Business
Sanu Gold Announces Strategic Partnership with Montage Gold & Strategic Investment by the Lundin Family
HIGHLIGHTS: Montage Gold Corp. ("Montage Gold") to obtain an up to 19.9% ownership stake in Sanu Gold through the issuance of up to 2.3 million common shares of
About this update from Sanu Gold Corp.
[{"type":"text","content":" HIGHLIGHTS: Montage Gold Corp. (\"Montage Gold\") to obtain an up to 19.9% ownership stake in Sanu Gold through the issuance of up to 2.3 million common shares of Montage Gold in exchange, equating to approximately C$5.5 million value Lundin Family co-invests to obtain an up to 10% stake in Sanu Gold, joining AngloGold Ashanti plc and Capital DI Limited who obtained a 14% and a 10% stake in Sanu respectively in September 2024 Strategic Partnership with Montage towards further exploration of Sanu's highly prospective properties in the Siguiri basin, Martino De Ciccio, CEO of Montage, will be appointed Chair of Sanu. Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) (\"Sanu Gold\" or the \"Company\") is pleased to announce that the Company plans to complete a strategic investment by Montage Gold Corp. (TSXV: MAU) (OTCQX: MAUTF) (\"Montage Gold\") & the Lundin family and associates (\"Lundin Family\") into Sanu Gold having a total value of up to CAD $10,055,412. The Company has entered into a binding term sheet dated December 1, 2024 (the \"Share Exchange Transaction\") with Montage Gold Corp. for an investment by Montage Gold in Sanu Gold consisting of the issuance of common shares of Montage Gold (\"Montage Shares\") having a value of up to CAD $5,494,115 in exchange for the issuance of an equivalent value of common shares of Sanu Gold (\"Sanu Common Shares\") at a deemed price of CAD $0.072 per Sanu Common Share. Montage Gold is expected to be approximately a 19.9% shareholder in Sanu Gold post-Share Exchange Transaction and Offering (as defined herein). The Company is also pleased to announce a non-brokered private placement (the \"Offering\") for up to CAD $4,561,297 at CAD $0.072 per Sanu Common Share led by members of the Lundin Family and other key shareholders. The Lundin Family is expected to be approximately a 10% shareholder in Sanu Gold post-Share Exchange Transaction and Offering. The Company expects to use the net proceeds of the Offering to advance exploration, including geophysics and drilling on the Company's Daina, Diguifara and Bantabaye Gold Exploration Permits in Guinea, West Africa, and for general and administrative purposes. Under the Share Exchange Transaction, Sanu will receive 2,337,921 Montage Shares at a deemed price per share of CA...