Business
Moneta Receives Majority Shareholder Consent to Approve the Acquisition of Northern Gold Mining Inc.
Toronto, Ontario--(Newsfile Corp. - February 11, 2021) - Moneta Porcupine Mines Inc. (TSX: ME...
About this update from Stllr Gold Inc.
[{"type":"text","content":"Moneta Receives Majority Shareholder Consent to Approve the Acquisition of Northern Gold Mining Inc.Toronto, Ontario--(Newsfile Corp. - February 11, 2021) - Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (XETRA: MOP) (\"Moneta\" or the \"Company\") is pleased to announce that in connection with its previously announced agreement (the \"Purchase Agreement\") with O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (\"O3 Mining\") it has received support in the form of written consent from a majority of holders comprised of more than 51.6% of Moneta's outstanding common shares (\"Moneta Shares\") to acquire all of the issued and outstanding shares of Northern Gold Mining Inc., a wholly-owned subsidiary of O3 Mining (the \"Transaction\"). Such written consent satisfies the Moneta shareholder approval requirement of the TSX. Please refer to Moneta's press release (ME-PR 01-2021) from January 14, 2021 for further details of the Transaction.Gary O'Connor, CEO of Moneta, commented; \"We are very pleased to have gained the early support of our shareholders to approve the acquisition of the Golden Bear assets from O3 Mining. This transaction will transform Moneta into one of the largest gold development companies in North America with a significant resource and land holding in Canada's most prolific gold mining camp. The Golden Bear assets, including the Garrison Gold deposits, occur adjacent to our flagship Golden Highway project and provide significant synergies for the development of the combined gold assets. Moneta will now hold 3,967,000 ounces of indicated gold resources and 4,339,000 ounces of inferred gold resources including both high-grade bulk tonnage underground deposits and near surface open pit resources. With the closing of the recent $22.6 million financing we are now well funded to complete the resource expansion drill program and updated preliminary economic assessment of the integrated project. The Transaction provides a good endorsement of our project and adds a highly successful project development team as a partner.\"José Vizquerra, President and CEO of O3 Mining, commented: \"O3 Mining is pleased to unlock value for our shareholders through our investment in, and support of, Moneta, and the possible future development of a large and long-life gold project in Timmins, Ontario - one of Canada's most productive g...