HALIFAX - MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) ('MegumaGold' or the 'Company') is pleased to announce that it has completed its previously announced plan of arrangement (the 'Arrangement') acquiring all of the issued and outstanding common shares of Osprey Gold Development Ltd. ('Osprey').
The Arrangement creates a leading Nova Scotia focused gold development and exploration company with a consolidated land package combining Osprey's historically producing, resource stage projects with the expansive underexplored exploration ground held by MegumaGold.
Theo Van der Linde of MegumaGold stated, 'The Company is executing on its plan of consolidating assets in what is proving to be an up and coming gold district. The natural synergies between the Osprey and Meguma assets align with our vision and provide shareholders with exposure to advanced stage resource projects and district scale exploration upside potential. We welcome the Osprey shareholders to Meguma as we continue to build value in Nova Scotia.'
In connection with the closing of the arrangement, Cooper Quinn, the former President of Osprey, stated, 'The combination of Osprey's and MegumaGold's assets gives the Company a wide variety of exploration targets in addition to Osprey's advanced assets, to follow our vision of creating a company with significant gold resources in a low-cost, re-emerging mining jurisdiction with recent success. The combined company holds an excellent suite of assets, from near-resource expansion to completely untested targets 4 kilometers along strike from operating open pit operations. The team looks forward to delivering value and progressing our combined assets for the benefit of all shareholders and stakeholders.'
About MegumaGold Corp.
MegumaGold Corp. (CSE: NSAU) is a Canadian junior gold exploration company engaged in the business of acquiring, exploring and developing natural resource properties. The Company has centered its exploration focus on the Meguma Formation in Nova Scotia. As a result, the Company has assembled a strategically positioned, district-scale land package which includes 6 historically producing gold properties and covers of 110,791 hectares within the Meguma Gold District.
Contact:
Mr. Regan Isenor
Tel: 902-233-4381
Email: info@megumagold.com
Web: www.megumagold.com
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are 'forward-looking information' with respect to MegumaGold and Osprey within the meaning of applicable securities laws including, without limitation economic estimates and any statements related to the transaction, board and management changes and shareholder and exchange approvals. MegumaGold and Osprey provide forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, results of due diligence investigations, ability to raise adequate financing, and unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in MegumaGold's and Osprey's public filings under their respective SEDAR profile at www.sedar.com. Although MegumaGold and Osprey have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, 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 such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. MegumaGold and Osprey disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law
OSPREY GOLD DEVELOPMENT LTD. 
