Business
Gold Resource Announces Ownership Interest in Green Light Metals Upon Promissory Note Conversion Into Common Shares
DENVER / Dec 28, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) announces that its wholly-owned indirect subsidiary Aqui
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / Dec 28, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) announces that its wholly-owned indirect subsidiary Aquila Resources USA Inc. (“Aquila USA”) has received 12,250,000 common shares of Green Light Metals Inc. (“Green Light”). The shares were issued upon the conversion at maturity of a non-interest bearing promissory note of Green Light in the principal amount of C$4.9 million (the “Green Light Note”) dated October 4, 2021, as amended. The shares were issued on December 28, 2022 at a conversion price of C$0.40 per share, and represent approximately 28.51% of the issued and outstanding shares of Green Light. The Green Light Note was issued to Aquila USA in partial consideration for the C$7.0 million sale by Aquila USA to Green Light of a 100% interest in Aquila USA’s Bend and Reef exploration assets located in the State of Wisconsin, which was completed on October 4, 2021. At the time of such sale, the parent company of Aquila USA was Aquila Resources Inc. (“Aquila”), which was subsequently acquired by the Company on December 10, 2021 pursuant to a plan of arrangement under the Business Corporations Act (Ontario). Prior to the conversion of the Green Light Note, the Company did not own or exercise control or direction over any Green Light shares. The Company will continue to monitor the business, prospects, financial condition and potential capital requirements of Green Light. Depending on its evaluation of these and other factors, and subject to any applicable provisions of an investor rights agreement dated October 4, 2021 between Aquila and Green Light, the Company may from time to time in the future increase or decrease its direct or indirect ownership, control or direction of common shares or other securities of Green Light through private agreements, subscriptions from treasury, market transactions or otherwise, and may from time to time engage in discussions with, or make proposals to, Green Light or other third parties. About Gold Resource Corporation Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the Company’s focus is to unlock the significant upside potential of its existing infrastructure ...