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Trojan Gold Signs Non-Binding Letter of Intent with Tashota Resources
Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - Trojan Gold Inc. (CSE: TGII) (OTC Pink: TRJGF) ("Trojan" or the "Company") is pleased to announce that on
About this update from Trojan Gold, Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - Trojan Gold Inc. (CSE: TGII) (OTC Pink: TRJGF) (\"Trojan\" or the \"Company\") is pleased to announce that on August 23, 2023 it entered into a non-binding letter of intent (the \"LOI\") with Tashota Resources Inc. (\"Tashota\") outlining the general terms and conditions of a proposed transaction whereby the Company will purchase certain mineral claims of Tashota (the \"Proposed Transaction\"). It is anticipated that the purchase price payable by the Company to Tashota will consist of (i) CAD $250,000 paid in cash and (ii) the issuance of 5,000,000 common shares in the capital of the Company. Each of Trojan's and Tashota's obligations to close the Proposed Transaction will be subject to customary conditions and any other conditions agreed to by the parties to be included in a definitive asset purchase agreement (the \"Definitive Agreement\") for the Proposed Transaction, including but not limited to the receipt of all necessary approvals and consents required by each party to complete the Proposed Transaction. Trojan and Tashota intend to complete the Proposed Transaction as soon as practicable. Charles Elbourne is a director and officer of each of Trojan and Tashota, and Rodney Barber is a director of each of Trojan and Tashota. As a result, the Proposed Transaction, if completed, will constitute a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Proposed Transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of related party participation as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Proposed Transaction, insofar as it involves interested parties, exceeds 25% of the Company's market capitalization. Additional details will be provided in due course. About Trojan Gold Inc. Trojan is an active Ontario-based prospect generator junior exploration company, led by a team of professionals having exploration, engineering, project financing and permitting experience. Trojan has accumulated land positions in the Hemlo Gold Camp and Shebandowan Greenstone Belt which in management's view represent mineral ...