- Red Pine Exploration (RPX) has completed the consolidation of its Wawa Gold Project
- Red Pine completed the consolidation through a definitive securities purchase agreement
- The Wawa Gold Project is a 6,519-hectare mineral exploration property that hosts several historic mines
- Red Pine Exploration is a gold exploration company headquartered in Toronto, Ontario
- Red Pine Exploration is down 8.45 per cent on the day, with shares of the company trading at C$0.65 at 3:36 pm ET
Red Pine Exploration (RPX) has completed 100 per cent of the consolidation of its Wawa Gold Project.
The company completed the consolidation through a definitive securities purchase agreement with the holders of the partnership interests in Citabar Limited Partnership.
Red Pine now holds a 100 per cent ownership interest in the Wawa Gold Project located near Wawa, Ontario.
Red Pine satisfied the purchase price of C$12,605,396 through the payment of C$11,341,315 in cash, the granting of a 2 per cent net smelter return royalty (NSR) valued at C$160,000 and the set-off of C$1,104,081 payable to Red Pine by the vendors.
As part of the agreement, 1.5 per cent of the 2 per cent NSR is subject to a buyback for a total cost of C$1,750,000.
The Wawa Gold Project is a 6,519-hectare mineral exploration property that hosts several historic mines and is situated within Ontario’s prolific Michipicoten Greenstone Belt.
Red Pine Exploration is a gold exploration company headquartered in Toronto, Ontario.
The offering of common shares as part of the agreement is subject to the final approval of the TSX Venture Exchange.
Red Pine Exploration is down 8.45 per cent on the day, with shares of the company trading at C$0.65 at 3:36 pm ET.