Business
Montage Gold Closes Second Tranche of Investment in African Gold
VANCOUVER, British Columbia, June 12, 2025 (GLOBE NEWSWIRE) -- Montage Gold Corp. (&#...
About this update from Montage Gold Corp.
[{"type":"text","content":"Montage Gold Closes Second Tranche of Investment in African Gold\n\n\n\n VANCOUVER, British Columbia, June 12, 2025 (GLOBE NEWSWIRE) --\n \n Montage Gold Corp. (“Montage” or the “Company”)\n \n (TSX: MAU, OTCQX: MAUTF) is pleased to announce the closing of the second tranche of its previously announced strategic investment in African Gold Limited (“African Gold”) (ASX:A1G).\n \n\n The strategic partnership 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 2 of the Share Exchange Transaction resulting in the issuance 46,358,146 African Gold Ordinary Shares to Montage, and the issuance to African Gold of 1,016,907 Montage Common Shares. The Montage Common Shares issued to African Gold are subject to a 4-month hold period that expires on October 13, 2025.\n \n\n In conjunction with closing the second tranche of investment in African Gold, Montage has entered into a technical services agreement with African Gold in relation to the management of operations at the Didievi Project, as well as a project rights agreement under which Montage is granted a right of first refusal in respect of African Gold's rights and interests in relation to the Didievi Project and adjacent Angoda Permit, including a right to acquire the minority interests in the Didievi Project upon any future exercise of African Gold's existing right of first refusal.\n \n\n\n ABOUT MONTAGE GOLD\n \n\n Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is ...