(via TheNewswire)
Vancouver, British Columbia – April 15th, 2025 – TheNewswire - NEWLOX GOLD VENTUIRES CORP. (“Newlox” or the “Company”) is pleased to announce the restart of trading of its common shares on the Canadian Securities Exchange as of April 16, 2025. The Company also announces that it has issued 15,144,293 Common Shares of the Company to various debenture holders per the contractual terms of convertible debentures issued in December of 2020 resulting in the removal of $2,271,646.99 of debt from the Company’s balance sheet.
The significant reduction in outstanding debt will result in a decrease in interest costs for the Company of nearly $211,000 per year. The matured debentures dated December 18, 2020 and December 31, 2020 were issued with a set conversion price of $0.15 per share and an interest rate of 10% per annum. The debentures were set to be convertible at the option of the holder at any time during the term of the debenture until the day before maturity, at which time principal and accrued interest were payable in cash or shares, at the conversion price, at the option of the Company.
At the original contractual maturity date of the debentures, the remaining debt not voluntarily converted to shares by the holders was set to convert at the set price of $0.15 per share. By that time market conditions had significantly deteriorated compared to the highs of 2021, when the Company’s share price reached a peak of $0.61 on July 14th, 2021, and the share price was now below the set conversion price of $0.15 per share.
Management felt that, in consideration of the support of long-term debenture holders had for Newlox Gold, the Company would offer a voluntary extension of the term of the debenture to the holders to allow them to continue to collect interest and select an opportune time for conversion to equity. This offer was extended again in 2023. Although this offer did result in higher interest costs for the Company, it was designed to provide the Company’s strong supporters with the kindest possible treatment, given the significant reduction in share price during the term of the debentures.
Management is pleased to have completed the protracted process of restoring liquidity for shareholders through the establishment of trading on the CSE. The removal of the Cease Trade Order also allows the Company to conduct regular business transactions, and management are active on several initiatives to support the Company’s development.
About Newlox
Newlox Gold operates precious metals recovery operations in Costa Rica. The Company’s operations provide environmental services to local stakeholders while simultaneously recovering gold and silver. Newlox Gold’s is focused on providing modern and efficient processing options to local miners which displace damaging artisanal processing methods while providing economic benefits to all stakeholders.
The Company has established agreements with local mining cooperatives and individuals in Costa Rica to supply mineralized materials, which are the feedstock for Newlox’s reclamation and processing operations. Because the Costa Rican Government has legalized local miners in the area of Newlox’s operations, the Company is able to partner with these local formalized mining groups to implement its unique coexistence model for socially and environmentally positive gold production.
The longer-term objective of Newlox Gold Ventures Corp is to significantly expand its business model in Latin America while contributing to an environmental clean-up effort and setting a high standard of social responsibility. Management believes that the expansion of Newlox Gold’s environmentally and socially positive business model will deliver economic benefits to shareholders and other stakeholders while contributing to a healthier planet.
On Behalf of the Board, Newlox Gold Ventures Corp.
Newlox Gold Ventures Corp.
Website: www.newloxgold.com
Email: info@newloxgold.com
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward- looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. James Turner, P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
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