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Rackla Metals announces cancellation of Misisi Gold Project transaction
Vancouver, British Columbia - TheNewswire - March 31, 2022 – Rackla Metals Inc. (TSXV:RAK) (OTC:RMETF) announces that it will not complete the acquisition of Go
About this update from Rackla Metals Inc.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - March 31, 2022 – Rackla Metals Inc. (TSXV:RAK) (OTC:RMETF) announces that it will not complete the acquisition of Golden Mining Ltd. and the related Misisi Gold Project. While significant time and effort have been expended on this potential transaction, the Company and Golden Mining have been unsuccessful in raising the funds needed to cover the Project’s underlying debts and to advance the property in a meaningful way, so the decision has been made to relinquish the opportunity. The Company made certain non-refundable payments to Golden Square Equity Partners, the owner of the Misisi Gold Project, in connection with the proposed transaction, namely US$120,000 to obtain a three-month exclusivity period to conduct due diligence, and US$247,000 upon signing of the binding share purchase agreement. Payments were made on behalf of Golden Mining and the Company keeps open the right to reclaim its expenditures should Golden Mining or its shareholders acquire an interest in the Misisi project. The Company has no financial or other obligations as a result of the termination of the transaction. As the transaction is not proceeding, the proposed company name change will not be completed. Mr. Darryll Castle will not be appointed as an officer of the Company, however he will join the Board of Directors and work with Management assessing other opportunities. With a reasonable treasury from recent warrant exercises, Management is actively working to bring a project to the Company that will enhance shareholder value. ON BEHALF OF THE BOARD Simon Ridgway, CEO and Director Tel: (604) 801-5432; Fax: (604) 662-8829 Email: [email protected] Website: www.racklametals.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release. Forward-Looking Information Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s activities and proposed transactions. Often, but not always, these...