Business
Precipitate Coordinates Sale of Everton's Restricted Shares to Strategic New Investor Group
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Precipitate Gold Corp. (T...
About this update from Precipitate Gold Corp.
[{"type":"text","content":"Precipitate Coordinates Sale of Everton's Restricted Shares to Strategic New Investor GroupVancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Precipitate Gold Corp. (TSXV: PRG) (\"Precipitate\" or the \"Company\") is pleased to announce it has facilitated the sale and transfer of 4.5 million common shares of the Company previously registered to Everton Resources (the \"Everton Shares\") and transferred and re-registered the shares into the names of individuals making up a strategic new shareholder group (the \"Purchaser\").Jeffrey Wilson, President & CEO, stated, \"We are pleased to facilitate this sale and transfer of shares from Everton Resources to a strategic new investor group, who are highly reputable mineral industry principals with impressive recent track records for success. The opportunity to transfer and place a substantial block of the Company's shares into the hands of an incoming new investor group who recognize the long term investment opportunity presented by the Company, its projects, and near term exploration potential, is highly beneficial to the Company and its shareholders. We thank Everton and its management for working with us to complete this mutually beneficial transaction and look forward to advancing the projects and continuing to add value for all shareholders.\"As reported in the Company's news release dated October 24, 2018, as part of the purchase terms of the acquisition of a 100% interest in all of Everton Resources' Dominican Republic exploration concessions, Precipitate delivered to Everton 7.0 million common shares of the Company with certain re-sale restrictions prohibiting the re-sale of those shares for staged periods up to three (3) years from the closing of the acquisition transaction. In consideration for Everton agreeing to sell and transfer 4.5 million of its restricted shares of Precipitate to the Purchaser, the Company agreed to remove the re-sale restrictions on Everton's next 700,000 common shares of Precipitate. In transferring and re-registering the 4.5 million common shares of Precipitate to the new shareholder group, the Company agreed to amend the re-sale restriction on the re-registered shares such that 1.5 million of the Purchasers shares will be free-trading at transfer, 1.5 million will be restricted from re-sale for 3 months from the date of transfer, ...