Business
C2C Gold Agrees to Acquire The Rock Gold Corp, Appoints William M. Sheriff to the Board Of Directors
VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) -- C2C Gold Corp. (CSE: CTOC; OTCQB: CTCGF) (the “Company” or “C2C”) announced today that it has ent
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[{"type":"text","content":" VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) -- C2C Gold Corp. (CSE: CTOC; OTCQB: CTCGF) (the “Company” or “C2C”) announced today that it has entered into a share purchase agreement with The Rock Gold Corp. (“Rock Gold”) pursuant to which the Company will acquire all of the issued and outstanding shares of Rock Gold in consideration for a total of 12,250,000 common shares of the Company. Rock Gold is a Newfoundland-based gold exploration company that holds rights to certain mineral claims in Newfoundland. In connection with the acquisition of Rock Gold, William M. Sheriff has been appointed as a director of the Company. Rock Gold holds more than 40 Mineral Licenses in Newfoundland with projects lying along most of the major gold bearing trends. In addition, Rock Gold holds 5 properties, 2 of which are drill ready, under option from well-known local prospectors. These projects complement C2C’s already large mineral rights package. C2C had a very successful first year in 2021 having identified numerous geochemical and geophysical anomalies across their Newfoundland properties. The combination of the two companies will provide a pipeline of projects from early exploration stage through drill ready with known gold occurrences documented on most of the projects, all of which lie along major structures. Please see the project maps at https://bit.ly/39hJZ68. Pursuant to the share purchase agreement, the Company has agreed to issue a total of 12,250,000 common shares of the Company to the shareholders of Rock Gold on a pro rata basis. As consideration for the common shares of Rock Gold, the Company will issue to the shareholders of Rock Gold one C2C share for every two Rock Gold shares. C2C shares that will be issued to the directors and officers and consultants of Rock Gold will be subject to escrow provisions such that 25% of the shares will be released immediately and 25% of the shares will be released every four months thereafter. Lori Walton, Director of C2C Gold, commented, “I am pleased to welcome William to the Board of C2C Gold on behalf of the Board and collectively, the Board is pleased to see this transaction come into fruition. Rock Gold’s business and assets add significant advantage to C2C’s existing asset portfolio. This transaction allows the combined entity to leverage geological and financial expertise...