Dr. Georg Josef Pollert Announces Acquisition of Securities of Blue Star Gold Corp.

BERLIN, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Dr. Georg Josef Pollert (the “Acquiror”), a director of Blue Star Gold Corp. (the “Company”) announces that, on January 25, 2021, he acquired ownership of 16,265,332 common shares ( “Shares”) of the Company.

15,265,332 Shares (the “Debt Settlement Shares”) were issued at a deemed price of $0.055 per Share, pursuant to a debt settlement relating to unsecured loan agreements (the “Loan Agreements”) entered into between the Company (as borrower) and the Acquiror (as lender) on December 19, 2018, March 10, 2019 and May 7, 2019 for an aggregate principal amount of $750,000 (the “Loans”). The Loans bore an annual simple interest rate of 7.5%.

1,000,000 Shares (the “New Bonus Shares”) were issued at a deemed price of $0.05 per Share, as bonus shares pursuant to the Loan Agreements.   

Immediately prior to the issuance of the Debt Settlement Shares and the New Bonus Shares, the Acquiror held 84,631,084 Shares, 1,500,000 incentive stock options (the “Options”), 63,500,000 share purchase warrants and 3,175 debentures (which are convertible into 63,500,000 Shares) (“Debentures”) and was conditionally entitled to receive a maximum of 3,000,000 bonus shares (the “Existing Bonus Shares”) under the terms of the Loan Agreements, and the Acquiror’s non-diluted shareholdings represented approximately 32.3% of the Company’s issued and outstanding Shares.

As a result of the issuance of the Debt Settlement Shares and the New Bonus Shares, the Acquiror now holds 100,896,416 Shares, 1,500,000 Options, 76,000,000 share purchase warrants and 3,175 Debentures (convertible into 63,500,000 Shares) and is conditionally entitled to receive a maximum of 3,000,000 Existing Bonus Shares. The Acquiror’s non-diluted shareholdings now represent approximately 36.2% of the Company’s issued and outstanding Shares. Thus on a partially diluted basis (i.e., assuming full exercise of all share purchase warrants and Options, full conversion of all Debentures by the Acquiror, receipt by the Acquiror of the maximum number of Existing Bonus Shares, and no other issuances of Shares by the Company), the Acquiror would hold a total of 244,896,416 Shares, representing approximately 58.0% of the Company’s issued and outstanding Shares.

The Debt Settlement Shares and the New Bonus Shares were acquired by the Acquiror for investment purposes. The Acquiror may increase or decrease his ownership of securities of the Company as the circumstances or market conditions warrant.

To obtain a copy of the early warning report filed by the Shareholder, please contact the Shareholder at 011.49.172.946.1380 or refer to the Company’s SEDAR profile at www.sedar.com.

DR. GEORG JOSEF POLLERTKARMELITERWEG 1213465 BERLINFEDERAL REPUBLIC OF GERMANY

Source: Dr. Georg Josef Pollert

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