Business
RooGold Announces Execution of Binding LOI to Acquire Next Generation Resources, a Battery Metals Focused Company
TORONTO, ON / ACCESWIRE / December 21, 2022 / RooGold Inc. (CSE:ROO) (OTC PINK:JNCCF) (Frankfurt:5VHA) ("RooGold" or the "Company") is pleased to announce that
About this update from Metalite Resources Inc
[{"type":"text","content":" TORONTO, ON / ACCESWIRE / December 21, 2022 / RooGold Inc. (CSE:ROO) (OTC PINK:JNCCF) (Frankfurt:5VHA) (\"RooGold\" or the \"Company\") is pleased to announce that it has entered into a binding letter of intent dated December 20, 2022 (the \"LOI\") setting out the terms of a proposed acquisition (the \"Transaction\") by the Company of all of the issued and outstanding shares of Next Generation Resources Inc. (\"NextGen\"), an arm's length company incorporated under the Business Corporations Act (British Columbia). The LOI provides that it will, prior to closing of the transaction, be superseded and replaced with a binding purchase agreement to be agreed to between the Company and NextGen. NextGen, a privately held Canadian exploration company, provides RooGold's shareholders with an excellent opportunity to enter into the battery metals space through its vast portfolio of exploration-stage properties in Liberia targeting lithium, nickel, cobalt and rare earth elements, along with additional prospectivity for gold, copper and zinc. NextGen currently holds three mineral reconnaissance licenses in Liberia totaling 1,566 sq km, and is on the verge of obtaining four additional reconnaissance licenses that will add 760 sq km to its overall property package. NextGen's Founder and Director, David Kol, has agreed to join RooGold's board of directors upon completion of the Transaction. He brings vast experience, strong government relations and a deep understanding of mineral exploration in Liberia. His technical team comprising ex-pats and local geologists, geotechnicians and a variety of consultants has commenced initial field work in Liberia, including geological mapping, prospect sampling and soil geochemical surveys. Initial results from the field program are anticipated in Q1 of 2023. Interim CEO and Director of RooGold, Vishal Gupta states, \"The addition of a large portfolio of lithium-focused assets in Liberia to our existing precious metals properties in Australia provides RooGold's shareholders an incredible optionality in today's turbulent commodity markets. We believe that demand for battery metals will far outstrip supply for the foreseeable future, and the acquisition of NextGen provides RooGold with tremendous exposure to this very exciting commodity space.\" Mr. Gupta adds, \"While we continue to advance our Australian pr...