Business
Kanadario Gold Announces Approval of Proposed Change of Management and Provides Update Relating to its Private Placement Financings
VANCOUVER, BC / ACCESSWIRE / November 23, 2020 / Kanadario Gold Inc. (" Kanadario " or the "...
About this update from G Mining Ventures Corp
[{"type":"text","content":"Kanadario Gold Announces Approval of Proposed Change of Management and Provides Update Relating to its Private Placement FinancingsVANCOUVER, BC / ACCESSWIRE / November 23, 2020 / Kanadario Gold Inc. (\"Kanadario\" or the \"Company\") (TSXV:KANA) is pleased to announce that, further to its news release dated October 23, 2020, it has obtained the approval of a majority of the disinterested shareholders of the Company by way of written consent, and received TSX Venture Exchange (\"TSXV\") approval, to the change of management agreement it entered into last month with Life of Mine Investments Inc. (\"LOMI\"), the investment arm of G Mining Services Inc. and members of the Gignac family, pursuant to which the Company will complete several corporate changes (the \"Transaction\") including replacing the current management and board of directors of the Company (the \"Change of Management\"). Following the Change of Management, the Company will continue as a mining issuer in the exploration and development space. The Company will be led by Louis Gignac Sr. as Chairman and Louis-Pierre Gignac as Chief Executive Officer.The Company expects to complete the Change of Management on Wednesday November 25, 2020, concurrently with the closing of its previously announced brokered private placement led by Sprott Capital Partners LP and including BMO Capital Markets for gross proceeds of approximately $37 million (including the exercise of the underwriters' option) (the \"Brokered Offering\") and the closing in escrow of its previously announced investment by LOMI and related persons in the Company for additional gross proceeds of approximately $5.7 million (the \"Non-Brokered Offering\"). The Brokered Offering remains subject to TSXV approval and the Non-Brokered Offering remains subject to TSXV approval and Shareholder Approval (as defined below). The Company will seek the approval of the Non-Brokered Offering by the minority shareholders of the Company (the \"Shareholder Approval\") voting at its annual and special general meeting of shareholders (the \"AGSM\") as required pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, scheduled to take place on December 15, 2020. The Company has mailed the Notice of Meeting, information circular and proxy materials for the AGSM to its shareholders ...