- Resouro Gold (RAU) (formerly, eShippers Management Ltd.) has completed a reverse take-over transaction
- The transaction consists of the acquisition of all of the issued and outstanding shares of ISON Mining Pte Ltd
- The corporation also completed a share consolidation on the basis of 1 post-consolidation share for 2 pre-consolidation shares
- The corporation completed an over-subscribed, non-brokered private placement of 7,288,127 post-consolidation units at a price of $0.35 each for gross proceeds of $2,550,844.45
- Resouro Gold Inc. (formerly, eShippers Management Ltd.) is a mineral exploration company
- The share price of eShippers Management remained unchanged at $0.15 at 1:43 PM ET
Resouro Gold (RAU) (formerly, eShippers Management) has completed a reverse take-over transaction.
Resouro has acquired all of the issued and outstanding shares of ISON Mining Pte Ltd.
Under the terms of the RTO, the corporation amended its articles to change its name from eShippers Management Ltd. to Resouro Gold Inc.
The corporation also completed a share consolidation on the basis of 1 post-consolidation share for 2 pre-consolidation shares.
The corporation has also completed an over-subscribed, non-brokered private placement of 7,288,127 post-consolidation units at a price of $0.35 each for gross proceeds of $2,550,844.45.
Each unit consisted of one post-consolidation common share and one-half of one post-consolidation warrant.
Each whole warrant will be exercisable to acquire one post-consolidation common share at an exercise price of $0.50 for a period of 24 months from the date of issuance, subject to an accelerated expiry provision.
The corporation completed the acquisition from the ISON shareholders of all of the shares of ISON, a corporation incorporated under the laws of Singapore, in exchange for the issuance of 29,655,750 post-consolidation common shares of the corporation.
ISON is now a wholly-owned subsidiary of the corporation. ISON is the 100 per cent owner of ISON do Brasil Mineracão Ltda. which has acquired 100 per cent of the mineral processes and rights for its gold projects in Brazil.
Upon completion of the RTO, including the concurrent financing, the corporation now has a total of 43,974,956 common shares issued and outstanding.
Trading of the common shares has been halted pending the completion of the RTO. The corporation is expected to resume trading on the Exchange as a Tier 2 mining issuer under the ticker symbol “RAU” on May 18, 2022.
Resouro Gold Inc. (eShippers Management Ltd) is a mineral exploration company.
The share price of eShippers Management Ltd remained unchanged at $0.15 at 1:43 PM ET.
