VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) — Evolving Gold Corp. (CSE: EVG) (FSE: EV7) (OTCB: EVOGF) (the “Company” or “EVG”) announces that it has executed a definitive agreement to acquire Bocana Resources Ltd. (“Bocana”), a private company with mineral property interests in South America. Bocana will amalgamate with EVG, and the shareholders of Bocana will receive post-consolidated shares of EVG. In conjunction with the amalgamation, EVG will continue federally under the Canada Business Corporations Act, and will consolidate its outstanding shares on a 3 for 2 basis. The agreement is subject to the approval of the shareholders of both EVG and Bocana.
The acquisition of Bocana constitutes a “fundamental change” for EVG under CSE policies. The common shares of EVG are currently halted on the CSE, and the Company does not expect its shares will resume trading again until the transaction has been accepted by the CSE. EVG intends to call a special meeting of its shareholders to approve the acquisition in conjunction with its Annual General Meeting, which is expected to be held prior to the end of 2018.
About Bocana’s South American Prospects
Bocana, through its wholly owned subsidiaries, currently holds and anticipates securing a 100% interest in several new mineral concessions in South America. These concessions are currently being negotiated and finalized with the respective governmental and regulatory entities that issue these agreements. Full disclosure of Bocana’s mineral property interests will be provided upon settlement of all concessions.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“R. Bruce Duncan”
President, CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
Tel: 604.685.6375
TF: 866.604.3864
Neither Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There is no assurance EVG will be successful in closing its definitive agreement with Bocana on the terms as outlined above, or at all. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).