Business
Guardian Exploration Announces Proposed Acquisition of Saudi Arabian Mining Company
(TheNewswire) Calgary, Alberta – TheNewswire - December 5, 2023 - Gu...
About this update from Guardian Exploration Inc.
[{"type":"text","content":"Guardian Exploration Announces Proposed Acquisition of Saudi Arabian Mining Company\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Alberta\n \n \n –\n \n \n TheNewswire -\n \n \n December 5, 2023 -\n \n \n Guardian Exploration\nInc. (TSXV:GX) (OTC:GXUSF) (Frankfurt:R6B)\n \n \n (“\n \n \n Guardian\n \n \n ”) announces that it has entered\ninto a non-binding letter of intent to acquire all of the shares of\nSite Exploration Mining Company (“\n \n \n SEMC\n \n \n ”) a Saudi\nArabian mining company, from its shareholders (collectively, the\n“\n \n \n Vendors\n \n \n ”).\n \n \n \n \n SEMC holds mineral exploration licenses for five\nprospects covering 328 square kilometres and rights to an additional\n30 mineral prospects covering an additional 2,909 square kilometres in\nvarious stages of licence application and approval (collectively, the\n“\n \n \n Prospects\n \n \n ”). These license areas are predominantly prospective for\ngold, base and battery metals.\n \n \n \n \n “We have been reviewing prospects around the world\nfor years and have finally located what we believe to be excellent\nprospects in a jurisdiction that encourages mining development,”\nsaid Graydon Kowal, President and CEO of Guardian. “We look forward\nto the successful completion of due diligence, to closing the\ntransaction early in 2024 and to initiating our work program in Saudia\nArabia.”\n \n \n \n \n SEMC and the Vendors are at arm’s length to Guardian.\nUpon closing, it is intended that the SEMC team, including its two\nfounders, would enter into technical services and support agreements\npursuant to which they would continue to work with SEMC on the\nprojects in Saudi Arabia.\n \n \n \n \n In exchange for the shares of SEMC, Guardian proposes\nto pay to the Vendors an aggregate of $300,000 in cash and 15,000,000\nCommon Shares in the share capital of Guardian (“\n \n \n Guardian Shares\n \n \n ”).\n Additionally, Guardian will pay to the Vendors 500,000 Guardian\nShares and $50,000 for each additional license granted to SEMC for the\nProspects over the next five years following closing (the\n“\n \n \n Contingent\nConsideration\n \n \n ”) for a maximum Contingent\nConsideration of up to 15,000,000 Guardian Shares ...