Canagold Resources Ltd Stock Price, News & Analysis

Canagold Resources Ltd. has secured up to $4 million in financing to support its drilling activities through 2022. This includes a $1.5 million charity flow-through financing priced at a premium to the market. Additionally, Sun Valley Investments provided a $2.5 million unsecured credit facility at 5.5% interest. Sun Valley is expected to increase its ownership to over 20%, prompting a Special General Meeting for shareholder approval. These transactions are related party dealings necessitating exemptions under Multilateral Instrument 61-101.

Canagold Resources Ltd. has initiated a tender request for a feasibility study on its New Polaris project in Northwestern BC. A Preliminary Economic Assessment from February 2019 indicated strong economic potential with after-tax NPV of C$469 million and an IRR of 56% based on a US$1,500 gold price. Recent drilling has expanded resource estimates, including 586,000 oz Au indicated and 485,000 oz Au inferred. The company aims to complete the feasibility study in about 18 months, with a focus on improving project economics.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the passing of its founder and former chairman, Mr. Bradford Cooke, on August 19, 2022. Mr. Cooke founded the company in 1987, serving as CEO until 2014 and as chairman until July 2022. Under his leadership, Canagold focused on gold mining projects in the Americas. Cooke had a notable career in mineral exploration, founding Endeavour Silver Corp. and serving as chairman of Aztec Minerals Corp. The company extends condolences to his family and friends.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the mobilization of drill crews to restart drilling at the New Polaris Gold project in British Columbia. The 2022 drilling program aims to conduct 8000 meters of drilling, primarily targeting the high-grade Y-vein system to upgrade resources from Inferred to Indicated categories. Past drilling yielded impressive gold intercepts, including up to 30.6 grams per tonne over 3.2 meters. CEO Catalin Kilofliski emphasized the commitment to expedite the project towards feasibility while building gold resources.

Canagold Resources Ltd. has appointed Catalin Kilofliski as the new CEO following the resignation of Scott Eldridge as of August 02, 2022. Kilofliski, who previously served as Canagold's CEO from 2014 to 2018, has over 25 years of executive experience and significant expertise in mining operations. He is credited for dramatically increasing Tudor Gold Corp's market capitalization. Mike Doyle joins as a director, bringing 35 years of experience in mining and exploration. The leadership change is expected to advance Canagold's New Polaris Project.

Canagold Resources held its Annual and Special Meeting on July 19, 2022, where 68.73% of outstanding shares were voted. Shareholders elected new board members, including Dr. Carmen Letton and Ms. Sofia Bianchi, while three nominees withdrew. Voting results showed strong support, with 99.21% votes for Letton. The reappointment of Smythe LLP as auditors was approved, but the amendment to the Stock Option Plan was declined. The board expressed commitment to governance and advancing Canagold's projects, aiming at enhancing shareholder value.

Canagold Resources Ltd. (OTC-QB:CRCUF) has released promising results from its recent infill drill program at the New Polaris Gold project in BC. The 30,000-meter program confirms the high-grade and continuous nature of the C-West Main deposit, with significant intercepts including 13.6 gpt over 25.1 meters. The drilling supports potential resource upgrades, while exploration holes have revealed deeper mineralized veins. An interim resource estimate is underway to incorporate these findings, reinforcing Canagold's commitment to advancing the project.

Canagold Resources Ltd. (OTCQB: CRCUF) announced strong shareholder support for its upcoming AGM vote. The company corrected multiple inaccuracies in a proxy report by ISS, stating that the dissident's financing proposal is a 20% discount compared to Canagold’s previous financing, and emphasized the importance of evaluating better financing alternatives. ISS advised a vote WITHHOLD for dissident nominee Andrew Trow and warned of risks associated with the dissident's proposal. Shareholders are reminded to submit their YELLOW proxies by July 15, 2022, at 10 a.m. (Pacific Time).