Business
Schooner Capital Corp. Completes Qualifying Transaction and Changes Name to Au Gold Corp.
Toronto, Ontario – TheNewswire - December 22, 2020 – Schooner Capital Corp. (TSXV:SCH.P) (TSXV:AUGC) (“Schooner” or the “Company”) is pleased to announce that i
About this update from Au Gold Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - December 22, 2020 – Schooner Capital Corp. (TSXV:SCH.P) (TSXV:AUGC) (“Schooner” or the “Company”) is pleased to announce that it has successfully completed its previously-announced share exchange transaction (the \"Transaction\") with 1201361 B.C. Ltd. (\"Target\"). The Transaction, as previously announced in the Company’s news releases dated September 1, 2020, October 27, 2020 and December 2, 2020, constitutes the Company's Qualifying Transaction, as such term is defined by Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the \"TSXV\"). Prior to closing of the Transaction, the Company changed its name to “Au Gold Corp.” and Target changed its name to “Ponderosa Exploration Ltd.” The new CUSIP number will be 002226108 and the new ISIN number will be CA0022261089. The common shares of the Company (the “Shares”) are expected to begin trading as a Tier 2 mining issuer on the TSXV, under the stock symbol “AUGC” on December 24, 2020. The Company will now carry on the business of Target as an exploration stage mining issuer. Qualifying Transaction Pursuant to a definitive share exchange agreement dated October 27, 2020, as amended November 30, 2020, with Target and the shareholders of Target, the Company acquired all of the issued and outstanding shares of Target in exchange for the issuance to former shareholders of Target of 6,655,824 Shares of the Company. Additionally, the Company issued 500,000 Shares to Mr. Edward Balon and Mr. Wojtek Jakubowski (the “Optionors”) in accordance with the terms of an option agreement dated April 5, 2019, as amended April 7, 2019 and October 6, 2020 among the Optionors and Target. Pursuant to the closing of the Transaction, Target is now a wholly owned subsidiary of the Company. As described in the Company’s filing statement dated November 30, 2020 available under the Company’s profile on SEDAR at www.sedar.com (the “Filing Statement”), certain of the Shares issued in connection with the Transaction are subject to either escrow requirements or seed share resale restrictions in accordance with TSX-V Policy 5.4 – Escrow, Vendor Considerations and Resale Restrictions. Share Purchase Agreements Certain incoming Principals (as such term is defined in the polices of the TSXV) entered into share purchase agreements with the pre-Transaction Princ...