Business
West Vault Consolidates 100% of Hasbrouck Gold Project by Purchase of 25% Stake from Waterton
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - West Vault Mining Inc. (TSXV: ...
About this update from West Vault Mining Inc
[{"type":"text","content":"West Vault Consolidates 100% of Hasbrouck Gold Project by Purchase of 25% Stake from WatertonVancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - West Vault Mining Inc. (TSXV: WVM) (\"West Vault\" or the \"Company\") is pleased to announce the execution of a sale and purchase agreement (the \"Agreement\") with Clover Nevada LLC, a wholly owned subsidiary of Waterton Precious Metals Fund II Cayman, LP (\"Waterton\"), whereby West Vault will consolidate 100% ownership of the Hasbrouck gold project located in Tonopah, Nevada (the \"Hasbrouck Gold Project\") by the purchase (the \"Transaction\") of Waterton's 25% holding and related membership interest (\"Waterton's Interests\") in WK-Allied Hasbrouck LLC (\"Hasbrouck LLC\"). The Hasbrouck Gold Project, comprised of the planned Three Hills Mine and the nearby planned Hasbrouck Mine, hosts an estimated 762,000 ounces of proven and probable gold reserves and 10,569,000 ounces of proven and probable silver reserves (45,270,000 tons at 0.017 Au oz/ton and 0.233 Ag oz/ton)1.West Vault Chairman Peter Palmedo stated, \"We are very pleased to acquire Waterton's Interests at a time of rising gold prices and increasing investor interest in gold. Owning 100% of the Hasbrouck Gold Project fits in well with our strategy of being careful stewards of safe gold reserves, to be mined only when it is compelling to do so. We are patient believers in the secular strength of gold and believe that we are entering a period of rising gold prices. Waterton has been an excellent partner in the Hasbrouck Gold Project, and we are pleased to see them now transition to our shareholder register.\"To acquire Waterton's Interests the Company will pay US $10.0 million in cash and issue 1.0 million common shares of West Vault (the \"Shares\") to Waterton (collectively the \"Purchase Price\") on the closing of the Transaction. The completion of the Transaction is subject to several conditions including, but not limited to, completion of the financings concurrently announced by West Vault, board and regulatory approvals and other customary conditions in the mining industry for similar purchases and sales. The terms and conditions of the Agreement provide that in the event of a change of control of West Vault or Hasbrouck LLC, or if West Vault sells all or substantially all of Hasbrouck LLC, within six, twelv...