- Manitou Gold Inc. (MTU) has agreed to sell a 100 per cent interest in its Dryden properties to Dryden Gold Corp
- The selling price for the Dryden properties, including Kenwest and Gaffney, is $7,000,000
- Manitou has received 4,000,000 common shares of Dryden Gold
- Manitou Gold is an exploration-stage company engaged in the acquisition, exploration, and development of mineral property interests
- Manitou Gold Inc. (MTU) opened trading at $0.05
Manitou Gold (MTU) has agreed to sell a 100 per cent interest in its Dryden properties to Dryden Gold for $7M.
The Dryden properties include Kenwest and Gaffney.
Manitou has received 4,000,000 common shares of Dryden Gold. Manitou retains a one per cent net smelter royalty.
“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,” stated Richard Murphy, President and CEO of Manitou.
“Manitou will become a significant owner of Dryden Gold, which will be pursuing an initial public offering later this year, following which Manitou will retain a large insider ownership position of Dryden Gold,” he added.
Dryden Gold is required to incur exploration expenditures on the property in the aggregate amount of $1,400,000 over a three-year period.
Upon the completion of all cash payments, issuance of all shares, and completion of all work commitments, Dryden Gold will vest a 100 per cent interest in the property, subject to a 1 per cent net smelter return royalty to be retained by Manitou.
Manitou Gold is an exploration-stage company engaged in the acquisition, exploration, and development of mineral property interests.
Manitou Gold Inc. (MTU) opened trading at $0.05.