Borealis Announces Closing of Gold Bull Resources Acquisition
Borealis Mining Company (TSXV: BOGO) has completed the acquisition of Gold Bull Resources Corp. and its advanced Sandman Gold project in Nevada. The transaction, approved by Gold Bull shareholders on February 28, 2025, involved exchanging each Gold Bull share for 0.93 Borealis shares, resulting in 14,048,403 new Borealis shares being issued.
The deal provides Borealis with a low-capex, high-IRR gold project in Nevada, featuring significant exploration potential. A key synergy is the ability to use Borealis' ADR facility to process Sandman's loaded carbon, reducing capital expenses and permitting risks. Post-transaction, existing Borealis shareholders own 86% of the company, while former Gold Bull shareholders hold 14%.
The acquisition also includes the Big Balds exploration project near the Bald Mountain gold mine. Gold Bull shares will be delisted from TSXV around March 14, 2025.
Borealis Mining Company (TSXV: BOGO) ha completato l'acquisizione di Gold Bull Resources Corp. e del suo avanzato progetto Sandman Gold in Nevada. La transazione, approvata dagli azionisti di Gold Bull il 28 febbraio 2025, ha comportato lo scambio di ogni azione di Gold Bull con 0,93 azioni Borealis, risultando in 14.048.403 nuove azioni Borealis emesse.
L'accordo fornisce a Borealis un progetto d'oro a basso costo di capitale e ad alto IRR in Nevada, con un significativo potenziale di esplorazione. Una sinergia chiave è la possibilità di utilizzare l'impianto ADR di Borealis per elaborare il carbonio caricato di Sandman, riducendo le spese di capitale e i rischi di permessi. Dopo la transazione, gli attuali azionisti di Borealis possiedono l'86% dell'azienda, mentre i precedenti azionisti di Gold Bull detengono il 14%.
L'acquisizione include anche il progetto di esplorazione Big Balds vicino alla miniera d'oro Bald Mountain. Le azioni di Gold Bull saranno dismesse dalla TSXV intorno al 14 marzo 2025.
Borealis Mining Company (TSXV: BOGO) ha completado la adquisición de Gold Bull Resources Corp. y su avanzado proyecto Sandman Gold en Nevada. La transacción, aprobada por los accionistas de Gold Bull el 28 de febrero de 2025, implicó el intercambio de cada acción de Gold Bull por 0,93 acciones de Borealis, resultando en la emisión de 14.048.403 nuevas acciones de Borealis.
El acuerdo proporciona a Borealis un proyecto de oro de bajo capital y alto IRR en Nevada, con un potencial de exploración significativo. Una sinergia clave es la capacidad de utilizar la instalación ADR de Borealis para procesar el carbono cargado de Sandman, reduciendo los gastos de capital y los riesgos de permisos. Después de la transacción, los accionistas actuales de Borealis poseen el 86% de la empresa, mientras que los antiguos accionistas de Gold Bull tienen el 14%.
La adquisición también incluye el proyecto de exploración Big Balds cerca de la mina de oro Bald Mountain. Las acciones de Gold Bull serán excluidas de la TSXV alrededor del 14 de marzo de 2025.
보레알리스 마이닝 컴퍼니 (TSXV: BOGO)는 골드 불 리소스 Corp.와 네바다의 고급 샌드맨 골드 프로젝트를 인수 완료했습니다. 이 거래는 2025년 2월 28일 골드 불 주주들의 승인을 받았으며, 각 골드 불 주식을 0.93 보레알리스 주식으로 교환하는 방식으로 진행되어 14,048,403개의 새로운 보레알리스 주식이 발행되었습니다.
이번 거래는 보레알리스에 네바다에서 낮은 자본 지출과 높은 IRR을 가진 금 프로젝트를 제공하며, 상당한 탐사 잠재력을 가지고 있습니다. 주요 시너지는 보레알리스의 ADR 시설을 활용하여 샌드맨의 로드 카본을 처리할 수 있는 능력으로, 자본 비용과 허가 위험을 줄일 수 있습니다. 거래 후 기존 보레알리스 주주들은 회사의 86%를 소유하게 되며, 이전 골드 불 주주들은 14%를 보유하게 됩니다.
