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Lake Victoria Gold Announces the Completion of Its Acquisition of the Imwelo Mining License and $3,520,000 Concurrent Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2025) -  Lake Victoria Gold Ltd....
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Lake Victoria Gold Announces the Completion of Its Acquisition of the Imwelo Mining License and $3,520,000 Concurrent Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 28, 2025) -  Lake Victoria Gold Ltd. (TSXV: LVG) (\"LVG\" or the \"Company\") is pleased to announce that it has completed the acquisition (the \"Acquisition\") of mining licence ML 538/2015 comprising the Imwelo gold project located in Tanzania (the \"Imwelo Project\") through the Company's wholly-owned subsidiary Tembo Gold Tanzania Limited (the \"Purchaser\"), as initially announced in the Company's press release dated August 10, 2023. Pursuant to the terms of the licence purchase agreement dated August 9, 2023, as amended, among the Company, the Purchaser, Lake Victoria Gold Limited (the \"Vendor\"), and the Vendor's subsidiary Tanzoz Mineral Limited, the Purchaser acquired a 100% interest in the Imwelo Project in consideration for Cdn$5,500,000 consisting in the issuance of 24,064,723 common shares in the capital of the Company (each, a \"Share\") to the Vendor at a deemed issue price of Cdn$0.22 per Share and US$148,148 cash. In connection with the Acquisition, Seth Dickinson, the Managing Director of the Vendor, was appointed as Chief Operating Officer and as a director of the Company.Concurrently with the completion of the Acquisition, the Company has closed its non-brokered private placement of 16,000,000 Shares with a related entity of Taifa Mining and Civils Limited (\"Taifa\") owned by Rostam Aziz, at a price of Cdn$0.22 per Share for gross proceeds to the Company of Cdn$3,520,000 (the \"Private Placement\"). In connection with the Private Placement, the Company entered into a mining service contract with Taifa, in which Taifa will provide mining services on the Company's properties. The Company also entered into an investor rights agreement with the subscriber in which they will have the right, as long as it maintains ownership of, or control or direction over, more than 10% of the outstanding Shares, to participate in subsequent financings of the Company to maintain its ownership position and to nominate one member to the Company's board of directors. The Company obtained disinterested shareholder approval by written consent to the creation of Taifa and its associates and affiliates (\"Taifa Group\") as a new control perso...