News

VANCOUVER, BC – February 26, 2020 – INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt:SU9.F) (SSEV: IOCL) (“Inca One” or the “Company”) reports that subject to TSX Venture Exchange (“TSXV”) approval it intends to proceed with the repricing of certain outstanding warrants, settle certain debts with shares, and issue shares in payment for executive bonuses. 

Warrant Repricing

The Company has applied to the TSXV to reduce the exercise price of the following warrants.

Number of warrants: 4,533,333
Expiry date of warrants: January 31, 2021
Original exercise price of warrants: $1.00
New exercise price of warrants: $0.40
Accelerated expiry: 30 day expiry after 10 consecutive trading days closing above $0.50

The warrants were issued pursuant to a private placement of 4,600,000 shares with 4,600,000 share purchase warrants attached, each exercisable at $1.00 per share, which was accepted for filing by the TSXV effective January 31, 2018.

Shares for Debt

Subject to TSXV approval, the Company intends to issue a total of 528,986 shares at a deemed share price of $0.20 per share to extinguish $105,797 of accounts payable due to several Directors and Officers for consulting fees and expenses paid on behalf of the Company.

Shares in Payment for Bonuses

The Company intends to issue a total of 529,035 shares at a deemed share price of $0.20 per share to extinguish $105,807 of amounts payable due to several directors, officers and employees for director fees and executive and employee bonuses.

About Inca One

Inca One is a Canadian based mineral processing company.  The Company's activities consist of the production of gold and silver from the processing of purchased minerals located in Peru.  Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately US$3 billion annually.  The Company purchases its minerals from government-registered, small-scale mining producers from various regions and processes it at its 100%-owned Chala One and 90%-owned Kori One milling facilities, located in Arequipa, Southern Peru.

On behalf of the Board,

Edward Kelly
President and CEO

INCA ONE GOLD CORP.

For More Information Contact:

Konstantine Tsakumis
Inca One Gold Corp.
ktsakumis@incaone.com
604-568-4877

NEITHER THE 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 NEWS RELEASE.

Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations.  Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.  Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date.  Except as required by law, the Company does not intend to update any changes to such statements.  Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.