TORONTO, ON / ACCESSWIRE / August 20, 2019 / Medalist Capital Ltd. ("Medalist") announces that on August 16, 2019 Medalist acquired (the "Acquisition") 1,000,000 common shares ("Common Shares") in the capital of Magna Gold Corp. (the "Company"). Prior to the Acquisition, Medalist held 2,966,250 Common Shares, representing approximately 7.84% of the issued and outstanding Common Shares. As a result of the Acquisition, Medalist holds 3,966,250 Common Shares, representing approximately 10.21% of the issued and outstanding Common Shares.
On August 16, 2019, the Company announced that it had acquired, among other things, certain mining claims located in Mexico (the "Mining Claims") through the acquisition of all of the issued and outstanding shares of 2660170 Ontario Ltd. (the "266 Shares"), a wholly-owned subsidiary of Medalist ("266") in exchange for 1,000,000 Common Shares of the Company and C$250,000.
Medalist acquired the Common Shares for investment purposes. Medalist may acquire or dispose of additional securities of the Company in the future through the market, privately, or otherwise, as circumstances or market conditions warrant. Any transaction that Medalist may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to Medalist, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Medalist.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be obtained upon request from Bennett Jones LLP, 3400 One First Canadian Place, Toronto, ON M5X 1A4.
CONTACT:
Michael Rosenbloom
416-777-4817
SOURCE: Medalist Capital Ltd.