Golden Ridge Resources Receives Approval on Royalle Option
Kelowna, British Columbia – May 9, 2018 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) is pleased to announce it has received TSX Venture Exchange (“Exchange”) approval for its option agreement (the “Option”) whereby Golden Ridge can acquire a 100% interest (subject to a 2.5% NSR royalty) in the Royalle property located in British Columbia’s prolific Bralorne mining camp, by incurring $580,0000 in exploration expenditures, $160,000 in cash payments and the issuance of 480,000 common shares over a four year period (see news release dated April 25, 2018).
The Vendors include non-arms’ length parties, Mike Blady a director and the President and CEO of the Company and Chris Paul the Company’s VP of Exploration as such related party considerations pursuant to Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) will apply. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties and did not exceed 25% of the Company’s market capitalization.
All securities issued pursuant to the Option will be subject to a statutory four month hold period under applicable securities laws.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge currently has an option to acquire a 100% interest in the 1,700-hectare Hank gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia. Golden Ridge may earn the 100% interest by performing $1.7M of exploration work by the end of 2018.
For more information please contact:
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer Tel: (250) 768-1168 Website: www.goldenridgeresources.com
Cautionary Statement Regarding Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at http://www.sedar.com/ for further information.