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Keith Piggott Provides Details of Undisclosed Competing Proposal to Core Gold
April 01, 2019 20:29 ET | Source: Keith Piggott, Concerned Shareholder
QUITO, Ecuador, April 01, 2019 (GLOBE NEWSWIRE) --


Keith Piggott, Director of Core Gold Inc. (TSXV: CGLD, OTCQX: CGLDF)
(“Core Gold” or the “Company”) today provided details of the
undisclosed competing proposal to Core Gold in response
to numerous shareholders’ inquiries.

https://www.globenewswire.com/news-release/2019/04/02/1794784/0/en/Keith-Piggott-Provides-Details-of-Undisclosed-Competing-Proposal-to-Core-Gold.html

At the recent meeting of the board of directors of Core Gold held
March 9, 2019 the board considered and approved a
CDN $4,000,000 subscription for 8,888,888 common shares of Core Gold
at CDN $0.45 per share from the Ecuador subsidiary of a mining
company listed on a major international stock exchange with a market
capitalization above US $3 billion.
This mining company is an integrated, large scale enterprise with
exploration, mining, processing and smelting operations, primarily
focusing on the gold industry.
The company is a leading gold producer with output of
approximately 1 million ounces per annum from mining and smelting
operations.

The subscription agreement followed two letters of intent between
the parties reached via friendly negotiations on February 25, 2019
providing for both the subscription of CDN $4 million to close
March 15 and the right of the mining company to increase its
shareholding by a further 14.9% for a total of 19.9% of the total
issued shares of Core Gold, subject to due diligence within 45 days
at a price of CDN $0.45 per share.
In addition to the equity placement, this company also proposed to
invest directly in the Dynasty goldfield for an upfront payment of
US $20 million to earn a 20% interest with the right to earn up
to 60% through the expenditure of US $62 million over a period of
3 Years to construct an underground mine and processing plant
to process 2,000 tons per day.
Under the terms of the agreement Core Gold would retain
40% following the declaration of commercial production.

The letters of intent also provided rights of board representation,
project cooperation including participation in management, design,
construction and finance, preemptive right to maintain shareholder
ownership level and a standstill agreement for 3 years.

This mining company mobilized significant resources, including
approximately 30 mining and exploration personnel and 3 drill rigs
to conduct confirmation drilling due diligence on Core Gold’s
Dynasty Goldfields mine as would be expected of any mining company
proposing to commit in excess of USD $100 million dollars.
This accelerated mobilization was done at considerable expense in
order to complete their due diligence within a period of
45 days (i.e. that was within the 60 days go shop period),
fully cognizant of the time constraints of
the 60 day go shop period.

At the March 9, 2019 meeting the board determined to deny this mining
company access to Core Gold’s property to conduct its due diligence
by drilling twin holes to verify a sample of drill results as shown
in the 43/101 report done by Core Gold (Dynasty Metals and Mining)
in 2014.

“I brought to the board a far less dilutive, shareholder friendly
proposal,” Mr. Piggott said.
“The board sabotaged the alternative in two ways, denying the
investor access to conduct reasonable technical due diligence at
its own expense and by increasing the
Titan break fee to $3,000,000 while eliminating
the Titan 60 day go shop provision,” lamented Mr. Piggott.

“At the board meeting held March 9, 2019 directors and advisors of
Core Gold explicitly threatened to terminate me for cause unless
I voted for the Titan amended proposal and agreed to vote
all my shares in favour of the Titan merger.
I refused,” said Mr. Piggott.

About Keith Piggott.
Keith Piggott is a seasoned mining developer and operator
with over 50 years of experience in Africa, Australia,
Mexico and South America.
Mr. Piggott as CEO, rescued Dynasty Metals and Mining from
certain bankruptcy and the loss of all its assets in 2016.
He has worked diligently for over two years to take the company,
as Core Gold Inc., from a $5 million market capitalization
to over $40 million market capitalization
before the Titan proposal.

He can be contacted at [e-mail],
by phone at 520-247-5753.

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https://www.globenewswire.com/news-release/2019/04/02/1794784/0/en/Keith-Piggott-Provides-Details-of-Undisclosed-Competing-Proposal-to-Core-Gold.html