Megumagold holds 73.34 M Osprey Gold shares

Sep 15, 2020

2020-09-14 14:22 ET – News Release

Mr. Regan Isenor of MegumaGold reports

MEGUMAGOLD FILES EARLY WARNING REPORT AFTER COMPLETING ACQUISITION OF OSPREY GOLD

Megumagold Corp. has filed an early warning report in respect of its holdings in Osprey Gold Development Ltd. Pursuant to a statutory plan of arrangement pursuant to Section 288 of the British Columbia Business Corporations Act (the “Arrangement”), Meguma acquired all of the outstanding shares of Osprey (“Osprey Shares”) in exchange for 36,671,166 common shares of Meguma.

As a result of the Arrangement, Meguma now beneficially owns and controls 73,342,332 Osprey Shares, representing all of the issued and outstanding Osprey Shares.

Pursuant to the Arrangement, holders of Osprey Shares received 0.50 of a common share of Meguma in exchange for each Osprey Share held immediately prior to the effective time of the Arrangement, representing an aggregate of 36,671,166 common shares of Meguma.

Following the Arrangement, Osprey is now a wholly-owned subsidiary of Meguma. Meguma will cause (i) the Osprey Shares to be delisted from the TSX Venture Exchange, and (ii) Osprey to submit an application to the securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated September 14, 2020. The early warning report respecting this transaction has been filed on SEDAR (www.sedar.com) under Osprey’s issuer profile. To obtain a copy of the early warning report filed by Meguma, please contact Theo van der Linde at (604) 687-2038 or refer to SEDAR (www.sedar.com) under Osprey’s issuer profile

About MegumaGold Corp.

MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) is a Canadian junior gold exploration company engaged in the business of acquiring, exploring and developing natural resource properties. MegumaGold has centered its exploration focus on the developing Meguma formation of Nova Scotia. As a result, MegumaGold has assembled a strategically positioned, district-scale tenure position of 108,589 hectares within the Meguma Gold District. For additional information, please visit MegumaGold’s website: http://www.MegumaGold.com.

We seek Safe Harbor.

https://megumagold.com/