Realgold Resources Corp. Updates Status of Legal Proceedings With Rockwealth Resources Corp.

VANCOUVER, British Columbia, Nov. 09, 2021 (GLOBE NEWSWIRE) --

Media Statement on behalf of the Realgold Resources Corp. Board of Directors:

"Realgold Resources Corp. is a privately-held gold exploration company with assets in central Asia. In 2019, we engaged in discussions with Rockwealth Resources Corp., a company listed on the TSX Venture Exchange, about a reverse takeover transaction as a means to achieve a public listing and access Canada's public markets. We entered into an Amalgamation Agreement, which allowed either party to terminate if the transaction did not complete by February 28, 2020.

"The proposed transaction was not completed and we terminated the Agreement in July 2020, four months later than the agreed upon termination date. Simply put, Rockwealth failed to raise the funding needed to complete our go-public transaction.

"Rockwealth has now filed a notice of claim alleging damages related to our termination. We believe this claim is entirely frivolous and reflective of an attempt to make some gain from the failure to close the transaction, when the failure was actually caused by numerous breaches of the Agreement by Rockwealth.

"We intend to defend our action, but have also launched a counterclaim against Rockwealth for damages. Realgold suffered real opportunity loss from Rockwealth's broken promises and breaches of the Agreement, including missing access to the public markets during 2020's record run in gold prices.

"The matter is now before the British Columbia Supreme Court."

For further information, please contact: [email protected]