in United States under the ticker symbol EVGDF. The Company’s principal operation is the 100% owned Moss mine in the Mohave County from Arizona. Elevation also holds title to the Hercules exploration property, located in Lyon County, Nevada.

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.

Caution regarding forward-looking information

Certain of the statements made and information contained herein constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact included herein constitute forward-looking information, including, but not limited to, statements regarding the Company’s plans for the appointment of a new president. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “aim”, “aim”, “intend”, “continue” , “budget”, “estimate”, “may”, “will”, “may”, “could”, “should”, “schedule”, and similar expressions identify forward-looking statements. All 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 the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated, forecast or anticipated and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking information. Accordingly, there can be no assurance that the forward-looking information will prove to be accurate and the forward-looking information is not a guarantee of future performance. Readers are cautioned 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 any forward-looking information or to explain any material differences between these actual events and subsequent events, except as required by applicable law.

SOURCE Elevation Gold Mining Corp.

About Donnie R. Losey

Check Also

KEC International strong backlog, improving net working capital

Supported by a strong backlog, picking up execution and lower commodity prices, KEC International’s earnings …