Business
Triple One Metals Enters into Definitive Property Purchase Agreement with Portsmouth Gold and Appoints Paul Gill as Chief Executive Officer and Director
Yarmouth, Nova Scotia, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Triple One Metals Inc. ("Triple One" or the "Company") (CSE:TONE) is pleased to announce, further to it
About this update from Triple One Metals Inc
[{"type":"text","content":" Yarmouth, Nova Scotia, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Triple One Metals Inc. (\"Triple One\" or the \"Company\") (CSE:TONE) is pleased to announce, further to its press release dated September 18, 2023, it has now entered into a definitive property purchase agreement dated for reference December 5, 2023 (the “Agreement”) with Portsmouth Gold Corp. (“Portsmouth”), a private British Columbia company, for the acquisition of the Bank Vault and Nickel Showing properties (the “Transaction”), located in the Urban-Barry Greenstone Belt of the James Bay region, Quebec (the “Properties”). Transaction Update Following negotiations between the Company and Portsmouth, certain elements of the Transaction have changed, including a proposed consolidation ratio and the consideration payable for the Properties. The Company will issue 5,930,000 units (each a “Transaction Unit”), following a now two old for one new (2:1) consolidation of its share capital (the “Consolidation”). Each Transaction Unit will comprise one post-Consolidation common share (a “Transaction Share”) and one share purchase warrant (each whole warrant, a “Transaction Warrant”). Each Transaction Warrant will entitle the holder to acquire an additional post-Consolidation share at a price of $0.10 per share for a period of two (2) years from the closing date of the Transaction. It is anticipated that the Transaction Shares will be distributed pro rata to the shareholders of Portsmouth and a majority of the Transaction Warrants will be distributed to the shareholders of Portsmouth, with Portsmouth retaining a small portion for its own account, and as a result no new insiders of the Company will be created. The Transaction is an arm’s length transaction and is continued to not be expected to require the approval of the Company’s shareholders. No finder’s fees are payable in respect of the Transaction. The Company expects to complete the Transaction prior to the year-end. Appointment of CEO In connection with the Transaction, the Company has appointed Paul Gill, the President of Portsmouth, as a director and as Chief Executive Officer of the Company. Paul Gill is a business builder and financier with over 25 years of experience in creating, restructuring, and growing businesses in various sectors, including mining, energy, automation, and technology. He has a BA in Political Scie...