Vancouver, B.C. – July 13, 2021 - Regal Resources Inc. ("Regal" or the "Company") confirms that its previously announced transaction with Barksdale Resources Corp. ("Barksdale"), whereby Barksdale would acquire the Company's indirect interest in the Sunnyside property, has been terminated on the basis that, notwithstanding a majority of the Regal shareholders voted in favour of the transaction, the requisite two-thirds Regal shareholder approval required was not obtained at the Company's special meeting of shareholders held on July 7, 2021.
Matt Sauder, Regal's CEO commented: "Our goal as a management team was to give Regal shareholders the ability to decide their future, especially given the long period of illiquidity resulting from the cease trade order currently in place against the company. While a majority of the company's shareholder supported the transaction, the required two-thirds did not. Regal will now focus its attention on the significant financing challenges it faces."
As previously communicated, Regal has no current means to satisfy any demand for payment made by its various creditors, secured and otherwise. Regal will diligently explore all available alternatives in this regard, but can give no assurance or certainty that a timely solution that is in the best interest of all of its shareholders will be secured.
Regal Resources Inc. is a junior mineral exploration and development company based in Vancouver, Canada. The Company has an interest in the Sunnyside project, located in Santa Cruz County, Arizona, USA.
ON BEHALF OF REGAL RESOURCES INC.
CEO and Chairman
For more information, please visit www.regalres.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the spread of COVID-19 and the impact it will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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