M&A activity is beginning to trickle down to the explorers. Gold X2 Mining (TSXV: AUXX), formerly known as Goldshore Resources, this morning announced that it has entered into a definitive agreement to acquire Kesselrun Resources (TSXV: KES).
The transaction will see Gold X2 take control of the Huronian Gold project currently operated by Kesselrun, which contains a past producing mine that is adjacent to Gold X2’s flagship Moss Gold project in Ontario. The acquisition is said to be part of a larger strategy to consolidate the emerging Shebandowan Greenstone belt under one banner.
“The acquisition of Kesselrun Resources will mark a pivotal step forward for Gold X2 as we continue to consolidate a very prospective gold belt in Ontario. By bringing the Huronian project under our umbrella, we are positioning Gold X2 with multiple opportunities for potential resource growth and development synergies alongside our flagship Moss Gold Project,” commented Michael Henrichsen, CEO of Gold X2.
The transaction will see Kesselrun shareholders receive the equivalent of $0.13 per share for each share held, representing an 87% premium, with consideration to take the form of both cash and shares. Each share is to be exchanged for $0.02 in cash alongside 0.2152 of a share of Gold X2, with Kesselrun shareholders to own 4.13% of the resulting company.
As part of the arrangement, Gold X2 has also agreed to settle $2.0 million in outstanding debt held by Kesselrun, and will provide a $500,000 bridge loan in the interim.
The transaction remains subject to shareholder and customary regulatory approvals, and is expected to close on our about November 27, 2025.
Gold X2 Mining last traded at $0.52 on the TSX Venture.
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