- Manitou Gold (MTU) has agreed to sell its Dryden properties located in northwestern Ontario to Dryden Gold Corp. for $7M
- Manitou retains a 1 per cent net smelter royalty
- President and CEO of Manitou Richard Murphy sat down with Shoran Devi to discuss the transaction
- Following Dryden’s IPO later this year, Manitou will retain a large insider ownership position of Dryden Gold
- Manitou Gold is a Canadian exploration-stage company
- Shares in Manitou Gold Inc. (MTU) opened trading at C$0.065
Manitou Gold (MTU) has agreed to sell its Dryden properties located in northwestern Ontario to Dryden Gold Corp.
Dryden Gold is a private company, controlled by the founders and management of Ely Gold Royalties Inc.
President and CEO of Manitou Richard Murphy sat down with Shoran Devi to discuss the transaction.
“We are excited that Dryden Gold Corp. will be taking the lead in advancing exploration on the Dryden properties. Manitou will become a significant owner of Dryden Gold, who will be pursuing an initial public offering later this year, following which Manitou will retain a large insider ownership position of Dryden Gold. We believe strongly in the potential of the Dryden properties and look forward to our future participation in the exploration upside of these properties through our large shareholding in Dryden Gold, as well as our retained net smelter royalties on the properties.”
Highlights:
- Manitou sells 100 per cent interest in Dryden properties to Dryden Gold for $7,000,000
- Manitou receives 4,000,000 common shares of Dryden Gold
- Manitou retains a 1 per cent net smelter royalty
- Dryden Gold to fund exploration expenditures totaling $1,400,000 over a three year period.
Manitou Gold is a Canadian exploration-stage company engaged in the acquisition, exploration, and development of mineral property interests.
Shares in Manitou Gold Inc. (MTU) opened trading at C$0.065.