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1911 Gold Corporation Completes Acquisition of Remaining 50% Interest in Tully Property
1911 Gold Corporation Completes Acquisition of Remaining 50% Interest in Tully Property ...
About this update from 1911 Gold Corp.
[{"type":"text","content":"\n\n\n\n1911 Gold Corporation Completes Acquisition of Remaining 50% Interest in Tully Property\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 11, 2019\n\n\n\nTORONTO, July 11, 2019 /CNW/ - 1911 Gold Corporation (TSXV: AUMB) (\"1911 Gold\" or the \"Company\") is pleased to announce that it has, through a wholly-owned subsidiary, 1911 Gold Canada Corporation (\"1911 Gold Canada\"), completed its previously announced acquisition (the \"Acquisition\") of the 50% interest held by 55 North Mining Inc. (formerly SGX Resources Inc.) (\"55 North\") in the Tully mining claims and mining lease located in Timmins, Ontario (the \"Tully Property\"), an exploration property in Ontario. As a result of the Acquisition, 1911 Gold Canada is now the 100% direct owner of the Tully Property. \n\n \n \n\n \nUnder the terms of the asset purchase agreement between 55 North and 1911 Gold Canada (then Havilah Mining Canada Ltd.) (the \"Agreement\"), 1911 Gold Canada acquired 55 North's legal and beneficial right, title and interest in and to all of 55 North's 50% interest in the Tully Property in exchange for consideration which included payment of $200,000.00 in cash for the settlement of outstanding litigation between 55 North and a former employee and the waiver of outstanding liabilities owing to the Company by 55 North in the amount of approximately $970,552. \nAdditionally, pursuant to the terms of the Agreement, concurrent with the closing of the Acquisition, 1911 Gold Canada acquired by way of non-brokered private placement (the \"Private Placement\") 3,333,333 common shares of 55 North (the \"55 North Shares\") at a price of $0.06 per 55 North Share, for total consideration of $199,999.98. \nImmediately prior to the Private Placement, 1911 Gold beneficially owned and controlled 14,349,085 Common Shares, representing approximately 27.1% of the issued and outstanding Common Shares. As a result of the Private Placement, 1911 Gold beneficially owns and controls 17,682,418 Common Shares, representing approximately 31.4% of the issued and outstanding...