- Aardvark Capital (ACCA.P) has entered into a letter of intent for a qualifying transaction with a Nevada-based gold explorer
- The company and its target, 2766604 Ontario Ltd. (GoldCo), intend to complete the transaction in the fall of 2021
- GoldCo has the option to acquire a 100 per cent interest in the FAD Property on the Eureka-Battle Mountain trend
- The property is host to the high-grade polymetallic FAD Deposit, which was last explored in the 1950s
- Aardvark is a capital pool company
- Aardvark Capital (ACCA.P) is trading flat at $0.11 per share
Aardvark Capital (ACCA.P) has entered into a letter of intent for a qualifying transaction with a Nevada-based gold explorer.
The company and its target, 2766604 Ontario Ltd. (GoldCo), intend to engage in a business combination resulting in a reverse takeover of Aardvark.
The transaction will constitute a qualifying transaction as defined in the TSXV’s capital pool company policy.
The companies intend to complete the transaction in the fall of 2021.
GoldCo
GoldCo, a private company domiciled in Ontario, has the option to acquire a 100 per cent interest in the FAD Property on the Eureka-Battle Mountain trend.
The property is host to the high-grade polymetallic FAD Deposit, which was partially delineated with surface and underground drilling in the 1940s and 1950s. There has been no modern-day exploration on the property since.
The property also benefits from established infrastructure, including a shaft, roads and old buildings.
Next steps
The companies expect to negotiate with a view to entering into a binding definitive agreement.
Aardvark and GoldCo will soon release comprehensive details setting out the terms of the transaction, including concurrent financing by GoldCo.
Aardvark is a capital pool company.
Aardvark Capital (ACCA.P) is trading flat at $0.11 per share as of 3:10 pm ET.