• Aardvark Capital (ACCA.P) has entered into a letter of intent for a qualifying transaction with a Nevada-based gold explorer
  • The company and its target, 2766604 Ontario Ltd. (GoldCo), intend to complete the transaction in the fall of 2021
  • GoldCo has the option to acquire a 100 per cent interest in the FAD Property on the Eureka-Battle Mountain trend
  • The property is host to the high-grade polymetallic FAD Deposit, which was last explored in the 1950s
  • Aardvark is a capital pool company
  • Aardvark Capital (ACCA.P) is trading flat at $0.11 per share

Aardvark Capital (ACCA.P) has entered into a letter of intent for a qualifying transaction with a Nevada-based gold explorer.

The company and its target, 2766604 Ontario Ltd. (GoldCo), intend to engage in a business combination resulting in a reverse takeover of Aardvark.

The transaction will constitute a qualifying transaction as defined in the TSXV’s capital pool company policy.

The companies intend to complete the transaction in the fall of 2021.

GoldCo

GoldCo, a private company domiciled in Ontario, has the option to acquire a 100 per cent interest in the FAD Property on the Eureka-Battle Mountain trend.

The property is host to the high-grade polymetallic FAD Deposit, which was partially delineated with surface and underground drilling in the 1940s and 1950s. There has been no modern-day exploration on the property since.

The property also benefits from established infrastructure, including a shaft, roads and old buildings.

Next steps

The companies expect to negotiate with a view to entering into a binding definitive agreement.

Aardvark and GoldCo will soon release comprehensive details setting out the terms of the transaction, including concurrent financing by GoldCo.

Aardvark is a capital pool company.

Aardvark Capital (ACCA.P) is trading flat at $0.11 per share as of 3:10 pm ET.

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