Borealis Announces Closing of Gold Bull Resources Acquisition
Borealis Mining Company has successfully completed the acquisition of Gold Bull Resources 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 significant synergies as Borealis' ADR facility can process loaded carbon from the Sandman project, substantially reducing capital expenditure and permitting risks. The acquisition includes the Sandman Gold project, which features a promising 2023 Preliminary Economic Assessment with high IRR and NPV potential, and the early-stage Big Balds project near the Bald Mountain gold mine.
Post-transaction, existing Borealis shareholders own approximately 86% of the company, while former Gold Bull shareholders hold 14%. Gold Bull shares are expected to be delisted from TSXV around March 14, 2025.
Borealis Mining Company ha completato con successo l'acquisizione di Gold Bull Resources 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 per 0,93 azioni di Borealis, con un totale di 14.048.403 nuove azioni Borealis emesse.
L'accordo offre significative sinergie poiché l'impianto ADR di Borealis può trattare il carbonio caricato dal progetto Sandman, riducendo sostanzialmente le spese in conto capitale e i rischi di autorizzazione. L'acquisizione include il progetto Sandman Gold, che presenta una promettente Valutazione Economica Preliminare 2023 con alto potenziale di IRR e NPV, e il progetto in fase iniziale Big Balds vicino alla miniera d'oro Bald Mountain.
Dopo la transazione, gli attuali azionisti di Borealis possiedono circa l'86% dell'azienda, mentre i precedenti azionisti di Gold Bull detengono il 14%. Si prevede che le azioni di Gold Bull vengano rimosse dalla TSXV intorno al 14 marzo 2025.
Borealis Mining Company ha completado con éxito la adquisición de Gold Bull Resources 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 sinergias significativas, ya que la instalación ADR de Borealis puede procesar carbono cargado del proyecto Sandman, reduciendo sustancialmente el gasto de capital y los riesgos de permisos. La adquisición incluye el proyecto Sandman Gold, que cuenta con una prometedora Evaluación Económica Preliminar 2023 con alto potencial de TIR y VAN, y el proyecto inicial Big Balds cerca de la mina de oro Bald Mountain.
Después de la transacción, los accionistas existentes de Borealis poseen aproximadamente el 86% de la compañía, mientras que los antiguos accionistas de Gold Bull tienen el 14%. Se espera que las acciones de Gold Bull sean excluidas de la TSXV alrededor del 14 de marzo de 2025.
보레알리스 마이닝 컴퍼니는 네바다에 있는 골드 불 리소스와 그 고급 샌드맨 골드 프로젝트의 인수를 성공적으로 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 보레알리스의 ADR 시설이 샌드맨 프로젝트에서 로딩된 탄소를 처리할 수 있어 자본 지출과 허가 위험을 상당히 줄일 수 있는 중요한 시너지를 제공합니다. 인수에는 높은 내부수익률(IRR)과 순현재가치(NPV) 잠재력을 가진 2023년 예비 경제 평가를 특징으로 하는 샌드맨 골드 프로젝트와 발드 마운틴 금광 근처의 초기 단계인 빅 볼드 프로젝트가 포함됩니다.
거래 후 기존 보레알리스 주주들은 회사의 약 86%를 소유하게 되며, 이전 골드 불 주주들은 14%를 보유하게 됩니다. 골드 불 주식은 2025년 3월 14일경 TSXV에서 상장 폐지될 것으로 예상됩니다.
Borealis Mining Company a réussi à finaliser l'acquisition de Gold Bull Resources et de son projet avancé Sandman Gold dans le Nevada. La transaction, approuvée par les actionnaires de Gold Bull le 28 février 2025, a impliqué l'échange de chaque action de Gold Bull contre 0,93 action de Borealis, ce qui a entraîné l'émission de 14 048 403 nouvelles actions Borealis.
L'accord offre des synergies significatives, car l'installation ADR de Borealis peut traiter le carbone chargé du projet Sandman, réduisant ainsi considérablement les dépenses d'investissement et les risques d'autorisation. L'acquisition comprend le projet Sandman Gold, qui présente une évaluation économique préliminaire prometteuse pour 2023 avec un fort potentiel de TRI et de VAN, ainsi que le projet en phase initiale Big Balds près de la mine d'or de Bald Mountain.
Après la transaction, les actionnaires existants de Borealis possèdent environ 86 % de la société, tandis que les anciens actionnaires de Gold Bull détiennent 14 %. Les actions de Gold Bull devraient être retirées de la TSXV autour du 14 mars 2025.
Borealis Mining Company hat erfolgreich die Übernahme von Gold Bull Resources und dessen fortgeschrittenem 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.
Der Deal bietet erhebliche Synergien, da die ADR-Anlage von Borealis mit geladenem Kohlenstoff aus dem Sandman-Projekt umgehen kann, was die Investitionsausgaben und Genehmigungsrisiken erheblich reduziert. Die Übernahme umfasst das Sandman Gold-Projekt, das eine vielversprechende vorläufige wirtschaftliche Bewertung 2023 mit hohem IRR- und NPV-Potenzial aufweist, sowie das frühphasige Big Balds-Projekt in der Nähe der Bald Mountain Goldmine.
Nach der Transaktion besitzen die bestehenden Borealis-Aktionäre etwa 86% des Unternehmens, während die ehemaligen Gold Bull-Aktionäre 14% halten. Die Gold Bull-Aktien werden voraussichtlich um den 14. März 2025 von der TSXV abgelistet.
- Acquisition includes advanced Sandman Gold project with high IRR and NPV potential
- Significant cost savings through synergistic use of existing Borealis ADR facility
- Large unexplored land package offers exploration upside potential
- Addition of strategic Big Balds project near operating Bald Mountain gold mine
- 14% dilution for existing Borealis shareholders
- Additional 4,503,846 potential shares from outstanding warrants may 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/244424
FAQ
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