Revocation of Cease Trade Order and Corporate Update

VICTORIA, BC, Feb. 4, 2022 /CNW/ - Cosigo Resources Ltd. ("Cosigo" or the "Company") (TSXV: CSG.H) (NEX: CSG.H) announces revocation of cease trade order on February 1, 2022 upon satisfying the previously pending financial disclosure requirements of the British Columbia Securities Commission and the Alberta Securities Commission, the two jurisdictions the Company is under continuous disclosure reporting requirements to.

Corporate Update

Debt Conversion

Cosigo was granted a partial lifting of the CTO issued on January 22, 2021 for purposes of issuance of debt conversion units related to shareholder loans provided by certain shareholders in order to ensure the survival of the Company while the Company was being re-constituted in accordance with instructions from regulatory authorities.  The debt conversion was structured in compliance with accredited investor exemptions in section 2.3 of National Instrument 45-106 Prospectus Exemptions (NI45-106), and family, friends and business associates exemption in section 2.5 of that instrument.  Funds were employed for legal fees, auditors and consultants fees, title maintenance fees, transfer agent and listing fees, bookkeeping, and general working capital.

The debt conversion units were issued at a deemed price of $0.05 and comprised one common share and one warrant exercisable at $0.06 for one share for a period of 12 months from the date of issuance, July 15, 2021.  The amount of converted loans was CAD$292,099.45.

The share for debt conversion was filed with the Toronto Stock Exchange, Venture Section, on September 1, 2021, and will become effective when reviewed and accepted.

Corporate Appointments

The Company, effective August 17, 2021, appointed Ian Gibson of Vancouver, B. C., Canada, as an Independent Director to its Board of Directors to fulfill independent requirements per TSX-V, NEX Policy 3.1(a).  Mr. Gibson is a Vancouver-based international businessman with a history of working with junior and senior resource companies and strengthens the financial capacity of the Company.

The Company, effective September 9, 2021, appointed Greg Jackson, CPA, CMA, to the position of Chief Financial Officer.  Mr. Jackson has close to 20 years of financial and accounting functions, chiefly in the mining industry, including 8 years with a world-leader in nickel and cobalt mining and refining.

Reinstatement 

Because the Company's prior Annual General Meeting was held on May 1, 2018, the Company was deficient with regards to TSX-V Policy 3.2 (4.1) AGM Requirements.  Following circulation of Notice on August 17, 2021, the Company duly held an AGM on October 12, 2021, and is now in compliance with Policy 3.2(4.1).

The Company has now received full revocation of the CTO but trading can only be resumed following reinstatement review by the TSX-V exchange.

About Cosigo

Cosigo Resources Ltd. is a British Columbia-based resource company with mineral interests in Colombia, Brazil, USA and Canada.  The Company has assembled a strong technical team of professionals, well experienced in mineral exploration, mining, and resource finance with the objective of advancing its properties, initially to pre-feasibility status and ultimately, in partnership with one or more mining companies, to mine status.

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 of the adequacy or accuracy of this release.

Forward Looking Statements
This news release includes certain forward-looking statements or information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

SOURCE Cosigo Resources Ltd.

Cosigo Resources Ltd., Andy Rendle, Director & COO, [email protected]