CYON ACQUIRES BIG ROCK RESOURCES AND RESIGNATION OF DIRECTOR
Vancouver, British Columbia (October 1, 2020) – Cyon Exploration Ltd. (previously True Grit Resources Ltd.) (the “Company”) announces that the Company has acquired all the issued and outstanding shares (the “Big Rock Shares”) of Big Rock Resources Inc. (“Big Rock”) pursuant to a share exchange agreement (the “Share Exchange Agreement”) dated October 1, 2020 among the Company, Big Rock and shareholders of the Big Rock (the “Share Exchange Agreement”). Big Rock is the beneficial owner of five mineral claims totaling over 3,000 hectares located 25 kilometers northwest of Artemis Gold’s (TSX-V: ARTG) 9.5 million ounce Blackwater Gold project as well as close proximity to Tower Resources (TSX-V: TWR) Nechako Gold project in northern British Columbia.
Pursuant to the terms of the Share Exchange Agreement, as consideration for the sale and transfer of the Big Rock Shares to the Company, the Company issued to the Big Rock Shareholders an aggregate of 6,000,000 Common Shares and paid an aggregate cash payment of $200,000.
The Company anticipates that the acquisition of the Big Rock Shares will constitute an Expedited Transaction pursuant to the policies of the TSX Venture Exchange.
The Company also announces that David McCue has resigned as director of the Company effective September 25, 2020. The board of directors of the Company would like to thank Mr. McCue for his contributions and wishes him well in his future endeavours.
Cyon Exploration Ltd.
Per: “Byron Coulthard”
President & CEO
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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