- Northern Superior (SUP) has acquired Royal Fox Gold
- As a result, Northern Superior has acquired the Philibert gold project in Chibougamau, Québec
- The Philibert project is building on 75,000 metres of drilling and is being rapidly advanced, with 120 holes completed in 2022
- Northern Superior (SUP) is a gold exploration company focused on the Chapais-Chibougamau Camp in Quebec
- Northern Superior (SUP) is up today, trading at C$0.39 as of 2:46 pm ET
Northern Superior (SUP) has completed its acquisition of Royal Fox Gold.
As a result of the transaction, Northern Superior has acquired the Philibert gold project in Chibougamau, Québec.
The board of directors of Northern Superior will include 3 new members from Royal Fox and 4 members from Northern Superior. Simon Marcotte has been appointed President and Chief Executive Officer (CEO).
The 4 major properties in Chibougamau each have either a National Instrument 43-101 compliant mineral resource estimate or a meaningful gold discovery. The gold discovery is being advanced to a mineral resource calculation.
The Lac Surprise is 12 km southwest of the Philibert project. It has defined 900m of strike length and 380m of vertical continuity with all 31 holes drilled intersecting gold mineralization.
The Philibert project is building on 75,000 metres of drilling and is being rapidly advanced, with 120 holes completed in 2022. More than C$13 million has been spent on the property.
The transaction includes former Royal Fox shareholders receiving 0.12 of a Northern Superior common share for each Royal Fox Share held. Northern Superior issued 5,575,817 Northern Superior shares. Resulting in existing Northern Superior and former Royal Fox shareholders owning approximately 29 per cent and 71 per cent, respectively.
The former Royal Fox shareholders received 1 contingent value right (CVR) for each Royal Fox share. If the Resource Calculation confirms a mineral resource estimate of 1.2 million oz or more of gold in the inferred, measured or indicated categories, each CVR will be exchanged for 0.02 of a Northern Superior share if it is more than 1.2 million oz of gold, 0.04 if it is more than 1.6 million oz of gold, and 0.06 if it is more than 2 million oz of gold.
As part of the transaction, all outstanding stock options of Royal Fox have been exchanged for economically equivalent stock options to purchase Northern Superior shares.
Royal Fox Gold is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Québec.
Northern Superior (SUP) is a gold exploration company focused on the Chapais-Chibougamau Camp in Quebec.
Northern Superior (SUP) is up today, trading at C$0.39 as of 2:46 pm ET.
