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Rackla receives stock exchange conditional approval to proposed acquisition of Misisi Gold Project
(TheNewswire) Vancouver, British Columbia – TheNewswire - Augu...
About this update from Rackla Metals Inc.
[{"type":"text","content":"Rackla receives stock exchange conditional approval to proposed acquisition of Misisi Gold Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n August 9, 2021 - Rackla\nMetals Inc. (“Rackla” or the “Company”) (TSXV:RAK)\n \n \n (OTC:RMETF)\n \n \n is pleased to\nannounce that the TSX Venture Exchange has conditionally approved the\nproposed acquisition by the Company of a 73.5% interest in the Misisi\nGold Project (“Project”) located in the Democratic Republic of the\nCongo (“DRC”).\n \n \n \n \n The Company has entered into a share purchase agreement\n(the “Definitive Agreement”) to acquire all of the issued and\noutstanding shares from an arm’s length vendor, Golden Mining Ltd.\n(“Golden Mining”). The Project is owned by Leda Mining Congo SA\n(“Leda”), of which Casa Mining Limited (“Casa Mining”) owns a\n73.5% interest, with the remaining interest in Leda held by Minerals\nand Metals Group, owning 21.5% (participating interest), and the DRC\nGovernment owning a 5% free-carried interest. Golden Mining has\nentered into a share purchase agreement with Golden Square Equity\nPartners Limited to acquire 99.43% of the outstanding shares of Casa\nMining (the “Casa Mining SPA”).\n \n \n \n \n Under the terms of the Casa Mining SPA, Golden Mining\nis acquiring the outstanding shares of Casa Mining for total cash\nconsideration of US$4.8 million in staged cash payments. Under the\nDefinitive Agreement, the Company will acquire Golden Mining through\nthe issuance of up to 10,250,000 common shares of Rackla at a deemed\nprice per share of $0.40, and will assume the obligation to make the\nrequired payments under the Casa Mining SPA.  Rackla has also agreed\nto issue 750,000 common shares as a finder’s fee in connection with\nthe transaction.\n \n \n \n \n The Definitive Agreement provides that closing is\nsubject to Rackla completing a financing raising a minimum of\nCAD$5,000,000, and other customary conditions.  The closing is also\nsubject to TSXV final approval, and the Company is in the process of\nsatisfying the requirements to obtain such approval.\n \n \n \n \n As previously announced, it is intended, subject to\nT...