Talisker Resources Ltd. (TSX: TSK) reported this morning that it has entered into an agreement that will see the company acquire 100% of New Carolin Gold Corp. (TSXV: LAD). New Carolin owns the Ladner Gold Project in southern British Columbia.
Under the terms of the agreement, Talisker Resources offered 0.3196 of a common share for every New Carolin share held. This translates to approximately $0.095 per New Carolin share. For reference, New Carolin last traded at $0.07 on the TSX Venture.
New Carolin has entered into agreements to settle its approximately $500,000 outstanding debts at the close of the transaction. Talisker Resources also advanced $400,000 to New Carolin which was used for repurchasing a 5% net profit interest on the Ladner Gold Project and for general corporate purposes.
The proposed acquisition has already received the nod of New Carolin directors and officers, which comprises 3.2% of the equity. The transaction still needs to pass the shareholders’ approval by gaining at least 66.67% of the votes by shareholders and options and warrant holders. The New Carolin shareholders’ meeting is set to happen in September 2021 and the transaction is expected to close shortly after.
Talisker Resources last traded at $0.295 on the TSX.
Information for this briefing was found via Sedar and Talisker Resources. 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.