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BLACKWOLF COPPER & GLD (BWCGF) is a leading industry player in mineral exploration, engineering, and permitting, focused on transparency, inclusion, and innovation. With a diverse portfolio including the Niblack copper-gold-zinc-silver VMS project in Alaska and Hyder Area gold-silver properties, the company aims to build shareholder value through technical expertise. In a recent definitive arrangement agreement, BWCGF is set to combine with Treasury Metals Inc., allowing TML to acquire all BWCGF shares. This strategic move aims to advance projects like the Goliath Gold Complex and Niblack development project towards production, under the leadership of experienced industry veterans like Morgan Lekstrom and Jeremy Wyeth.
Treasury Metals and Blackwolf Copper and Gold have completed a merger, with Treasury acquiring all Blackwolf shares. The merger enhances their combined capabilities and strategic growth plans, including a buy/build strategy for near-term, buildable assets. Post-merger, former Blackwolf shareholders will own 32% of Treasury's issued and outstanding shares. Concurrently, Treasury closed the first tranche of a private placement, raising C$4.4 million, with a second tranche expected to raise an additional C$2 million. Blackwolf's shares will be delisted from the TSX Venture Exchange, and Treasury's shares will be relisted on the TSXV. Blackwolf's Niblack project obligations to Teck Resources were settled by issuing 9.7 million shares. Advisory shares were also issued for services provided during the transaction.
Blackwolf Copper and Gold has announced that its securityholders have overwhelmingly approved the acquisition of all outstanding securities by Treasury Metals via a plan of arrangement. The special meeting held on June 26, 2024, saw the Arrangement Resolution pass with significant support: 97.67% of shareholders, 97.82% of securityholders, and 96.42% of disinterested shareholders voted in favor. The final order hearing is set for June 28, 2024, with the closing of the transaction subject to customary conditions.
Blackwolf Copper and Gold has mailed and filed materials for a special meeting on June 26, 2024, where shareholders will vote on a plan of arrangement with Treasury Metals. The proposed deal will see Treasury Metals acquire all Blackwolf shares, with Blackwolf shareholders receiving 0.607 of a Treasury Metals share for each Blackwolf share they hold. The Board recommends voting in favor of the arrangement. The Goliath Gold Complex Project, part of the deal, is projected to produce 109,000 ounces of gold annually for 13 years, with a net present value of $493 million. The combined company will have more than C$10 million in cash and plans additional financing of $6.4 million. The strategy includes strong management, enhanced capital markets focus, and aggressive exploration and acquisition plans.
Blackwolf Copper and Gold announces the completion of its purchase of camp assets at the Niblack project from Matrix Camps and Logistics. Under the agreement, Blackwolf's subsidiary, Niblack Project , acquired these assets in exchange for a $100,000 deposit and 9.3 million common shares. Additionally, Matrix has been granted a three-year exclusivity to provide camp services at market rates. The shares are subject to a statutory hold period until September 23, 2024, and 50% of the shares have a resale restriction until May 22, 2025. This acquisition finalizes all previous claims between the parties.
Treasury Metals and Blackwolf announce an upsize to the Concurrent Financing, increasing it from $4 million to up to $6.4 million. Frank Giustra will lead the order, subscribing for $2 million. The financing will provide 18 months of exploration activity to drive strategic growth following the combination of the two companies. The Concurrent Financing consists of 27.7 million flow-through units at a price of $0.23 per unit, with proceeds used for Canadian exploration expenses related to Ontario mineral projects. Completion is subject to TSX approvals and customary closing conditions.
Treasury Metals and Blackwolf have entered into an agreement to combine their companies to advance the Goliath Gold Complex Project in Ontario, focusing on gold production, exploration, and growth strategies. The Transaction aims to strengthen leadership, balance sheet, and capital markets team. The combined company anticipates near-term gold production with a 13-year mine life, aiming to produce 109,000 ounces of gold annually. The GGC Project has a net present value of $493 million and an internal rate of return of 33.5%. The companies plan to intensify exploration efforts, enhance capital markets focus, and pursue a growth and consolidation strategy. The Transaction, led by cornerstone investor Frank Giustra, will result in Treasury acquiring all outstanding shares of Blackwolf. The Transaction terms involve the exchange of BWCG shares for TML shares. The companies aim to create a new growth-focused North American gold platform, with a solid financial position and an experienced management team.
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