Business
Big Ridge Completes Sale of Ontario Properties
Toronto, Ontario--(Newsfile Corp. - March 1, 2022) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB:...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Completes Sale of Ontario PropertiesToronto, Ontario--(Newsfile Corp. - March 1, 2022) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) (\"Big Ridge\") announces the closing of the sale of its 100% owned Ontario mining properties to Caprock Mining Corp. (\"Caprock\") pursuant to a sale agreement dated March 11, 2021. As consideration, Caprock issued a total of 10,000,000 common shares (the \"Caprock Shares\") to Big Ridge from treasury at a deemed price of $0.10 per Caprock Share for aggregate deemed consideration of $1,000,000. Immediately prior to closing of this transaction, Big Ridge did not own or control any Caprock Shares. Following closing, Big Ridge owns 10,000,000 Caprock Shares, representing approximately 24.77% of the issued and outstanding share capital of Caprock. These Caprock Shares were issued under a prospectus exemption and are also subject to an escrow agreement providing for a three-year escrow, and become free-trading according to the following schedule:DateNumber of sharesJune 29, 2022*1,000,000July 26, 20221,500,000January 26, 20231,500,000July 26, 20231,500,000January 26, 20241,500,000July 26, 20241,500,000January 26, 20251,500,000 *Released from escrow upon issuance, but subject to a hold period of four months and one day under applicable securities laws. Big Ridge will continue to monitor the business, prospects, financial condition and potential capital requirements of Caprock. Depending on its evaluation of these and other factors Big Ridge may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Common Shares or other securities of Caprock through market transactions, private agreements, subscriptions from treasury or otherwise, and may from time to time engage in discussions with, or make proposals to, Caprock or other third parties regarding any of the matters listed in paragraphs (a) through (k) of Item 5 of Form NI 62-103F1 - Required Disclosure under the Early Warning Requirements of the Canadian Securities Administrators.About Big Ridge Gold Corp.Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social ...