이번 인수에는 발드 마운틴 금광 근처의 빅 발드 탐사 프로젝트도 포함되어 있습니다. 골드 불 주식은 2025년 3월 14일 경 TSXV에서 상장 폐지될 예정입니다.
Borealis Mining Company (TSXV: BOGO) a finalisé l'acquisition de Gold Bull Resources Corp. et de son projet avancé Sandman Gold au Nevada. La transaction, approuvée par les actionnaires de Gold Bull le 28 février 2025, a impliqué l'échange de chaque action Gold Bull contre 0,93 action Borealis, entraînant l'émission de 14 048 403 nouvelles actions Borealis.
L'accord offre à Borealis un projet aurifère à faible coût de capital et à haut IRR au Nevada, avec un potentiel d'exploration significatif. Une synergie clé est la capacité d'utiliser l'installation ADR de Borealis pour traiter le carbone chargé de Sandman, réduisant ainsi les dépenses en capital et les risques d'autorisation. Après la transaction, les actionnaires existants de Borealis détiennent 86 % de l'entreprise, tandis que les anciens actionnaires de Gold Bull détiennent 14 %.
L'acquisition comprend également le projet d'exploration Big Balds près de la mine d'or Bald Mountain. Les actions de Gold Bull devraient être radiées de la TSXV autour du 14 mars 2025.
Borealis Mining Company (TSXV: BOGO) hat die Übernahme von Gold Bull Resources Corp. und ihrem fortgeschrittenen Sandman Gold-Projekt in Nevada abgeschlossen. Die Transaktion, die von den Aktionären von Gold Bull am 28. Februar 2025 genehmigt wurde, beinhaltete den Austausch jeder Gold Bull-Aktie gegen 0,93 Borealis-Aktien, was zur Ausgabe von 14.048.403 neuen Borealis-Aktien führte.
Das Geschäft verschafft Borealis ein kapitalarmes, hochrentables Goldprojekt in Nevada mit erheblichem Erkundungspotenzial. Eine wichtige Synergie ist die Möglichkeit, die ADR-Anlage von Borealis zu nutzen, um den geladenen Kohlenstoff von Sandman zu verarbeiten, wodurch die Kapitalausgaben und Genehmigungsrisiken gesenkt werden. Nach der Transaktion besitzen die bestehenden Borealis-Aktionäre 86 % des Unternehmens, während die ehemaligen Gold Bull-Aktionäre 14 % halten.
Die Übernahme umfasst auch das Explorationsprojekt Big Balds in der Nähe der Bald Mountain Goldmine. Die Aktien von Gold Bull werden voraussichtlich um den 14. März 2025 von der TSXV delistet.
- Acquisition of advanced Sandman Gold project with high IRR and NPV potential
- Operational synergy: Using existing Borealis ADR facility reduces capex and permitting risks
- Additional exploration upside from large Sandman land package
- Strategic acquisition of Big Balds project near operating Bald Mountain gold mine
- 14% shareholder dilution from issuing new shares
- Additional 4,503,846 potential shares from outstanding warrants could cause further dilution
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2025) - Borealis Mining Company Limited (TSXV: BOGO) (FSE: L4B0) ("Borealis") and Gold Bull Resources Corp. ("Gold Bull") are pleased to announce, further to their press release dated December 10, 2024, the closing of the acquisition by Borealis of Gold Bull and its advanced Sandman Gold project (the "Transaction").
Transaction Highlights
- Transaction delivers Borealis shareholders a highly advanced and robust Nevada gold project with a projected low capex and extremely high IRR and NPV based on the 2023 Preliminary Economic Assessment (PEA), which is highly sensitive to gold prices, that adds to Borealis' future production profile.
- Large and underexplored Sandman land package provides exploration upside opportunity with a number of untested geophysical and geochemical targets.
- The Borealis Mine and Sandman projects are synergistic in that the Borealis ADR facility can be used to process loaded carbon from the Sandman project as proposed in the 2023 PEA, which dramatically lowers capex and permitting risks.
- Additionally Big Balds project provides an early-stage exploration project proximal to the operating Bald Mountain gold mine, near Elko, NV.
