VANCOUVER, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Darren Morcombe announces that his security holding percentage in the common shares (each, a “Share”) of Southern Cross Gold Consolidated Ltd. (the “Company”), following the Company’s completion of a scheme of arrangement with Southern Cross Gold Ltd. (“SXG1”), as announced in the Company’s press release dated January 23, 2025, is approximately 13.22% on a partially diluted basis.

Effective January 23, 2025, the Company, an issuer listed on the TSX Venture Exchange (TSXV: SXGC) and on the Australian Securities Exchange (ASX: SX2), with its head office at Suite 1305, 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7, acquired pursuant to a scheme of arrangement all the issued share capital of SXG1 it did not previously own in consideration for the issuance of 125,041,031 Shares at an exchange ratio of 1:1 and a deemed price of $3.35 per Share (the “Transaction”). Prior to the Transaction, SXG1 was listed on the Australian Securities Exchange.

Immediately prior to the completion of the Transaction, Mr. Morcombe owned and controlled 5,454,286 Shares, representing approximately 5.65% of the then-outstanding Shares on a partially diluted basis.        

Pursuant to the Transaction, Mr. Morcombe acquired control and ownership over an additional 22,546,434 Shares and 1,500,000 options to purchase Shares, resulting in control and ownership over a total of 28,000,720 Shares and 1,500,000 options to purchase Shares, representing approximately 13.22% of the outstanding Shares on a partially diluted basis, and a change in Mr. Morcombe’s security holding percentage in the Shares of 7.57%.

Mr. Morcombe acquired the Shares for investment purposes. Mr. Morcombe may, depending on various factors, including, without limitation, market and other conditions, increase or decrease his beneficial ownership, control or direction over Shares or other securities of the Company.

For further information, please contact:

Mariana Bermudez
Telephone: 604-685-9316

This news release is issued pursuant to the early warning requirements of applicable securities laws. A copy of the Early Warning Report will appear on the Company’s profile on the SEDAR+ website at www.sedarplus.ca. A copy of the Early Warning Report may also be obtained by contacting Mariana Bermudez.