- Mining company, Angus Ventures (TSXV:GUS) has announced the completed acquisition of the Ellen Creek Gold and River Gold properties
- The company acquired Ellen Creek for C$1,000 cash, 22,000 common shares, and a one per cent net smelter return royalty
- Angus Ventures acquired River Gold for $20,000 cash, 100,000 common shares, and a two per cent net smelter return royalty
- The common shares issued through these transactions are subject to a hold period of four months and one day
- Angus Ventures (GUS) is holding steady at 65 cents per share
Mining company, Angus Ventures (TSXV:GUS) has acquired the Ellen Creek Gold and River Gold properties in the province of Ontario.
The Ellen Creek Gold property currently consists of no less than fourteen mining claims. The company acquired 100 per cent interest in the property from an individual and unnamed vendor.
Angus Ventures acquired Ellen Creek for a consideration consisting of cash, common shares, and a net smelter return royalty. Specifically, the payment was a one-time cash instalment of C$1,000, and 22,000 common shares in Angus Ventures.
The company also granted the vendor a one per cent net smelter return royalty on Ellen Creek’s production. Angus Ventures can purchase 50 per cent of this royalty for $500,000.
The River Gold property consists of only six mining claims but came at a higher cost than Ellen Creek. Angus Ventures acquired 100 per cent interest in the River Gold property from Metalcorp Limited.
Like Ellen Creek, River Gold was bought with a combination of cash, common shares, and a net smelter return royalty. In this case, the payment was a one-time cash instalment of $20,000, and 100,000 common shares in Angus Ventures.
The company granted Metalcorp a two per cent net smelter return royalty on River Gold’s production. Angus Ventures can buy back 50 per cent of this royalty for $1 million.
All of the common shares which the company issued through these transactions are subject to a statutory holding period. The holding period is for four months and one day.
Angus Ventures (GUS) is holding steady at 65 cents per share at 3:21pm EDT.
