Financial Highlights
- Cash position: As of
March 31, 2021 , the Company had cash and cash equivalents and short-term investments of approximately$34.8 million . - Exploration and evaluation expenditures: For the three months ended
March 31, 2021 , the Company spent approximately$6.3 million in expenditures related to drilling, maintenance and technical consulting fees, including work on the Feasibility Study for the F2 Gold Deposit at theBateman Gold Project . Expenditures were higher by$3.2 million compared to the same period in 2020 due to development expenditures at theBateman Gold Project and exploratory drilling. - General and administrative expenses (including salaries and benefits, and consulting and professional fees): The Company spent approximately
$1.7 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q1-2021, higher by$0.8 million due to higher professional fees due to the Transaction (described below) and investor relations expenditures than during the same period in 2020.
2021 Outlook
As of
2021 Annual General and Special Meeting of Shareholders
As a reminder, Battle North will host its Annual General and Special Meeting of Shareholders on
Battle North would like to remind shareholders to cast their votes for the resolutions that will be voted on at the Meeting in advance of the proxy voting deadline of
The Board of Directors of the Company UNANIMOUSLY RECOMMENDS that Battle North shareholders vote FOR the Arrangement.
The Company encourages Battle North shareholders to read the Circular and other Meeting Materials.
Enquiries Regarding the Arrangement and Meeting
Battle North shareholders with questions regarding the Arrangement and the Meeting should contact the Company's proxy solicitation advisor,
By Telephone: +1-888-637-5789 for toll-free North America
By Telephone: +1-647-931-7454 for International collect calls
By Email: contact@shorecrestgroup.com
Acquisition of Battle North by Evolution
On
The Transaction will be implemented by way of a statutory plan of arrangement involving the Company, Evolution and Acquireco, pursuant to Division 5 of Part 9 of the Business Corporations Act (
On
In order to become effective, at the Meeting, the Arrangement must be approved by an affirmative vote of at least: (a) two-thirds (66⅔%) of the votes cast by Battle North shareholders present in person or represented by proxy at the Meeting and entitled to vote thereat, and (b) a simple majority (50%) of the votes cast by the Battle North shareholders present in person or represented by proxy at the Meeting and entitled to vote thereat, excluding the votes cast by such shareholders that are required to be excluded pursuant to Multilateral Instrument 61-101.
The Arrangement is anticipated to be completed by the end of
About Battle North
Battle North is developing the
President, CEO, and Director
Cautionary Statements regarding Forward-Looking Statements and Other Matters
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, as well as the current Technical Report for the
Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others: the risk that the Arrangement will not be approved by the shareholders of Battle North; the failure to, in a timely manner, or at all, obtain the required Court approval of the Arrangement; the failure of the parties to otherwise satisfy the conditions to complete the Arrangement; the possibility that Battle North could terminate the Arrangement agreement as a result of a superior proposal that is not matched by Evolution or Acquireco; the effect of the announcement of the Transaction on Battle North's strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Arrangement; other customary risks associated with the Transaction as more particularly described in the Circular; the impact of any merger, acquisition or other strategic transaction involving the Company including any acquisition or other change in control of the Company; the "Risk Factors" in the 2021 AIF, the risks, uncertainties, contingencies and other factors identified in the Technical Report and the Q1 2021 MD&A (and accompanying financial statements). The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2021 AIF and the other aforementioned documents.
The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the 2021 AIF, the Technical Report and the Q1 2021 MD&A (and accompanying financial statements). Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.
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