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PureGold Receives Court Approval of Sales and Investment Solicitation Process and Related Relief

Press Release

VANCOUVER, B.C. – Pure Gold Mining Inc. (NEX:PGM.H, LSE:PUR) (the “Company”) announces that the Supreme Court of British Columbia (the “Court”), on application of the Company in its proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”), has granted a Sales and Investment Solicitation Process Order (the “SISP Order”), among other relief.

The SISP Order, among other things: (i) approves a sales and investment solicitation process for all the assets, undertakings and property of the Company, including the Company’s Mine project located in Ontario (the “SISP”) and (ii) approves of the engagement of National Bank Financial Inc. (“NBF”) as the Company’s sales agent for the purposes of the SISP.

In order to participate in the SISP and obtain access to a virtual data room and other information, interested parties must comply with the terms and conditions set forth in the SISP Order and other related documents, which are available on the website of KSV Restructuring Inc., the Court-appointed CCAA monitor, at https://www.ksvadvisory.com/experience/case/pure-gold-. Parties interested in participating in the SISP should contact Morten Eisenhardt and Andrew Armstrong at NBF at the following addresses: [email protected] and [email protected].

In addition to the SISP Order, the Court also granted orders:

  • extending the stay of proceedings granted under the CCAA until January 27, 2023;
  • authorizing the Company to borrow additional funds under an interim financing credit facility from its lending partner, Sprott Private Resource Lending II (Collector), LP, in order to meet the Company’s immediate cash needs for the continuation of its business activities and preservation of its property;
  • approving of a Key Employee Retention Plan which provides for, among other things, payments to key employees of the Company based on defined timelines and metrics connected to the SISP and CCAA process; and
  • restating and amending the Initial Order of the Court granted on October 31, 2022.

About Pure Gold Mining Inc.

The Company is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The Company owns and operates the Company’s Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The Company’s Mine is centered on a forty-seven square kilometre property with significant discovery potential.

Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com

ON BEHALF OF THE BOARD

“Mark O’Dea”

Mark O’Dea, President & CEO

Investor inquiries:

Adrian O’Brien, Director, Marketing and Communications
Tel: 604-809-6890

[email protected]

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