Eclipse Gold Mining (TSXV: EGLD) and Northern Vertex Mining (TSXV: NEE) have now officially seen the completion of their previously announced combination. With the merger now complete, the firm reports that a “well-funded, Western-US gold consolidator” has been established.
The newly established company will be lead by Northern Vertex CEO Kenneth Berry, while the former CEO of Eclipse, Mike Allen, has been labelled as being an executive vice president of corporate development. Doug Hurst, formerly a director at Eclipse Gold, will take on the role of Chairman of the company.
With the completion of the merger, the resulting entity is reportedly well funded, with a cash balance of US$18.7 million. Moving forward the company will focus on the continued development of operations at the producing Moss Mine in Arizona, as well as further development of the Hercules project in Nevada as the firm works towards establishing itself as a mid-tier producer.
Eclipse Gold shares are expected to be delisted from trading as of February 17, 2021.
Northern Vertex Mining last traded at $0.465 on the TSX Venture.
Information for this briefing was found via Sedar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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