April 13, 2023, Vancouver, BC – International Iconic Gold Exploration Corporation (“Iconic Gold” or the “Company”) (TSXV: ICON) announces, further to its news release dated January 31, 2023, that it has amended the agreement (as amended, the “Amended Agreement”) pursuant to which it has agreed to sell its oil and gas asset, El Carmen (the “Property”), to BGX – Black Gold Exploration Corp. (“BGX”) in exchange for securities of BGX (the “Transaction”).

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The Amended Agreement provides that the Company will sell to BGX its 95% interest in Spinell S.A. (“Spinell”), the owner of the Property in exchange for 100,000 common shares in the capital of BGX at a deemed price of $1.00 per share (each, a “BGX Share”), for a deemed transaction value of $100,000. An additional 2,000,000 BGX Shares at a deemed price of $1.00 per share will be issued to the Company in escrow and released as follows: (i) 1,000,000 BGX Shares will be released upon the Property entering production of natural gas; and (ii) 1,000,000 BGX Shares will be released upon the Property entering production of oil. Completion of the Transaction is conditional on satisfaction of customary conditions precedent set forth in the Amended Agreement and approval by the TSX Venture Exchange.

 

The Transaction is an arm’s length transaction and is another step for the Company continuing on its path forward with a specific focus on its gold assets.

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Director Resignation

On April 11, 2023, Janaki Prosdocimi resigned as a director of the Company.

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ON BEHALF OF INTERNATIONAL ICONIC GOLD EXPLORATION CORP.

"Rob Abenante"

Robert Abenante, President & CEO

 

Contact Information:

Email: info@iconicgold.com

Website: www.iconicgold.com

 

For further information regarding International Iconic Gold Exploration Corp., please refer to the Company’s filings available on SEDAR (http://www.sedar.com) or at ICON’s Website.

 

Disclaimer for Forward-Looking Information

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This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance are "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements with respect to the Transaction; the Company’s objectives, goals or future plans; and the completion of the Transaction. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.