Business
Canadian Gold Miner and Osisko Mining team up to accelerate gold exploration projects in Ontario
Canadian Gold Miner and Osisko Mining team up to accelerate gold exploration projects in O...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nCanadian Gold Miner and Osisko Mining team up to accelerate gold exploration projects in Ontario\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSUDBURY, ON, Nov. 24, 2017\n\n\n\nSUDBURY, ON, Nov. 24, 2017 /CNW/ - Canadian Gold Miner Corp. (\"CGM\" or the \"Company\") and Transition Metals Corp. (a 40% owner of CGM; XTM – TSX.V, \"Transition\") are pleased to announce that CGM has today concluded a transaction with Osisko Mining Inc. (\"Osisko\") to acquire the DeSantis property, a historical gold producer located in the heart of the Timmins Gold Camp, and an option on the Catharine Property, a large exploration land package near CGM's focus area south of Kirkland Lake, Ontario in exchange for 2.5 million common shares of CGM valued at $0.20 per share. Concurrent with the transaction, Osisko also has completed a $1.0 million private placement in CGM consisting 5.0 million units priced at $0.20 with each unit consisting of a common share and a half common share purchase warrant exercisable at $0.35 for a period of two years. \n\nCommenting on the transaction, CGM CEO Greg Collins states \"We are pleased to have Osisko's support as a significant shareholder as we look to aggressively advance our portfolio of gold projects in Ontario. In addition to adding two properties with good exploration potential to our portfolio, we view the transaction as a significant milestone that should help us attract additional investment interest and accelerate our ability to create value moving forward.\"\n\nOsisko now owns approximately 19.9% of the issued and outstanding common shares of CGM with Transition retaining a 39.9% ownership interest. Additionally, Osisko retains rights to: (i) maintain its equity interest in CGM on a pro-rata basis in subsequent financings; (ii) appoint a director to the board of CGM, (iii) a first right of refusal on any additional royalties that CGM may sell on the DeSantis or Cote properties in the future; and (iv) a first right of offer on any royalties that CGM proposes to sell on its existing properties (South Kirklan...