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Element79 Gold Provides Update on Pending Acquisition of Gold Portfolio in Nevada
VANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Further to its news release dated October 4, 2021, Element79 Gold Corp. (CSE:ELEM) (OTC PINK:ELMGF) (FSE:7YS) ("
About this update from Element79 Gold Corp.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Further to its news release dated October 4, 2021, Element79 Gold Corp. (CSE:ELEM) (OTC PINK:ELMGF) (FSE:7YS) (\"Element79 Gold\", the \"Company\") is pleased to provide an update on its acquisition of 1316524 B.C. Ltd. (\"Goldco\"). As previously disclosed, Element79 Gold is party to a securities exchange agreement (the \"Goldco Agreement\") pursuant to which it will acquire all of the issued and outstanding shares of Goldco (the \"Goldco Acquisition\"). Goldco is party to an asset purchase agreement (the \"Asset Purchase Agreement\") with Clover Nevada LLC (\"Clover Nevada\") and Maverick Springs Mining Company, LLC (\"MSMC\") to acquire the flagship Maverick Springs project (the \"Maverick Springs Project\") and 15 additional projects that comprise the Battle Mountain portfolio (collectively, the \"Battle Mountain Portfolio\") (the \"Asset Acquisition\" and together with the Goldco Acquisition, the \"Transactions\"). The Maverick Springs Project and the Battle Mountain Portfolio are located in the gold mining regions of northeastern Nevada, home to some of the world's largest gold mines. The Transactions were originally scheduled be completed on or around November 30, 2021. However, due to delays associated with Clover Nevada and MSMC obtaining outstanding consents required in connection with the Asset Acquisition, completion of the Transactions have been briefly delayed. As such, both the Goldco Agreement and the Asset Purchase Agreement have been amended to provide the parties with additional time to complete the transactions contemplated thereunder. Element79 Gold remains committed to completing the Transactions and a majority of the closing conditions have been satisfied. Element79 Gold expects to close the Transactions in December 2021. \"Element79 Gold is ready and able to close the Transactions in a prompt and efficient manner,\" stated James Tworek, Chief Executive Officer of Element79 Gold. \"By executing the next step of our development strategy through the pending acquisition of the Maverick Springs Project and the Battle Mountain Portfolio, Element79 Gold is gaining access to one of the most prolific gold mining districts in the world and unlocking value for its shareholders.\" Further details regarding the Transactions are set out in Element79 Gold's news releases ...