(MENAFN - PRLog) Broadway Gold Mining Ltd. ("Broadway" or the "Company") (TSX-V: BRD): The proposed acquisition of Medcolcanna (BVI) Corp by the Company announced October 23, 2018 and the associated financing announced October 29, 2018 has expired, as Medcolcanna failed to sign an extension to the Letter of Intent ("LOI") agreement by October 31, 2018.
"Our intent was to provide shareholders with a two for one: one share of Medcolcanna for each nine shares of Broadway, plus one share of new Broadway for each one share of old Broadway, as a way to generate value for our shareholders while continuing to focus on and develop our mining assets," said Thomas Smeenk, CEO. "However, Medcolcanna failed to sign the agreement necessary for us to complete the announced transactions, leaving Broadway with no way to conclude them. Per the LOI, Medcolcanna is solely responsible to pay all legal costs associated with the proposed transactions," Smeenk added.
About Broadway Gold Mining Ltd.
Broadway is focused on the exploration and development of the Broadway and Madison mines and the delineation of the porphyry source of their mineralization. Historically, the mines produced a cumulative 151,500 ounces of gold and 3,020,000 pounds of copper. The Company's NI 43-101 defines average mill settlement grades of 16% copper and 0.36 ounces per ton gold. The Company owns 100% right, title and interest in 450 acres of land, a 192-acre ranch, buildings, mine equipment and fixtures, six patented mineral claims, 35 unpatented mineral claims and mineral rights to a four-square-mile porphyry-based property in the Butte-Anaconda region of Montana.
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Thomas A. Smeenk, BA
President and CEO
Broadway Gold Mining Ltd.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of The TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Thomas Smeenk, President