VANCOUVER, BC, March , 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (OTCQB: TLLZF) (the “Company” or “Gold Line”) is pleased to announce that it has made its first anniversary payment on its previously announced asset purchase transaction for 100% interest in Agnico Eagle Mines Limited’s (NYSE/TSX: AEM) (“Agnico”) Oijärvi Gold Project located in central Finland and Solvik Gold Project located in southern Sweden.
The asset purchase agreement dated March 19, 2021 (the “Agreement”) was a transaction between Company, EMX Royalty Corp. (NYSE American and TSX-V: EMX) (“EMX”), Agnico, Agnico Eagle Finland Oy and Agnico Eagle Sweden AB. (see news release of June 24, 2021)
As part of the first anniversary payment, On March 21, 2022, Gold Line issued 5,681,612 common shares to Agnico, representing US$500,000 and paid US$1,500,000.
“We are pleased to have Agnico Eagle as a strong supporter and a great partner, as we further expand and delineate the high-grade gold resource potential of the Oijarvi and Solvik Gold Projects,” stated Adam Cegielski, CEO of Gold Resources. “It is an honour that Agnico Eagle chose us to further explore and develop these projects and it demonstrates Gold Lines’ capabilities and mining expertise in the region.”
As part of the first anniversary payment, the Company also issued 2,840,806 common shares to EMX, representing US$250,000 and paid US$250,000.
All Gold Line common shares issued in connection with the first anniversary payment are based on the volume-weighted average price for the 20 trading days (the “20-day VWAP”) prior to the date of issuance, being C$0.1124, respectively, on March 18, 2022. All securities issued are subject to a hold period of four (4) months plus one day, expiring July 22, 2022.