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Montage Enters into Agreement with Barrick and Endeavour to Expand Koné Gold Project and Arranges $20 Million Bought Deal Financing
Montage Enters into Agreement with Barrick and Endeavour to Expand Koné Gold Project...
About this update from Montage Gold Corp.
[{"type":"text","content":"\n \n \n \n Montage Enters into Agreement with Barrick and Endeavour to Expand Koné Gold Project and Arranges $20 Million Bought Deal Financing\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 8, 2022\n \n \n /CNW/ -\n \n Montage Gold Corp.\n \n (\"Montage\" or the \"Company\") (TSXV: MAU) (OTCPK: MAUTF) is pleased to announce that it has entered into an agreement (the \"Agreement\") with a subsidiary of Barrick Gold Corporation (\"Barrick\") and a subsidiary of Endeavour Mining plc (\"Endeavour\"), pursuant to which Montage will acquire a 100% interest (the \"Transaction\") in the Mankono-Sissédougou Joint Venture Project (as described below, and referred to as \"Mankono\"), which consists of three properties contiguous to the Company's Koné Gold Project (\"KGP\") in Côte d'Ivoire. Under the terms of the Agreement, Montage will acquire 100% of the issued and outstanding shares of Mankono Exploration Limited (a Jersey Company) (\"MEL\"), which indirectly holds Mankono, for total consideration of\n \n C$30,000,000\n \n comprised of\n \n C$14,500,000\n \n in cash, 22,142,857 common shares of Montage, and the granting of a 2% NSR royalty (allocated 70% to Barrick and 30% to\n \n Endeavour\n \n based on their relative ownership interest in MEL).\n \n \n \n \n \n \n \n \n \n Closing of the Transaction is subject to, among other things, the granting by the government of Côte d'Ivoire of the Gbongogo Exploration Permit which is currently an exploration permit application which has been submitted by a subsidiary of MEL (see Figure 1). Closing of the Transaction is expected to occur within six months of this announcement.\n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Mankono property package adds 893km\n \n 2\n \n to the Koné Gold Project\n \n \n \n \n \n \n \n \n Consolidates land position to 2,259km\n \n 2\n \n of contiguous ground\n \n \n All areas within haulage distance of proposed Koné mill location\n \n \n \n US$20M\n \n in historic exploration spend with extensi...