Business
Rackla announces cancellation of Misisi Gold Project transaction
(TheNewswire) Vancouver, British Columbia - TheNewswire - March 31, 2...
About this update from Rackla Metals Inc.
[{"type":"text","content":"Rackla announces cancellation of Misisi Gold Project transaction\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n March 31, 2022 – Rackla\nMetals Inc. (TSXV:RAK)\n \n \n (OTC:RMETF)\n \n \n announces that it will not complete the acquisition of\nGolden Mining Ltd. and the related Misisi Gold Project.\n \n \n \n \n While significant time and effort have been expended on\nthis potential transaction, the Company and Golden Mining have been\nunsuccessful in raising the funds needed to cover the Project’s\nunderlying debts and to advance the property in a meaningful way, so\nthe decision has been made to relinquish the opportunity.  The\nCompany made certain non-refundable payments to Golden Square Equity\nPartners, the owner of the Misisi Gold Project, in connection with the\nproposed transaction, namely US$120,000 to obtain a three-month\nexclusivity period to conduct due diligence, and US$247,000 upon\nsigning of the binding share purchase agreement.  Payments were made\non behalf of Golden Mining and the Company keeps open the right to\nreclaim its expenditures should Golden Mining or its shareholders\nacquire an interest in the Misisi project.\n \n \n \n \n The Company has no financial or other obligations as a\nresult of the termination of the transaction.\n \n \n \n \n As the transaction is not proceeding, the proposed\ncompany name change will not be completed. Mr. Darryll Castle will not\nbe appointed as an officer of the Company, however he will join the\nBoard of Directors and work with Management assessing other\nopportunities.\n \n \n \n \n With a reasonable treasury from recent warrant\nexercises, Management is actively working to bring a project to the\nCompany that will enhance shareholder value.\n \n \n \n \n ON BEHALF OF THE BOARD\n \n \n \n \n Simon Ridgway,\n \n \n \n \n CEO and Director\n \n \n \n \n Tel: (604) 801-5432; Fax: (604) 662-8829\n \n \n \n \n Email: [email protected]\n \n \n \n \n Website:\n \n \n \n www.racklametals.com\n \n \n \n \n \n Neither the TSX Venture Exchange nor\nits Regulation Services Provider (as that term is defined in the\npolicies of the TSX Venture Exchange) accept responsibility for the\nadequacy or accuracy of this press release.\n \n \n \n \n Forward-Looking\nInformation\n \n \n \n \n Certain stat...