Vancouver, British Columbia--(Newsfile Corp. - June 14, 2019) - Goldsource Mines Inc. (TSXV: GXS) (FSE: G5M) ("Goldsource" or the "Company") reports on the following matters:
At the Company's AGM held on May 30, 2019, shareholders re-elected N. Eric Fier, Haytham H. Hodaly, Graham C. Thody and Ioannis Tsitos as directors of the Company, re-appointed Davidson & Company LLP, Chartered Professional Accountants, as auditor of the Company, and approved the renewal of the Company's "rolling 10%" stock option plan.
Stock Option Grants
The Company has granted, under its stock option plan and subject to any necessary regulatory approvals, stock options to purchase an aggregate of 900,000 common shares of the Company at an exercise price of $0.14 per share for a five-year term expiring June 13, 2024 (the "Options"). The above total includes options granted to employees to purchase 150,000 common shares.
Primoris Group Inc. ("Primoris") based in Ontario, Canada, an existing investor relations consultant of the Company, was granted an option to purchase 300,000 common shares. The options will vest over a one-year period pursuant to which 25% shall vest on September 13, 2019 and a further 25% shall vest every three months thereafter until fully vested. Primoris will facilitate editorial coverage through print, radio, TV, and/or online media outlets. Primoris currently owns no common shares of Goldsource and the Company is not aware that it has any right or intent to acquire any direct or indirect interest in Goldsource or its securities. The agreement between Goldsource and Primoris is renewable and may be terminated by either party with 30 days' written notice.
Michael Baybak and Company Inc. ("Baybak") based in Florida, USA, an investor relations consultant, was granted options to acquire 450,000 common shares. The options will vest over a one-year period pursuant to which 25% shall vest on September 13, 2019 and a further 25% shall vest every three months thereafter until fully vested. Goldsource has engaged Baybak as a consultant to provide investor relations services for a period of six months, subject to earlier termination or renewal in accordance with the agreement. Baybak is to assist the Company in creating market awareness among the investment community through Baybak's network of investment professionals. Baybak has extensive knowledge of capital markets, specializing in emerging resource companies. Besides the above grant of stock options, Goldsource has agreed to pay Baybak a monthly fee of C$3,500 for the first three months and C$5,000 thereafter. Baybak currently owns no common shares of Goldsource and the Company is not aware that it has any right or intent to acquire any direct or indirect interest in Goldsource or its securities. Baybak's appointment as an investor relations consultant of Goldsource is subject to TSX Venture Exchange approval.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on delivering feasibility studies to achieve large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.
Ioannis (Yannis) Tsitos
Goldsource Mines Inc.
For Further Information:
Goldsource Mines Inc.
Contact: Ioannis (Yannis) Tsitos, President
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1760 (Canada & USA)
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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