St. James Gold Announces Closing of the Final Release and Settlement Agreement

Core Viewpoint - St. James Gold Corp. has successfully closed a Settlement Agreement with Florin Resources Inc., which includes the reassignment of secured promissory notes and participation in a private placement, allowing the company to move forward with its development projects [1][2][3]. Group 1: Settlement Agreement Details - The Settlement Agreement involved the reassignment of two secured promissory notes with a combined principal amount of $1,176,598.76 [1]. - Florin agreed to participate in the company's private placement by acquiring 1,052,632 common shares at a price of $0.095 per share [2]. - The company has reassigned the principal amount of the notes to lenders who provided $435,000 cash for closing, with the debt being held as long-term and unsecured [3]. Group 2: Company Developments - The Settlement Agreement releases all claims, allowing the company to focus on the development of its Grub Line Property in Newfoundland [3]. - The company expressed gratitude to its shareholders for their patience during this challenging period [4]. - The company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects [5]. Group 3: Financial Transactions - The settlement included a cash payment of $435,000 to Florin and the issuance of a total of 2,105,264 common shares for debt at a deemed price of $0.095 per share [7]. - The company also agreed to remove its objection to the release of 850,000 common shares held in escrow and transferred its Quinn Lake Property to Florin [7].