Kelly Malcolm, President and Chief Executive Officer of Borealis, stated: "This acquisition marks a major milestone for Borealis, significantly enhancing our future production profile with the addition of the high-quality Sandman gold project. By leveraging the synergies between Borealis and Sandman, we are not only strengthening our Nevada asset base but also optimizing capital efficiency and accelerating our path to meaningful gold production. With a robust portfolio of advanced and exploration-stage projects, Borealis is well-positioned to deliver long-term value for our shareholders in one of the world's most prolific jurisdictions. We welcome the new shareholders to the Borealis journey and look forward to advancing Sandman towards a Feasibility Study and eventual gold production."
Transaction Details
The Transaction was completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) as contemplated in the arrangement agreement dated December 9, 2024 between Gold Bull and Borealis, and was approved by Gold Bull shareholders at Gold Bull's annual general and special meeting which took place on February 28, 2025.
Each common share of Gold Bull ("Gold Bull Shares") was acquired and exchanged for 0.93 common shares of Borealis ("Borealis Shares") resulting in the issuance of 14,048,403 Borealis Shares to former Gold Bull shareholders. In addition, Borealis issued an aggregate of 1,302,000 options to acquire Borealis Shares in exchange for the issued and outstanding options to acquire Gold Bull Shares. The issued and outstanding warrants to acquire Gold Bull Shares have become exercisable to acquire 4,503,846 Borealis Shares, in accordance with the terms of such warrants.
Upon completion of the Transaction, existing Borealis and Gold Bull shareholders own approximately
The Gold Bull Shares are expected to be delisted from the TSX Venture Exchange (the "TSXV") as of the close of trading on or around March 14, 2025. Borealis will apply for Gold Bull to cease to be a reporting issuer under applicable Canadian securities laws.
Information regarding the procedure for the exchange of Gold Bull Shares for Borealis Shares is provided in Gold Bull's management information circular dated January 24, 2025, related to Gold Bull's annual general and special meeting (the "Circular"). The Circular and accompanying letter of transmittal are available under Gold Bull's SEDAR+ profile at www.sedarplus.ca.
The listing of the Borealis Shares issued in the context of the Transaction has received final approval of the TSXV.
Early Warning Report
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues ("NI 62-103"), Borealis has filed an early warning report. Borealis acquired 15,105,810 Gold Bull Shares in the context of the Transaction (the "Acquisition"). Prior to the completion of the Acquisition, Borealis did not beneficially own or control, directly or indirectly, any Gold Bull Shares. Following the completion of the Acquisition, Borealis now beneficially owns and controls an aggregate of 15,105,810 representing all issued and outstanding Gold Bull Shares.
The Acquisition was completed for investment purposes in connection with the Transaction. Borealis will seek the de-listing of the Gold Bull Shares from the TSXV and apply to cease Gold Bull's reporting issuer status under Canadian securities laws.
The disclosure in this news release is being issued in accordance with NI 62-103 in connection with the filing of an early warning report on Gold Bull's SEDAR+ profile at www.sedarplus.ca by Borealis. A copy of the early warning report can be obtained by contacting Kelly Malcolm (410 West Georgia Street, 5th Floor, Vancouver, BC V6B 1Z3), at (289) 371-3371.
About Borealis and Gold Bull
Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
Gold Bull's core asset is the Sandman Project, located in Nevada which has an Indicated Resource of 433k ounces at 0.73 g/t gold and an Inferred Resource of 61k ounces at 0.58 g/t gold as per the 2021 43-101 Resource Estimate. Sandman is located 23 km south of the past-producing Sleeper Mine and boasts excellent large-scale exploration potential. Gold Bull also owns the Big Balds exploration project, also located in Nevada.
For further information, please contact:
Kelly Malcolm
President and Chief Executive Officer
info@BorealisMining.com
Office: (289) 371-3371
This news release contains certain "forward-looking information" and "forward-looking statements", as such terms are defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled," "estimates", "forecasts", "intends", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements herein include, but are not limited to, the expected benefits of the Transaction, the delisting of the Gold Bull Shares from the TSXV; and the application for Gold Bull to cease to be a reporting issuer in relevant jurisdictions. These forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond Borealis' and Gold Bull's ability to predict or control and could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to Borealis' and Gold Bull's respective most recent annual management discussion and analysis on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Neither Borealis nor Gold Bull undertakes any obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If Borealis and / or Gold Bull does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244425
FAQ
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