Business
Mayo Lake Minerals Signs Letter of Intent with WestMountain Gold
Ottawa, Ontario--(Newsfile Corp. - August 17, 2023) - Mayo Lake Minerals Inc. (CSE: MLKM) ("Mayo") is pleased to announce that it has entered into a non-binding
About this update from Mayo Lake Minerals, Inc.
[{"type":"text","content":" Ottawa, Ontario--(Newsfile Corp. - August 17, 2023) - Mayo Lake Minerals Inc. (CSE: MLKM) (\"Mayo\") is pleased to announce that it has entered into a non-binding letter of intent dated August 2, 2023 (the \"LOI\") with WestMountain Gold, Inc. (\"WestMountain\"). The LOI outlines the proposed terms and conditions of a possible transaction pursuant to which Mayo and WestMountain would negotiate to seek to effect a three-cornered amalgamation of a wholly-owned subsidiary of Mayo and WestMountain that would result in Mayo indirectly acquiring all of the outstanding share capital of WestMountain (the \"Contemplated Transaction\"). The combined entity resulting from the Contemplated Transaction would continue to carry on the combined businesses of Mayo and WestMountain. The Contemplated Transaction remains subject to Mayo and WestMountain negotiating and entering into a definitive agreement and the receipt of all regulatory and shareholder approvals. In the event a definitive agreement is reached, Mayo will issue a comprehensive press release pursuant to the policies of the Canadian Securities Exchange. THIS RELEASE IS NEITHER AN OFFER OF SECURITIES NOR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES. Information regarding WestMountain may be obtained at: https://www.westmountaingold.com/company Mayo's Properties: Mayo has five properties covering 244 square kilometres where it has completed exploration over the last 12 years. Mayo plans to drill prospective gold targets within the Anderson Gold Belt and to trench its Carlin West and AJ targets at its Carlin-Roop property in September. The reader can access a number of maps and Mayo's history in addition to property news and descriptions and the current private placement Term Sheet that it has in place seeking to complete this year's exploration at https://www.mayolakeminerals.com Dr. Vern Rampton P. Eng., President & CEO of Mayo stated, \"The Contemplated Transaction would result in a diversified set of prospective gold properties led by Mayo. Mayo would hold an advanced-stage project with an attractive resource and prospective projects in the pipeline that are open to the discovery of upper-tier mineral deposits.\" Dr. Rampton continued, \"WestMountain's properties exhibit numerous favourable characteristics, including extensive historical data and well-defined dri...