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Wesdome to Monetize Moss Lake via Vend-In Transaction With Goldshore Resources

Nachrichtenquelle: globenewswire
26.01.2021, 14:30  |  119   |   |   

TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) is pleased to announce that it has entered into a definitive purchase agreement (the “Agreement”) with Goldshore Resources Inc. (“Goldshore”) to monetize its Moss Lake Project (“Moss Lake”) located in Ontario, Canada (the “Transaction”). Pursuant to the Agreement, Goldshore will acquire all of Wesdome’s property, assets and rights related to Moss Lake. Following the closing of the Transaction (“Closing”), Goldshore will hold a 100% interest in Moss Lake.

Under the terms of the Agreement, Wesdome will receive minimum initial aggregate consideration of $57M, comprised of the following:

  • C$12.5 million in cash upon Closing;
  • Shares of Goldshore in an amount equal to the greater of a) $19.5 million and b) 30% of the issued and outstanding common shares at Closing;
  • C$20 million in shares of Goldshore in the form of milestone payments consisting of:
    • C$5 million within 12 months of Closing;
    • C$7.5 million upon the earlier of (i) Goldshore completing an updated PEA or pre-feasibility study; and (ii) 30 months from Closing;
    • C$7.5 million upon the earlier of (i) Goldshore completing a feasibility study, (ii) the date on which Goldshore makes a development decision on Moss Lake; and (iii) 48 months from Closing;
  • The grant to Wesdome of a 1.00% NSR royalty on all metal production from Moss Lake. Goldshore shall have the right to repurchase the NSR royalty for (i) C$5 million within 30 months of Closing; or (ii) C$7.5 million between 30 – 48 months from Closing. The royalty buyback rights shall expire if not exercised within 48 months of Closing
  • Wesdome representation on Goldshore’s Board of Directors with two appointees, Heather Laxton, Chief Governance Officer and Corporate Secretary, and Michael Michaud, Vice President, Exploration

Mr. Duncan Middlemiss, President and CEO, commented, “Wesdome remains focused on advancing our vision of building Canada’s next mid-tier gold producer. The opportunity to advance Moss Lake and bolster our already strong balance sheet, all while retaining meaningful exposure to the project through a strategic equity position as the largest shareholder of Goldshore allows the Company to remain fully focused on our underground high-grade gold mining expertise. This year is pivotal as Wesdome expects to deliver the Kiena Complex into commercial production, expand operations at Eagle as well as move forward on aggressive surface and underground exploration programs at both sites.”

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05.06.21 11:41:03
https://goldshoreresources.com/goldshore-resources-inc-comme…
Goldshore Resources Inc. Commences Trading on the TSX Venture Exchange

Jun 2, 2021

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

VANCOUVER, B.C., June 2, 2021: Goldshore Resources Inc. (formerly Sierra Madre Developments Inc.) (TSXV: GSHR) (the “Company”) is pleased to announce that at the opening of the market on June 4, 2021, the Company’s common shares will commence trading on the TSX Venture Exchange (the “TSXV”) under the ticker symbol “GSHR”.

On May 31, 2021, the Company announced the closing of its Reverse Takeover (as defined in TSXV Policy 5.2) (the “Transaction”). The Transaction was completed pursuant to the terms of an arrangement agreement (the “Amalgamation Agreement”) among the Company, 1284403 B.C. Ltd. and Goldshore Resources Inc. (“Former Goldshore”). Pursuant to the Amalgamation Agreement, the Company acquired all of the issued and outstanding shares of Former Goldshore by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (British Columbia). The Transaction has now received all final approvals, including that of the TSXV. The total number of issued and outstanding common shares of the Company at the commencement of trading will be 100,295,260.

President and Chief Executive Officer, Brett A. Richards stated: “Today marks another historic milestone in Goldshore’s short evolution and we are truly excited that our shares will commence trading on the TSX Venture Exchange, having concluded a number of business transactions earlier in the week.” Mr. Richards added: “We are also excited to be entering a favourable seasonal period at the Moss Lake Project whereby we can commence our exploration on the ground quite quickly, and get moving towards our strategic objectives”.

...

Bild: 1213_20210605113848_gshore
https://money.tmx.com/en/quote/GSHR


=> gleich mal eine Market Cap von CAD90M erscheint mir etwas ambitioniert
Avatar
26.04.21 16:02:13
denn wenn diese Business Combination nicht durch ist, kann man auch nicht Mitte 2021Q2 mit Drilling anfangen:

CORPORATE PRESENTATION, January 2021:
Bild: 1213_20210426155922_gs1
Avatar
26.04.21 15:54:36
so gibt es immer noch kein Listing an der TSX unter dem anvisierten Symbol GSHR.V:

https://goldshoreresources.com/
https://twitter.com/GoldShoreRes

Das Private placement vom Februar ist durch: https://goldshoreresources.com/221-2/ (*)

Aber irgendwie scheint es nun bei der Business Combination, also dem Reverse takeover von Sierra Madre Developments Inc. (SMG.H) durch Goldshore zu hängen (~).

Am 10.3. hieß es bei Wesdome dazu noch ("Wesdome Announces 2020 Fourth Quarter and Full Year Financial Results"):

The Company is in the process of divesting of its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the appropriate gold price environment.



Bis zum 30.6.2021 muss das aber alles durch sein, sonst wird wieder rückabgewickelt:

(*)
If the Escrow Release Conditions have not been satisfied prior to June 30, 2021, the total escrowed amount (plus any interest earned thereon in respect of the gross proceeds from the sale of Subscription Receipts) will be returned to the holders (net of any applicable withholding taxes), and the Offered Securities will be automatically cancelled and be of no further force and effect.


(~)
The remaining Escrow Release Conditions are summarized as follows:
• confirmation that all conditions to the completion of the Proposed Acquisition have been satisfied or waived;
• confirmation that all conditions to the completion of the Business Combination have been satisfied or waived, (other than the such conditions to be satisfied at completion of the Business Combination);
• receipt of all approvals required for completion of the Business Combination;
• the Resulting Issuer Shares being conditionally approved for listing on the TSX-V;
• counsel to the Resulting Issuer having delivered a standard legal opinion;
• Goldshore, Sierra Madre and the Resulting Issuer not being in breach of covenants or obligations under the transaction agreements;
• and Goldshore, Sierra Madre and the Lead Agent having delivered a release notice to the escrow agent.

<FC: Format>
Avatar
26.04.21 15:28:54
Goldshore Resources...............
Avatar
26.04.21 15:28:07
irgendwie ist es hier arg ruhig geworden um Goldshore Resources

Disclaimer

Wesdome to Monetize Moss Lake via Vend-In Transaction With Goldshore Resources TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) - Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) is pleased to announce that it has entered into a definitive purchase agreement (the “Agreement”) with Goldshore Resources Inc. (“Goldshore”) …

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