Nexus Gold acquisition of Cyclone North
2021-10-01 18:50 ET – Acquisition
The TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated Sept. 23, 2021, between Nexus Gold Corp. and several arm’s-length parties, whereby the company has agreed to acquire all of the issued and outstanding shares of Cyclone North Resources Inc. (the target), a privately held holding company that holds the rights to acquire a series of minerals claims located in the James Bay region of Northern Quebec, commonly referred to as the Cyclone project.
Under the terms of the agreement, the company will issue an aggregate of 12 million common shares to the vendors on closing in consideration of the target’s issued and outstanding shares.
In connection with completion of the transaction, the company is required to make aggregate cash payments of $50,000 related to ownership of the project and is required to finance minimum exploration expenditures of $125,000 on or before March 31, 2022, to maintain the project.
For further details, please refer to the company’s news release dated Sept. 27, 2021.
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