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Rackla Metals Provides Update on Acquisition of Misisi Gold Project; Proposes Name Change
Vancouver, British Columbia - TheNewswire – June 4, 2021 – Rackla Metals Inc. (“Rackla” or the “Company”) (TSXV:RAK) announces that, further to its news release
About this update from Rackla Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia - TheNewswire – June 4, 2021 – Rackla Metals Inc. (“Rackla” or the “Company”) (TSXV:RAK) announces that, further to its news release of May 5, 2021, it continues to work on satisfying the conditions precedent to its acquisition of a 73.5% interest in the Misisi Gold Project (“Project”) located in the Democratic Republic of the Congo (“DRC”). The Company has entered into a share purchase agreement (the “Definitive Agreement”) to acquire all of the issued and outstanding shares from an arm’s length vendor, Golden Mining Ltd. (“Golden Mining”). The Project is owned by Leda Mining Congo SA (“Leda”), of which Casa Mining Limited (“Casa Mining”) owns a 73.5% interest, with the remaining interest in Leda held by Minerals and Metals Group, owning 21.5% (participating interest), and the DRC Government owning a 5% free-carried interest. Golden Mining has entered into a share purchase agreement with Golden Square Equity Partners Limited to acquire 99.43% of the outstanding shares of Casa Mining (the “Casa Mining SPA”). Under the terms of the Casa Mining SPA, Golden Mining is acquiring the outstanding shares of Casa Mining for total cash consideration of US$4.8 million in staged cash payments. Under the Definitive Agreement, the Company will acquire Golden Mining through the issuance of up to 11.0 million common shares of Rackla at a deemed price per share of $0.40, and will assume the obligation to make the required payments under the Casa Mining SPA. The transaction is subject to Rackla completing a financing raising a minimum of $5,000,000, TSX Venture Exchange approval and other customary conditions. Rackla also announces that management intends, subject to TSX Venture Exchange approval, to change the name of the Company to Golden Hawk Resources Ltd. 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 This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expecta...