Vancouver, BC – January 29th, 2025 – Onyx Gold Corp. (“Onyx Gold” or the “Company”) (TSX-V: ONYX, OTCQX: ONXGF) announces that it intends to amend the exercise price of 7,143,999 common share purchase warrants (the “Warrants”) that were issued pursuant to a private placement of units that closed on July 6, 2023. Each Warrant is currently exercisable to purchase one common share of the Company (a “Share”) at a price of $0.75 for 24 months from the date of issuance.
Following the proposed amendments, each Warrant will have an exercise price of $0.30 and will be subject to an accelerated expiry provision such that, if the closing share price on the TSX Venture Exchange (“TSX-V”) exceeds $0.375 for any 10 consecutive trading days during the unexpired term of the Warrants, the exercise date will be accelerated to 30 calendar days (the “Acceleration Clause”). The activation of the Acceleration Clause will be announced by press release. All other terms and conditions of the Warrants remain the same. The amended Warrant terms remain subject to TSX-V acceptance.
Corporate Update
The Company also announces that, pursuant to the Company’s omnibus incentive plan, the Company has issued an aggregate of 1,375,000 restricted share units (“RSUs”) to certain directors and officers of the Company. Each RSU entitles the holder to acquire one Share of the Company on vesting. All of the above RSUs are subject to the following vesting schedule: one-third vesting 12 months after the grant date; one-third vesting 24 months after the grant date; and one-third vesting 36 months after the grant date.
Further, the Company announces that Nicole Hoeller has stepped down from her role as VP of Corporate Communications to pursue her new business venture, NIKLI Communications Inc. (“Nikli”). The Company has entered into an agreement with Nikli whereby Ms. Hoeller will continue providing corporate communication services to the Company as an independent contractor.
About Onyx Gold
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory. The Company’s extensive portfolio of quality gold projects in the greater Timmins gold camp includes the Munro-Croesus Gold property, renowned for its high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile and Timmins South. Onyx Gold also controls four properties in the Selwyn Basin area of Yukon Territory, which is currently gaining significance due to recent discoveries in the area. Onyx Gold’s experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
On Behalf of Onyx Gold Corp.
“Brock Colterjohn”
President & CEO
For further information, please visit the Onyx Gold Corp. website at www.onyxgold.com or contact:
Brock Colterjohn, President & CEO
or
Nicole Hoeller, NIKLI Communications
Phone: 1-604-283-3341
Email: brock@onyxgold.com or information@onyxgold.com.
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp/?viewAsMember=true
Twitter: https://twitter.com/OnyxGoldCorp
