This press release is issued pursuant to National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
James T. Gillis of 432 Royal Avenue, Kamloops, British Columbia, has disposed of, through the facilities of the TSX Venture Exchange, indirect ownership of 425,000 common shares in the capital of Advance Gold Corp. (the "Issuer") having a head office at 432 Royal Avenue, Kamloops, British Columbia, which decreased the percentage of common shares held by approximately 4.05%. The common shares were disposed of at a per share price of $0.115 for gross cash consideration to the Mr. Gillis of $48,875.
Immediately before the transaction that triggered the requirement to issue this release, Mr. Gillis owned, directly and indirectly, an aggregate 1,726,800 common shares of the Issuer representing approximately 16.46% of the Issuer's issued and outstanding common shares and owned options entitling the purchase of 110,000 common shares of the Issuer, or, assuming exercise of the options, a total of 1,836,800 common shares or approximately 17.33% of the Issuer's common shares on a post-conversion beneficial ownership basis.
Immediately after the transaction that triggered the requirement to issue this release, Mr. Gillis owns, directly and indirectly, an aggregate 1,301,800 common shares of the Issuer representing approximately 12.41% of the Issuer's issued and outstanding common shares and owns options entitling the purchase of 110,000 common shares of the Issuer, or, assuming exercise of the options, a total of 1,411,800 common shares or approximately 13.32% of the Issuer's common shares on a post-conversion beneficial ownership basis.
The shares were disposed of for investment purposes and Mr. Gillis will evaluate his investment in the Issuer and will increase or decrease his investment by future acquisitions or dispositions of securities of the Issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Gillis has no immediate future intention to acquire additional securities of the Issuer, or dispose of securities of the Issuer that he beneficially owns or over which he exercises control or direction. Mr. Gillis may, in the future, exercise options that have been granted to him by the Issuer.
A report respecting this acquisition, which is incorporated herein by reference, will be electronically filed with the Securities Commissions in British Columbia and Alberta and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. To obtain a copy of the report, contact Mr. Gillis at (250) 574-5011.