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GoldMining Completes Grant of Option on Almaden Project and Strategic Investment in NevGold
GoldMining Completes Grant of Option on Almaden Project and Strategic Investment in NevGo...
About this update from Goldmining Inc.
[{"type":"text","content":"\n \n \n \n GoldMining Completes Grant of Option on Almaden Project and Strategic Investment in NevGold\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n This news release constitutes a\n \n \n \"designated news release\" for the purposes of the Company's prospectus supplement dated\n \n December 10, 2021\n \n to its short form base shelf prospectus dated\n \n October 27, 2021\n \n .\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 5, 2022\n \n \n /CNW/ - GoldMining Inc. (the \"\n \n Company\n \n \" or \"\n \n GoldMining\n \n \") (TSX: GOLD) (NYSE-American: GLDG) is pleased to announce the closing of the previously announced grant of an option on the Company's Almaden Project (the \"\n \n Project\n \n \"), located in\n \n Idaho, U.S.A.\n \n to a subsidiary of NevGold Corp. (\"\n \n NevGold\n \n \") and the Company's strategic investment in NevGold. As consideration for the option, the Company received consideration of\n \n C$3.0 million\n \n , which was satisfied by NevGold by issuing 4,444,444 common shares of NevGold (\"\n \n NevGold Shares\n \n \").\n \n \n \n \n The Option\n \n \n \n \n Pursuant to the option agreement between the parties (the \"\n \n Option Agreement\n \n \"), the Company's subsidiary has granted NevGold's subsidiary an option to acquire a 100% interest in the Project. To exercise the option, NevGold must, among other things:\n \n \n \n make a total of\n \n C$6 million\n \n of additional payments to GoldMining's subsidiary between\n \n January 1, 2023\n \n and\n \n January 1, 2024\n \n , which payments may be satisfied by NevGold in cash or through the issuance of NevGold Shares, on the following schedule:\n \n \n \n \n January 1, 2023\n \n :\n \n C$1.5 million\n \n \n \n \n July 1, 2023\n \n :\n \n C$1.5 million\n \n \n \n \n January 1, 2024\n \n :\n \n C$3.0 million\n \n \n \n \n \n In the event that NevGold elects to satisfy any of the foregoing payments by issuing NevGold Shares, the number of such shares will be based upon the volume weighted average pr...