Total
0
Shares
Featured Video Play Icon
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Stratabound Minerals Corp. (SB) has agreed to acquire all of the issued and outstanding shares of California Gold
  • California Gold's shareholders will receive one Stratabound share for each California Gold share
  • Stratabound Minerals Corp. is an exploration and development company
  • Stratabound Minerals Corp. (SB) opened trading at C$0.17 per share

Stratabound Minerals Corp. (SB) has agreed to acquire all of the issued and outstanding shares of California Gold.

California Gold's shareholders will receive one Stratabound share for each California Gold share, with approximately 65.1 million shares being issued.

This agreement is subject to the customary conditions including regulatory and exchange approvals along with a break fee payable to Stratabound should the transaction not proceed.

California Gold Mining's flagship Fremont gold project located in Mariposa County, California lies within California's prolific Mother Lode Gold Belt. The Mother Lode Gold Belt, one of the most prolific gold belts in the world, is estimated to have produced 50 million ounces of gold throughout history. Its famed mineral deposits have been attracting interest and investments to the region since the Gold Rush of the 1840s.

The property's two historical underground gold mines, the Pine Tree and the Josephine cover approximately one kilometre out of a total of four kilometres of strike along the regional Mother Lode Shear Zone, which extends across and beyond the property. In addition to coming with an initial NI 43-101 resource of 879,000 ounces grading 1.6 grams per tonne gold-based only on the Pine Tree-Josephine Zone, the project has excellent exploration upside plus development potential at an attractive valuation.

Larry Phillips, California Gold's Interim President and CEO, added,

"This is an attractive offer for California Gold Shareholders with the pro forma company being well-capitalized with a strong net cash position, shareholder base and team in place to advance the flagship Fremont Gold project for the benefit of both Stratabound and California Gold shareholders."

Stratabound Minerals Corp. is an exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada.

Stratabound Minerals Corp. (SB) opened trading at C$0.17 per share.

More From The Market Herald
ALX Resources (TSXV:AL) announces $1.5 million private placement

" ALX Resources (TSXV:AL) announces $1.5 million private placement

ALX Resources (AL) has announced a non-brokered private placement for gross proceeds of up to $1.5 million.
Cruz Battery Metals (CSE:CRUZ) significantly expands its Solar Lithium Project

" Cruz Battery Metals (CSE:CRUZ) significantly expands its Solar Lithium Project

Cruz Battery Metals (CRUZ) has expanded its drill-ready Solar Lithium Project in Nevada from 3,202 to 5,500 acres.
Sirios Resources (TSXV:SOI) signs its second drilling contract with Synee Drilling

" Sirios (TSXV:SOI) completes $448,996 capital raise

Sirios Resources (SOI) has closed its non-brokered private placement and flow-through private placement for aggregate gross proceeds of $448,996.
Origen (CSE:ORGN) capitalizes on lithium first-mover advantage in Newfoundland

" Spearmint (CSE:SPMT) commences phase II work program at the Goose Gold Project

Work has commenced on Spearmint Resources’ (SPMT) phase II work program at the Goose Gold Project.