Cranbrook, British Columbia, (Newsfile Corp.– December 30, 2020) MG Capital Corporation (the “Company”) (TSXV: DLP), the parent company of DLP Resources Inc. (“DLP”), is pleased to announce that it has closed its non-brokered private placement (the “Private Placement”), whereby the Company has completed the issuance of an aggregate of 3,200,000 flow through common shares (each, a “FT Share”) at a price of $0.25 per share for aggregate gross proceeds of $800,000.
The FT Shares in connection with the Private Placement are subject to a four month and a day transfer restriction from the date of issuance expiring on April 30, 2020, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company intends to use the proceeds from the Private Placement to do additional drilling of the DD Project under option from PJX Resources Inc.
Staking of Additional Claims
With the encouraging Titan MT geophysical results, as recently announced in the Company’s news release dated (see news release dated December 03, 2020), DLP has increased the Aldridge 1 claim block by an additional 93.81 km2 (See the property map in Figure 1 below).
Figure 1: Property Map showing location of the claims.
Ian Gendall, President of DLP commented: “DLP now has approximately 210 km2 of claims, each 100% held and under option from PJX Resources Inc. and 453999 BC Ltd. with Sullivan-type Zn-Pb-Ag targets. It is our intention to start early 2021 drilling on the DD project and continue drilling the Sullivan type targets through 2021”
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About MG Capital Corporation
MG Capital Corporation is a Canadian-based public company which through its subsidiary DLP Resources Inc. engages in the acquisition, exploration, and development of mineral properties of merit in British Columbia, Canada
FOR FURTHER INFORMATION PLEASE CONTACT:
MG Capital Corporation
DLP RESOURCES INC.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Neither the TSX Venture Exchange 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.
Forward Looking Information
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “appears to”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although the Company and DLP have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.