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Montage Gold Closes First Tranche of Investment in African Gold
VANCOUVER, British Columbia, April 07, 2025 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Mon...
About this update from Montage Gold Corp.
[{"type":"text","content":"Montage Gold Closes First Tranche of Investment in African Gold\n\n\n\n VANCOUVER, British Columbia, April 07, 2025 (GLOBE NEWSWIRE) --\n \n Montage Gold Corp. (“Montage” or the “Company”)\n \n (TSXV: MAU, OTCQX: MAUTF) is pleased to announce the closing of the first tranche of its previously announced strategic investment in African Gold Limited (“African Gold”) (ASX:A1G).\n \n\n The strategic partnership transaction consists of a share exchange transaction between Montage and African Gold (the “Share Exchange Transaction”) including the issuance to Montage of 92,377,787 fully paid ordinary shares of African Gold (“African Gold Ordinary Shares”) at deemed issue price of A$0.07 per African Gold Ordinary Share, and the issuance to African Gold of 2,026,388 common shares of Montage (“Montage Common Shares”) at a deemed issue price of C$2.87 per Montage Common Share. Montage and African Gold have closed Tranche 1 of the Share Exchange Transaction resulting in the issuance of 46,019,641 African Gold Ordinary Shares to Montage, and the issuance to African Gold of 1,009,481 Montage Common Shares. The Montage Common Shares issued to African Gold are subject to a 4-month hold period that expires on August 8, 2025.\n \n\n In connection with the Share Exchange Transaction, Montage and African Gold have entered into a Share Subscription Agreement, through which Montage is entitled to certain investor rights provided that Montage maintains a 9% ownership in African Gold until the completion of Tranche 2 and 10% thereafter. Furthermore, Montage and African Gold have entered into a Project Rights Agreement, through which Montage is entitled to certain project-related rights as stated in the press release dated March 24, 2025.\n \n\n The second tranche of the Share Exchange Transaction is expected to close in Q2-2025 as it is subject to an African Gold shareholder vote.\n \n\n\n Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\n \n\n\n\n ABOUT MONTAGE GOLD\n \n\n Montage Gold Corp. (TSXV: MAU) ...