- Troilus (TLG) has acquired UrbanGold Minerals
- Troilus acquired all of the issued and outstanding UrbanGold shares that it does not currently own
- Troilus issued an aggregate of over 19.5 million Troilus shares to former UrbanGold shareholders
- Troilus Gold Corp. is a Canadian-based junior mining company
- Troilus Gold Corp. (TLG) is up 1.77 per cent, trading at C$1.15 at 12:03 pm ET
Troilus Gold Corp. (TLG) has completed its acquisition of UrbanGold.
Troilus issued more than 19.5 million Troilus shares to former UrbanGold shareholders, who now hold approximately 12.9 per cent of the 151,764,781 Troilus shares issued and outstanding, on an undiluted basis.
Troilus now owns 100 per cent of the outstanding UrbanGold shares.
Outstanding warrants to acquire UrbanGold shares will be exercisable in the aggregate for 4,325,325 Troilus shares.
The delisting of the UrbanGold shares from the TSX-V is expected to occur at the close of business on or about May 21, 2021.
“Field exploration work undertaken last summer exceeded our expectations with high-grade gold and copper samples collected across a number of new zones on the expanded property,” stated Justin Reid, Troilus Gold’s Director and CEO.
“We welcome UrbanGold shareholders to the Company and look forward to delivering value to all of our shareholders as we continue to explore and develop the highly prospective Frôtet-Evans Greenstone Belt,” added Reid.
Mathieu Stephens, former President and CEO of UrbanGold, stated,
“The amalgamation of UrbanGold with Troilus will be of significant benefit to shareholders of both companies as it will streamline operations in an emerging gold and copper camp, where Troilus already owns key infrastructure.”
The purpose of the amalgamation was to acquire all of the issued and outstanding UrbanGold shares.
Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production.
Troilus Gold Corp. (TLG) is up 1.77 per cent, trading at C$1.15 at 12:03 pm ET.