- The TSX Venture Exchange has conditionally approved XAU Resources’ (GIG.P) qualifying transaction to acquire the Noseno Property in Guyana
- The transaction is subject to the final approval of the TSXV and is expected to close on or about June 20, 2022
- The company will use the net proceeds of the financing to fund the phase one work program on the Noseno Property and general and administrative operating expenses
- XAU has also appointed Danièle Spethmann to the Board of Directors of the company
- The company is a capital pool company which has not begun commercial operations and has no assets other than a minimum amount of cash
- XAU Resources Inc. was unchanged, trading at $0.055 at 3:40 PM ET
XAU Resources (GIG.P) has received conditional approval from the TSX Venture Exchange for its qualifying transaction to acquire the Noseno Property in Guyana.
The transaction, subject to the final approval of the TSXV, is expected to close on or about June 20, 2022.
Before the transaction’s closing, 4,000,000 subscription receipts, issued for $0.25 per subscription receipt for gross proceeds of $1,000,000, will convert into 4,000,000 common shares in the company’s capital, and the proceeds will be released from escrow.
The company will use the net proceeds of the financing to fund the phase one work program on the Noseno Property and general and administrative operating expenses.
The Noseno Property is located in north-western Guyana in one of Guyana’s prospective greenstone belts, 210 kilometres west-northwest of Georgetown, the capital of Guyana. It is an early-stage greenfields project that is largely unexplored despite its geological potential.
The Noseno Property comprises 37 licences covering 37,623 acres (15,225.5 ha, or 152.26 km²).
XAU has also appointed Danièle Spethmann to the Board of Directors of the company.
The company is a capital pool company which has not begun commercial operations and has no assets other than a minimum amount of cash.
XAU Resources Inc. was unchanged, trading at $0.055 at 3:40 PM ET.