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Cross River Ventures (CSE:CRVC) to acquire Northern Dominion Metals

Mining
CNQ:CRVC
06 November 2020 14:05 (EDT)

Cross River Ventures (CRVC) is set to grow its portfolio of assets in Ontario with the acquisition of Northern Dominion Metals.

A privately-held mineral exploration company, Northern Dominion holds a number of rights to acquire interests in eight gold exploration projects – representing 17,000 hectares – in the Archean Superior Province of Ontario.

The company is headed by an experienced management team, including Alan Wainwright, an economic geologist with more than 20 years of experience, and Rob Carpenter, former CEO of Kaminak Gold, which was sold to Goldcorp in 2016 for over C$500 million.

Under the terms of the agreement, Cross River will acquire 100 per cent of Norther Dominion’s outstanding share capital by issuing just over 2.5 million of its own shares to the vendors. These shares will be issued upon closing of the transaction, and will be subject to an escrow arrangement from which one quarter of the shares will be released 120 from closing and at every 90 days thereafter.

The company will also be required to assume all of Northern Dominion’s ongoing obligations regarding its existing resource projects.

Alex Klenman, CEO of Cross River Ventures, said the deal is a significant acquisition for the company which offers the potential for substantial growth.

“The portfolio is extensive, located in the right areas for meaningful discovery, and contains only projects that have met key exploration criteria established by a well-known team of geologists and people with track records of significant discovery.

“In addition, having an ongoing relationship with key members of the Northern Dominion technical team provides critical exploration continuity,” he added.

Cross River Ventures (CRVC) is currently up 16.47 per cent to C$0.50 per share at 1:06pm EST.

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