Alicanto Minerals Ltd's (ASX: AQI) Peter George caught up with Proactive's Andrew Scott following the news they've entered a sale agreement with Virgin Gold Corporation to sell its Arakaka gold project in Guyana for cash and shares with a total value of up to C$4.75 million.
He says the sale will allow them to focus their financial and human resources on the 20,000 metre drilling campaign currently underway at the Greater Falun and Sala projects in Sweden.
The sale is subject to conditions precedent, including that Virgin Gold complete due diligence on the Arakaka Project, obtain any necessary third party consents, complete a reverse takeover of Goldblock Capital Inc. (Goldblock Capital), an entity listed on the Canadian Stock Exchange (CSE), and procure that Goldblock Capital complete a capital raising of not less than C$5M through the issue of shares at a price to be determined (Listing Price).
In turn, Alicanto will be required to seek shareholder approval for the disposal of the Arakaka Project under Listing Rule 11.4.1(b). Alicanto is currently preparing a notice of meeting, which it intends to send to shareholders over the coming weeks. The conditions precedent need to be satisfied or waived within 90 days (or such other date as agreed between the parties).
About Virgin Gold and Goldblock Capital
Virgin Gold is a privately held mining exploration company with its head office in Vancouver, British Columbia. Virgin Gold's mineral exploration activities are focused on underexplored regions of Guyana with an immediate strategy to assemble a portfolio of high-quality gold assets. Virgin Gold has identified the Guiana Shield in Guyana as a stand-out region for gold exploration and is in the process of acquiring several prospecting and mining permits. Virgin Gold believes gold in Guyana represents a unique opportunity for the following reasons: Guyana is home to several significant gold assets.
The Guiana Shield is a region which has remained relatively under explored for gold
Natural resource development remains a top priority for the Guyanese government.
Assets with mineral resources are identified at reasonable valuations.
Goldblock Capital Corp (CSE:GBLK) is a company listed on the CSE. On 19th April 2021, Goldblock entered into an amalgamation agreement with Virgin Gold, in which Goldblock will acquire all the issued shares by Virgin and Virgin will become a subsidiary of Goldblock. Upon closing of the amalgamation, Goldblock will change its name to 'Golden Shield Resources' and will carry on the business of Virgin Gold.
Virgin Gold's mineral exploration activities are focused on underexplored regions of Guyana with an immediate strategy to assemble a portfolio of high-quality gold assets. Virgin Gold has interests in a number of assets in Guyana
About Alicanto Minerals
Alicanto Minerals Limited (ASX: AQI) is an emerging mineral exploration company focused on creating shareholder wealth through exploration and discovery in world class mining districts of Scandinavia. The Company has a highly prospective portfolio in Sweden, including the Greater Falun Project with high grade Cu-Au-Zn-Pb-Ag targets and the Sala Project with high-grade Ag-Zn-Pb targets in the highly endowed Bergslagen Mining District, Sweden
Contact:
Paul Armstrong
Tel: +61 8 9388 1474
Forward Looking Statements
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors constitute, among others, continued funding, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as exploration strategies continue to be refined; renewal of mineral concessions; accidents, labour disputes, contract and agreement disputes, and other sovereign risks related to changes in government policy; changes in policy in application of mining code; political instability. The Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, however there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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