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HighGold Mining Inc. (HGMIF) is a mineral exploration company focused on advancing the Johnson Tract Gold Project in Southcentral Alaska, USA. The project includes the high-grade JT Deposit, with an indicated resource of 1.05 Moz at 9.39 g/t gold equivalent. Recent results from the 2023 exploration program confirm the extension of high-grade gold mineralization at the Ellis Zone. The company is actively engaged in exploration activities to expand known zones of mineralization, test new prospects, and conduct geotechnical studies. HighGold is committed to creating shareholder value through careful allocation of capital and environmentally responsible exploration.
Contango ORE has finalized its acquisition of HighGold Mining, following approvals from HighGold's securityholders and the Supreme Court of British Columbia. The deal, executed through a court-approved plan of arrangement, involves Contango issuing 1,698,887 shares to HighGold shareholders. HighGold shares will be delisted from the TSX Venture Exchange on July 11, 2024, and the company will cease public reporting. Darwin Green, HighGold's CEO, joins Contango's board. The acquisition aligns with Contango's strategy to boost gold production to 200,000 ounces annually using their Direct Ship Ore model, reducing environmental impact and capital requirements.
HighGold Mining has received a final order from the Supreme Court of British Columbia approving its arrangement with Contango ORE. As part of this arrangement, HighGold shareholders will receive 0.019 shares of Contango for each HighGold share they hold. The arrangement was approved by HighGold's securityholders at a special meeting on June 27, 2024. The transaction is expected to close on or around July 9, 2024, pending customary closing conditions. More details can be found in the company's management information circular dated May 29, 2024, available on SEDAR+ and the company's website.
HighGold Mining announced that its shareholders and optionholders have overwhelmingly approved the planned arrangement with Contango ORE. At a special meeting, 93.69% of HighGold shareholders and 94.39% of security holders approved the deal. A final order from the Supreme Court of British Columbia is expected on July 2, 2024, with the transaction anticipated to close around July 9, 2024, pending standard regulatory approvals. This transaction is seen as beneficial for shareholders, aligning with Contango's plans for the JT Project this year.
HighGold Mining reminds shareholders to vote at a special meeting on June 27, 2024, regarding a plan for Contango ORE to acquire all HighGold shares. Shareholders will receive 0.019 Contango shares for each HighGold share. HighGold's board recommends voting in favor. An interim order from the Supreme Court of British Columbia has authorized the meeting. The company has disclosed implications under Multilateral Instrument 61-101, acknowledging change of control payments to directors Darwin Green and Michael Gray, categorizing them as 'collateral benefits', necessitating a 'minority approval' vote. For the resolution to pass, it requires a two-thirds majority from shareholders and a simple majority excluding votes of related parties receiving benefits.
Contango ORE, Inc. (NYSE American: CTGO) is acquiring HighGold Mining Inc. in a deal valued at approximately US$37 million, with HighGold shareholders owning 15% of the combined company. The transaction aims to create a leading Alaskan gold company with growth potential and a strong portfolio. The deal benefits Contango shareholders with the addition of the high-grade Johnson Tract Project to their portfolio, while HighGold shareholders receive an upfront premium and participation in a growth-focused gold mining company.
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