Toronto, Ontario--(Newsfile Corp. - February 21, 2018) - Wamco Technology Group Ltd. (the "Company") is pleased to announce that it has completed its previously announced (see press release dated September 26, 2017) three-cornered amalgamation (the "Transaction"), pursuant to which it acquired all of the outstanding common shares of Generic Gold Corporation ("Generic"). In connection with the closing of the Transaction, the Company will be filing articles of amendment effecting its name change to "Generic Gold Corp." which was previously approved at the annual and special meeting of shareholders of the Company held on November 30, 2017.
The Company is also pleased to announce that it has received conditional approval from the Canadian Securities Exchange (the "CSE") to list its common shares on the CSE under the symbol "GGC".
Closing of the Transaction
In connection with the closing of the Transaction, 2604935 Ontario Inc., the Company's wholly-owned subsidiary amalgamated with Generic under the provisions of the Business Corporations Act (Ontario), with the amalgamated company being named 1989670 Ontario Limited. Upon the amalgamation becoming effective, the Company issued one (1) common share for each one (1) common share of Generic to former Generic shareholders resulting in the issuance of 33,356,968 common shares of the Company. Additionally, the Company issued 8,356,968 common share purchase warrants ("Warrants") and 620,171 finder warrants ("Finder Warrants") to former Generic shareholders.
Each Warrant allows the holder of the Warrant to acquire one common share of the Company at an exercise price $0.50 per common share and the Warrant has a maturity date of 36 months from the closing date of each respective financing. Each Finder Warrant entitles the holder to purchase one unit of the Company ("Unit") at a price of $0.30 per Unit until the date which is twenty-four (24) months following the listing of the common shares of the Company on the CSE, whereupon the Finder Warrants will expire. Each Unit consists of one common share and one Warrant. Each Warrant entitles the holder of the Warrant to acquire one common share of the Company at an exercise price $0.50 per common share and the Warrant has a maturity date of 36 months from the closing date of each respective financing.
Following completion of the Transaction, the new board of directors of the Company consists of Donald Christie, Bruce Durham, Victor Cantore, and Nathan Tribble. Kelly Malcolm has been appointed as President and Chief Executive Officer and Donald Christie has been appointed Chief Financial Officer and Corporate Secretary.
In connection with the terms of Transaction, Lisa McCormack, James Fairbairn and Jennifer Thor have resigned from the board of directors. Also, Lisa McCormack has resigned as President and Corporate Secretary and Marco Guidi has resigned as Chief Financial Officer. The Company wishes to thank Ms. McCormack, Mr. Fairbairn, Ms. Thor and Mr. Guidi for their service and contributions to the Company and wishes them all the best in their future endeavours.
The following are brief descriptions of the new directors and officers of the Company:
Kelly Malcolm, President, Chief Executive Officer
Mr. Malcolm, a Professional Geologist, has been working in the mineral exploration industry since 2011, and specializes in geochemical and geophysical data integration & interpretation to guide exploration activities. He was most recently involved in the discovery and delineation of Detour Gold's high-grade 58N deposit. Mr. Malcolm acts as a consultant to several boutique Toronto-based finance firms. He holds a Bachelor of Science Honours degree in geology and a Bachelor of Arts degree in economics, both from Laurentian University.
Donald Christie, Chief Financial Officer, Corporate Secretary and Director
Mr. Christie is CEO and a director of Norvista Capital Corporation, an investment company focussed on the resource industry. Mr. Christie is also CFO and a director of Nevada Zinc Corporation and a director of Rockcliff Copper Corporation and Northern Graphite Corporation. Mr. Christie was previously CFO of Continental Gold Limited and spent over 25 years as an investment banker. Mr. Christie holds a Bachelor of Commerce Honours degree from Queen's University and received his Chartered Accountant designation while working for PricewaterhouseCoopers LLP.
Bruce Durham, Director
Mr. Durham, a Professional Geologist, is currently President, CEO and a director of Nevada Zinc Corporation and sits on the board of several resource-related companies. Mr. Durham has been involved in the mineral exploration business for more than 40 years, primarily in the junior exploration industry exploring for precious and base metal deposits in Ontario and Quebec, but also with companies exploring across Canada, in the United States and in Africa. Mr. Durham's career has seen him directly involved in a number of exploration programs that resulted in new mines being built, including two of the three Hemlo, Ontario gold mines, as well as Québec's newest nickel, copper, platinum group elements (PGE) mine in the Raglan area.
Victor Cantore, Director
Mr. Cantore is President, CEO, and a director of Amex Exploration, a Quebec-based exploration company. He is a seasoned capital markets professional specializing in the resource and high-tech sectors. He has more than 25 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. During his career he has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Mr. Cantore serves on the boards of various companies both private and public.
Nathan Tribble, Director
Mr. Nathan Tribble, B.Sc. P.Geo. (ON) is a Senior Lead Geologist for Sprott Mining Inc. and Jerritt Canyon Gold. He has over 12 years of professional experience in exploration and mining. Prior to his current role, Mr. Tribble was lead project geologist for Kerr Mines in Kirkland Lake, geologist for Northern Gold Mining in Matheson, Ontario and an exploration geologist and project geologist for Trelawney Mining and Exploration Inc. in Gogama, where he was part of the exploration team that discovered the 8.2 million-ounce Côté Lake gold deposit, prior to the $608 million takeover by Iamgold. Nathan has also held other geologist-related positions with Lake Shore Gold and Inco.
Mr. Tribble is registered as a Professional Geoscientist in Ontario and holds a Bachelor of Science degree in Geology from Laurentian University.
Conditional Approval to List on the CSE
The Company is pleased to announce that it has received conditional approval to list its common shares on the CSE subject to the completion of customary listing requirements of the CSE, including receipt of all required documentation. The Company is working to meet the CSE listing conditions in a timely manner. Once final approval is received, the common shares of the Company will commence trading on the CSE under the ticker symbol "GGC".
Stock Option Grants
The Company has granted, pursuant to its stock option plan, stock options to directors, officers, employees and consultants of the Company to purchase up to 3,225,000 common shares of the Company at a price of $0.30 per share. The stock options are exercisable on or before February 20, 2023. Of the options granted, 2,700,000 were awarded to directors and officers of the Company.
About Wamco Technology Group Ltd.
The Company is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon Territory of Canada. For information on the Company's property portfolio, visit the Company's website at genericgold.ca.
For further information contact:
Kelly Malcolm, President and CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain statements in this press release are "forward-looking" statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements in this press release include, without limitation, statements regarding obtaining final approval from the CSE to list the Company's common shares on the CSE. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "assets", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant litigation, business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward looking statements. These factors include, among others, the risks associated with the failure by the Company to obtain final approval from the CSE to list the Company's common shares on the CSE. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.