Business
Big Ridge Gold to Acquire Gold Island Inc. Creating a Premier Newfoundland Based Exploration Company with Significant Defined Gold & Copper Resources and Extensive Exploration Portfolio Backed by Leading Strategic Resource Investors
Toronto, Ontario--(Newsfile Corp. - July 17, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (" Big Rid...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold to Acquire Gold Island Inc. Creating a Premier Newfoundland Based Exploration Company with Significant Defined Gold & Copper Resources and Extensive Exploration Portfolio Backed by Leading Strategic Resource InvestorsToronto, Ontario--(Newsfile Corp. - July 17, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or the \"Company\") and Gold Island Inc., a private company (\"Gold Island\") are pleased to announce that they have entered into a business combination agreement, July 17th, 2023, (the \"Business Combination Agreement\") pursuant to which Big Ridge will acquire 100% of the issued and outstanding common shares of Gold Island (the \"Transaction\"). Under the Transaction, Gold Island shareholders will receive 0.8 of one Big Ridge common share for each Gold Island common share held (the \"Exchange Ratio\"). The Transaction will be effected by way of a three-cornered amalgamation under the Business Corporations Act (Ontario).Michael Bandrowski, President, and Chief Executive Officer of Big Ridge, commented, \"The acquisition will create a premier Newfoundland based gold exploration company, well positioned to continue advancing the Hope Brook Gold Project and its three new highly prospective exploration assets acquired from Gold Island, originally staked by Shawn Ryan of Ryanwood Exploration. In addition, the Transaction will add approximately CAD$4.0 million in working capital and several strategic shareholders, including Eric Sprott, The PowerOne Capital Group, Shawn Ryan, and a number of leading and highly sophisticated financial institutional shareholders, and high net worth investors.\" Adrian Fleming, Chief Executive Officer of Gold Island, commented, \"For some time Gold Island has been seeking a route to take the company public. Our technical team with the support of our strategic shareholders have carefully assessed numerous opportunities in Newfoundland and are pleased to join Big Ridge to create a situation where shareholders in both companies have the opportunity for substantial value enhancement. Big Ridge's Hope Brook project with significant defined gold and copper resources, as outlined in their recent Technical Report of April 6th 2023, which remains open for expansion, and is paired with prospective early-stage properties, including its existing properties and those it will acquire throu...