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FenixOro Closes 1st Tranche of Non-public Placement Gross Proceeds of $369,000 To Continue Drilling of Southern Block, The Canadian Small business Journal

FenixOro Closes 1st Tranche of Non-public Placement Gross Proceeds of $369,000 To Continue Drilling of Southern Block, The Canadian Small business Journal

FenixOro Closes First Tranche of Private Placement Gross Proceeds of $369,000 To Continue Drilling of Southern Block

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE Solutions OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 05, 2022 (World NEWSWIRE) — FenixOro Gold Corp. (CSE: FENX OTCQB: FDVXF Frankfurt: 8FD) (the “Company”) is pleased to announce that it has closed the very first tranche of its non-brokered non-public placement (the “Non-public Placement“), previously declared on June 15, 2022. The Enterprise has issued a whole 2,050,000 Models (“Models“) at a subscription price of $.18 for every Device for gross proceeds of $369,000 in this initial tranche. Every single Unit is composed of just one typical share of the Organization and a single prevalent share acquire warrant, with every single warrant currently being exercisable for a single additional widespread share at an exercise cost of $.23 for a time period of two many years from their date of issuance.

The Enterprise intends to use the web proceeds of the Private Placement to continue its Period 2 drilling plan at the Abriaqui Challenge, with a focus on the space surrounding the recently found out Prospera Vein (for even more facts see the Company’s press release of June 9, 2022). The Prospera discovery is substantial in that it is in the vicinity of the top of a ridge in the southern block and has proven the optimum grades of gold and silver at any time recorded on the project. More than a ongoing 100 meter sampling of the mine doing the job the massive sulfide core averages 39.2 g/t gold (1.26 oz/t) and 254 g/t silver (8.17 oz/t).

Administrators and officers of the Company obtained 800,000 Models pursuant to Non-public Placement, for aggregate gross proceeds of $144,000. This membership of Units by insiders constitutes a “related occasion transaction” below Multilateral Instrument 61-101 Protection of Minority Safety Holders in Distinctive Transactions (“MI 61-101”). Nevertheless, the linked bash transaction is exempt from the official valuation needs of Section 5.4 of MI 61-101 pursuant to subsection 5.5(a) of MI 61-101, and exempt from the minority approval necessities of Section 5.6 of MI 61-101 pursuant to subsection 5.7(1)(a) of MI 61-101. A product alter report was not filed additional than 21 times prior to closing as contemplated by the connected occasion transaction needs underneath MI 61-101 as the insider participation was only recently verified.

The Business intends to comprehensive a next tranche closing of the Non-public Placement in the coming months for anticipated extra gross proceeds of up to $2.6 million.

All securities issued pursuant to the Non-public Placement are subject to a statutory maintain period of four months and one working day from the date of issuance.

About FenixOro Gold Corp.

FenixOro Gold Corp is a Canadian company centered on getting gold projects with environment class exploration possible in the most prolific gold creating locations of Colombia. FenixOro’s flagship property, the Abriaqui project, is situated 15 km west of Continental Gold’s Buritica undertaking in Antioquia Point out at the northern close of the Mid-Cauca gold belt, a geological trend which has witnessed many substantial gold discoveries in the earlier 10 many years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technological Report on the Abriaqui project Antioquia Point out, Colombia” (December 5, 2019), the geological attributes of Abriaqui and Buritica are extremely identical. The report also files the significant gold grade at Abriaqui with samples taken from 20 of the veins assaying bigger than 20 g/t gold. A Stage 1 drilling application has been completed at Abriaqui ensuing in a substantial discovery (see Press Releases March 19 and September 28, 2021). The Phase 2 drilling marketing campaign has just lately begun.

FenixOro’s VP of Exploration, Stuart Moller, led the discovery group at Buritica for Continental Gold in 2007-2011. At the time of its hottest report, the Buritica Mine includes measured plus indicated methods of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) as well as a 6.02 million ounce inferred source (21.87 Mt grading 8.56 g/t) for a whole of 11.34 million ounces of gold methods. Buritica began official manufacturing in November 2020 and has anticipated once-a-year average production of 250,000 ounces at an all-in sustaining price of close to US$600 for every ounce. Assets, price tag and production facts are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”. Continental Gold was a short while ago the issue of a takeover by Zijin Mining in an all-dollars transaction valued at C$1.4 billion.

Neither the Canadian Securities Trade nor its Industry Regulator (as defined in the insurance policies of the Canadian Securities Trade) settle for accountability for the adequacy or accuracy of this release.

FenixOro Gold Corp

82 Richmond St. E.
Toronto, ON
Telephone: 1-833-ORO-GOLD

John Carlesso, CEO
Electronic mail: [email protected]
Site: www.FenixOro.com

Cautionary Assertion on Forward-Seeking Info

This information launch incorporates specific “forward-looking information” inside of the that means of applicable Canadian securities laws and might also consist of statements that may constitute “forward-searching statements” in the this means of the protected harbor provisions of the United States Personal Securities Litigation Reform Act of 1995. Such ahead-looking information and forward-looking statements are not agent of historical points or data or recent problem, but in its place signify only the Company’s beliefs relating to long term situations, plans or objectives, quite a few of which, by their mother nature, are inherently uncertain and outside the house of FenixOro’s command. Generally, these kinds of forward-wanting facts or ahead-wanting statements can be discovered by the use of ahead-looking terminology these types of as “will”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these kinds of words and phrases or might consist of statements that selected steps, occasions or success “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The ahead-on the lookout information and ahead-on the lookout statements contained herein involve, but are not limited to data regarding the closing of subsequent tranches of the Private Placement, and the enhancement of the Abriaqui Challenge. Although FenixOro thinks that the assumptions and things employed in preparing, and the expectations contained in, the forward-looking info and statements are realistic, undue reliance should really not be placed on this kind of facts and statements, and no assurance or warranty can be offered that this kind of ahead-wanting data and statements will demonstrate to be correct, as true effects and foreseeable future situations could differ materially from these anticipated in these types of information and facts and statements. In unique, there is no assurance that Abriaqui will make viable portions of minerals, that the Organization will go after Abriaqui or that any mineral deposits will be found, or that potential tranches of the Personal Placement will close. The forward-wanting information and ahead-looking statements contained in this information launch are produced as of the date of this press release, and FenixOro does not undertake to update any ahead-hunting facts and/or ahead-looking statements that are contained or referenced herein, other than in accordance with applicable securities rules.

 


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