Pure Gold Mining

2022 - 10 - 25

Post cover — Image courtesy of "Junior Mining Network"

PureGold Mining Provides Financial and Operations Update (Junior Mining Network)

VANCOUVER, British Columbia, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), ...

If additional outside financing is not obtained in the short term, PureGold will not be able to meet its obligations as they become due, resulting in a default under its debt obligations. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company is suspending operations and placing the PureGold Mine on care and maintenance immediately. PureGold has previously noted that it expected at least some additional funding in 2022 to come from the exercise of warrants (the “Warrants”) issued in conjunction with its May 2022 financing. To date, none of the Warrants have been exercised, and the Company has, so far, been unable to obtain alternative outside financing in order to continue operations, complete its ongoing Pre-Feasibility Study (“PFS”) and Life-of-Mine plan, and continue its ongoing strategic review process. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), announces a financial update regarding its cash balance, working capital and discussions with its lender.

Pure Gold places Ontario mine on care and maintenance due to ... (MINING.com)

The headframe at the PureGold mine near Red Lake, Ontario. Credit: PureGold Mining. Pure Gold Mining (TSXV: PGM; LSE: PUR) is suspending operations at its ...

Shares of Pure Gold Mining continued to plunge on the latest development. The stock crashed 83% to trade at C$0.02 a share by 11:30 ET Monday, compared to a 52-week high of C$1.08 on November 12, 2021. However, the warrants are currently priced to be exercised at C$0.18 per share, and given current market conditions, it no longer expects to receive any proceeds from warrant exercises prior to their expiry on November 25-27.

Pure Gold Mining Suspends Operations At Flagship Mine Due To ... (The Deep Dive)

Pure Gold Mining (TSXV: PGM) appears to have hit a wall in terms of turning around its operations as a result of the current financial market conditions.

In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others. The author has no securities or affiliations related to this organization. As a result, the company has been forced to suspend operations at its mine, with the Pure Gold Mine being placed into care and maintenance immediately.

Pure Gold Mining Shares Fall on Financial Position Warning (MarketWatch)

By Ian Walker London-traded shares of Pure Gold Mining Inc. fell 58% in early trade on Monday after the company warned on its financial situation, put its.

The company said it is suspending operation and putting the PureGold mine on care and maintenance given that it hasn't reached positive cash flow. However, if it can't get the financing then the company won't be able to meet its obligations, leading to a default under its debt obligations, Pure Gold said. The London- and Toronto-listed company said it no longer expects to get the extra funding from the exercise of warrants before they expire in November, and hasn't been able to get alternative outside funding.

Pure Gold Mining says it is suspending operations and placing the ... (Proactive Investors UK)

The company said this step follows an evaluation of several potential alternative scenarios and has become necessary because the mine has not...

The suspension of operations has resulted in the company withdrawing its guidance for Q4 2022. The warrants are currently priced to be exercised at $0.18 per share and, given current market conditions, the company no longer expects to receive any proceeds from warrant exercises prior to their expiry on November 25-27, 2022. The company has previously noted that it expected at least some additional funding in 2022 to come from the exercise of warrants issued in conjunction with its May 2022 financing.

Pure Gold suspending operations of Red Lake mine (TimminsToday)

The company says the site has yet to achieve 'consistent positive site-level cash flow'

In April, the company had announced it had Just two months ago, O'Dea expressed optimism the company was "rounding the corner" and was pointed in a "better and healthier direction." [Pure Gold CEO Mark O'Dea attributed](https://www.northernontariobusiness.com/industry-news/mining/tough-lessons-for-pure-gold-in-red-lake-5712004?utm_source=timminstoday.com&utm_campaign=timminstoday.com%3A%20outbound&utm_medium=referral) to having mining start at the wrong end of the deposit.