- Trius Investments (TRU) has completed its acquisition of the Gander West property in Newfoundland, along with related permits and technical data
- As consideration for the deal, the company issued two million common shares to the vendors along with C$25,000 in cash
- The vendors will also retain a three per cent net smelter royalty on the property
- Gander West is located near New Found Gold’s Queensway Project, which recently returned 92.86 grams per tonne of gold over 19 metres
- Trius Investments (TRU) is currently down 6.98 per cent to $0.20 per share at 12:17pm EDT
Trius Investments (TRU) has completed its acquisition of the Gander West property in Newfoundland, along with related permits and technical data.
As consideration for the deal, the New Brunswick-based company purchased the property by issuing 2 million common shares to the vendors at a price of $0.19 each, along with C$25,000 in cash. Trius also reimbursed the vendors for a number of non-material staking costs.
In addition to the payments, the vendors will retain a three per cent net smelter royalty on the Gander West property.
Located within a largely unexplored gold belt, the property consists of 120 claims over a total of 3,000 hectares of prospective ground. It also sits 16 kilometres from the centre of New Found Gold’s Queensway Project, which recently returned a drilling results of 92.86 grams per tonne of gold over 19 metres.
Joel Freudman, President and CEO of Trius Investments, said the acquisition forms part of a broader expansion strategy across Newfoundland.
“We’re very pleased to have acquired the Gander West property, which we believe has meaningful exploration potential given the limited work there to date.
“While we determine how best to build value from the Gander West property, we’ll also be looking at expanding our footprint in this region and across Newfoundland to build an asset package that we believe can generate returns within our portfolio for our shareholders,” he added.
Trius says the acquisition was made as a passive investment, and does not intend to directly operate the property. Rather, with exploration permits already in place, the company may look to engage third-party technical and exploration consultants to advance Gander West.
Trius Investments (TRU) is currently down 6.98 per cent to $0.20 per share at 12:17pm EDT.
