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Borealis Mining Company has entered into a definitive agreement to acquire Gold Bull Resources through a share exchange ratio of 0.93 Borealis shares for each Gold Bull share, valuing Gold Bull at approximately $0.60 per share. The transaction represents a significant premium of 86.3% to Gold Bull's 30-day VWAP.
The acquisition adds Gold Bull's Sandman Project in Nevada, which contains 433,000 Indicated and 60,800 Inferred gold ounces. The 2023 PEA for Sandman shows promising economics with a post-tax IRR of 81%, NPV of US$121 million, and average annual gold production of 37.9k oz at US$1,800/oz gold price. The project requires low initial capital of US$31.5 million.
Upon completion, existing Borealis and Gold Bull shareholders will own approximately 86% and 14% of the combined entity, respectively. The transaction is expected to close in late January or early February 2025, subject to shareholder and regulatory approvals.
Gold Bull Resources Corp. (OTC:GBRCF), a US-focused gold exploration company, is set to present at the Planet MicroCap Showcase: VEGAS 2023 on April 26, 2023, at 11 AM PST. The presentation will be hosted by CEO Cherie Leeden. The company’s Sandman Project in Nevada contains 21.8Mt at 0.7g/t gold, totaling 494,000 ounces. The initial Phase 1 Preliminary Economic Assessment (PEA) identified a low-cost heap leach gold opportunity, projecting an IRR of 99% and a pre-tax NPV of $77.2M. Gold Bull is also exploring Phase 2 PEA to extract resources below the water table and expand its reserves.
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