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Schooner Announces Qualifying Transaction for Ponderosa Gold Property in Spences Bridge Gold Belt and Name Change to Aureus Gold Corp.
Toronto, Ontario - TheNewswire - September 1, 2020 - Schooner Capital Corp. (TSXV:SCH.P) ("Schooner" or the "Company") is pleased to announce that it has entere
About this update from Au Gold Corp
[{"type":"text","content":"Toronto, Ontario - TheNewswire - September 1, 2020 - Schooner Capital Corp. (TSXV:SCH.P) (\"Schooner\" or the \"Company\") is pleased to announce that it has entered into a binding letter of intent, dated August 14, 2020 (the \"LOI\"), with 1201361 B.C. Ltd. (\"Target\"), which sets out the principal terms upon which Schooner will acquire all of the issued and outstanding securities of Target (the \"Transaction\") which controls the prospective Ponderosa Gold Property in the Spences Bridge Gold Belt of British Columbia, Canada. The Transaction will constitute an Arm's Length Transaction, as such term is defined in the policies of the TSX Venture Exchange (the \"TSXV\"). Schooner, after giving effect to the completion of the Transaction, is referred to in this press release as the \"Resulting Issuer\". On closing of the Transaction, Resulting Issuer will change its name to \"Aureus Gold Corp.\" trading under the symbol \"AUGC\". Highlights Transaction creates a new TSXV listed gold exploration company, Aureus Gold Corp. Experienced management team and board of directors Flagship asset, Ponderosa Gold Property, in Spences Bridge Gold Belt, British Columbia Schooner anticipates raising up to $2 million in concurrent financing Near surface drill-ready gold targets to advance with financing Transaction expected to close in mid-Q4 Transaction Summary Schooner is a \"capital pool company\" that completed its initial public offering in June 2018. The common shares of Schooner (the \"Shares\" or \"Schooner Shares\") are listed for trading on the TSX Venture Exchange (the \"TSXV\" or the \"Exchange\") under the stock symbol \"SCH.P\". It is intended that the Transaction, when completed, will constitute the Qualifying Transaction (as such term is defined in the policies of the TSXV) of Schooner for the purposes of Policy 2.4 - Capital Pool Companies of the TSXV. Schooner currently has 4,750,000 Shares issued and outstanding and will acquire Target for 7,147,408 Shares. In connection with the Transaction, Schooner proposes to raise up to $2 million through a Concurrent Financing (as defined herein) of Units (as defined herein) and FT Shares (as defined herein). Upon completion of the Transaction and the closing of the Concurrent Financing, the Resulting Issuer will have approximately 31,897,408 Shares issued and outstanding. See further det...