Business
GoldMining Enters Agreement to Acquire Yellowknife Gold Project and Big Sky Property
GoldMining Enters Agreement to Acquire Yellowknife Gold Project and Big Sky Property ...
About this update from Goldmining Inc.
[{"type":"text","content":"\n\n\n\nGoldMining Enters Agreement to Acquire Yellowknife Gold Project and Big Sky Property\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 10, 2017\n\n\n\nVANCOUVER, May 10, 2017 /CNW/ - GoldMining Inc. (\"GoldMining\" or the \"Company\") (TSX-V: GOLD; OTCQX: GLDLF) is pleased to announce that it has entered into an agreement (the \"Agreement\") to acquire 100% of the Yellowknife Gold Project (\"YGP\" or the \"Project\") and nearby Big Sky Property (\"Big Sky\"), both located in the Northwest Territories, Canada and indirectly owned by Tyhee N.W.T. Corp. (\"Tyhee\"), a subsidiary of Tyhee Gold Corp. \n\nGoldMining entered into the Agreement with a receiver appointed in respect of the assets and undertaking of Tyhee under the Bankruptcy and Insolvency Act. RMB Australia Holdings Limited (\"RMB\"), Tyhee's largest secured creditor, initiated the receivership and has committed to the transaction. Completion of the transaction is subject to, among other things, customary conditions, including receipt of requisite court and TSX Venture Exchange approvals. \n\nThe YGP has been the subject of substantial drilling, underground development and historic gold production. Big Sky represents an earlier stage exploration property package located south of the YGP and only 17 km north of the city of Yellowknife. \n\nThe Agreement\n\nPursuant to the Agreement, GoldMining will acquire the YGP, Big Sky and certain related assets, including an exploration camp and equipment. Total consideration payable by GoldMining under the transaction consists of 4,000,000 common shares of GoldMining (the \"Shares\"), which will be subject to customary escrow provisions and released as follows:\n\n\n1,574,000 Shares on the four-month anniversary of closing;\n1,180,000 Shares on the six-month anniversary of closing; and\nthe balance on the eight-month anniversary of closing.\n\nA break fee is payable by RMB to GoldMining in the event that the transaction does not complete under certain circumstances. \n\nThe Yellowknife Gold Project\n\nThe YGP is comprised of five ...