Signal Gold Completes the Sale of The Tilt Cove Project to Firefly Metals
Signal Gold has completed the sale of its Tilt Cove Gold Project in Newfoundland to FireFly Metals. The transaction includes $570,000 in cash and 2,317,869 FireFly common shares valued at approximately $2,500,000. Signal Gold may receive an additional $1,000,000 milestone payment if FireFly announces a mineral resource estimate of at least 500,000 gold equivalent ounces at a minimum grade of 1.0 g/t. The company is currently advancing the Goldboro Gold Project in Nova Scotia and has recently announced a definitive agreement to combine with NexGold Mining to create a leading Canadian gold developer.
Signal Gold ha completato la vendita del suo Progetto Aurifero di Tilt Cove nel Newfoundland a FireFly Metals. L'operazione include $570,000 in contante e 2,317,869 azioni ordinarie FireFly del valore di circa $2,500,000. Signal Gold potrebbe ricevere un ulteriore pagamento di $1,000,000 al raggiungimento di obiettivi, se FireFly annuncia una stima delle risorse minerali di almeno 500,000 once equivalenti d’oro con un grado minimo di 1.0 g/t. Attualmente, la società sta facendo progressi nel Progetto Aurifero Goldboro in Nova Scotia e ha recentemente annunciato un accordo definitivo per unirsi a NexGold Mining per creare uno sviluppatore di oro canadese leader.
Signal Gold ha completado la venta de su Proyecto de Oro Tilt Cove en Terranova a FireFly Metals. La transacción incluye $570,000 en efectivo y 2,317,869 acciones comunes de FireFly valoradas en aproximadamente $2,500,000. Signal Gold puede recibir un pago adicional de $1,000,000 si FireFly anuncia una estimación de recursos minerales de al menos 500,000 onzas equivalentes de oro con un grado mínimo de 1.0 g/t. Actualmente, la empresa está avanzando en el Proyecto de Oro Goldboro en Nueva Escocia y ha anunciado recientemente un acuerdo definitivo para combinarse con NexGold Mining y crear un desarrollador líder de oro canadiense.
Signal Gold는 뉴펀들랜드에 있는 Tilt Cove 금 프로젝트를 FireFly Metals에 매각 완료했습니다. 이 거래에는 $570,000의 현금과 약 $2,500,000에 해당하는 2,317,869개의 FireFly 보통 주식이 포함됩니다. Signal Gold는 FireFly가 최소 1.0 g/t의 등급을 가진 최소 500,000 금 환산 온스의 광물 자원 추정치를 발표할 경우 추가로 $1,000,000의 이정표 지급금을 받을 수 있습니다. 현재 회사는 노바 스코샤의 Goldboro 금 프로젝트를 진행하고 있으며, NexGold Mining과 결합하여 캐나다의 선도적인 금 개발업체를 만들기 위한 최종 계약을 최근에 발표했습니다.
Signal Gold a finalisé la vente de son Projet d'Or Tilt Cove à Terre-Neuve à FireFly Metals. La transaction comprend 570 000 $ en espèces et 2 317 869 actions ordinaires FireFly d'une valeur d'environ 2 500 000 $. Signal Gold pourrait recevoir un paiement supplémentaire de 1 000 000 $ si FireFly annonce une estimation des ressources minérales d'au moins 500 000 onces équivalentes d'or à une teneur minimale de 1,0 g/t. La société avance actuellement le Projet d'Or Goldboro en Nouvelle-Écosse et a récemment annoncé un accord définitif pour fusionner avec NexGold Mining afin de créer un développeur d'or canadien de premier plan.
Signal Gold hat den Verkauf seines Tilt Cove Gold Projekts in Neufundland an FireFly Metals abgeschlossen. Die Transaktion umfasst 570.000 US-Dollar in bar und 2.317.869 Stammaktien von FireFly im Wert von etwa 2.500.000 US-Dollar. Signal Gold könnte eine zusätzliche Meilensteinzahlung von 1.000.000 US-Dollar erhalten, wenn FireFly eine Schätzung der mineralischen Ressourcen von mindestens 500.000 Goldäquivalent-Unzen mit einer Mindestqualität von 1,0 g/t ankündigt. Das Unternehmen arbeitet derzeit am Goldboro Gold Projekt in Nova Scotia und hat kürzlich eine endgültige Vereinbarung zur Fusion mit NexGold Mining angekündigt, um einen führenden kanadischen Goldentwickler zu schaffen.
- Received immediate cash payment of $570,000
- Acquired FireFly shares worth approximately $2,500,000
- Potential additional $1,000,000 milestone payment
- Strategic merger agreement with NexGold Mining announced
- Divestment of valuable mining asset from company portfolio
TORONTO, ON / ACCESSWIRE / November 5, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQB:SGNLF) is pleased to announce that it has completed the sale of the Company's Tilt Cove Gold Project in Newfoundland to FireFly Metals Ltd. ("FireFly"). Under the transaction, FireFly acquired all of the common shares of Tilt Cove Gold Corp. ("Tilt Cove"), previously a wholly owned subsidiary of Signal Gold, which holds all exploration licences, rights and obligations related to the Tilt Cove Project. As part of the sale, the Company received
"We are pleased to announce the completion of the sale of the Tilt Cove Project to FireFly Metals, as we believe the combination the highly prospective Tilt Cove properties and FireFly's Green Bay Copper-Gold Project will generate significant value for the shareholders of each company. We look forward to being a shareholder of FireFly going forward as they continue to advance their projects in the Baie Verte Peninsula in Newfoundland."
~ Kevin Bullock, President and CEO, Signal Gold Inc.
ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022, for further details). The Goldboro Project has significant potential for further Mineral Resource expansion, particularly towards the west along strike and at depth, and the Company has consolidated 28,525 hectares (~285 km2) of prospective exploration land in the Goldboro Gold District.
On October 10, 2024, Signal Gold announced that it had entered into a definitive agreement to combine with NexGold Mining Corp.("NexGold") to create one of Canada's most advanced near-term gold developers. The combined entity will be focused on advancing NexGold's Goliath Gold Complex Project in Northern Ontario and Signal's Goldboro Project in the Goldboro Gold District in Nova Scotia. Pursuant to the definitive agreement, NexGold will acquire all the issued and outstanding common shares of Signal Gold in exchange for common shares of NexGold by way of a plan of arrangement.
This news release has been reviewed and approved by Kevin Bullock, P. Eng., President and CEO with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation, including, but not limited to the time of completion of the transaction, the receipt of the milestone payment, the performance of the Firefly shares, the advancement of the Goldboro Gold Project and the Feasibility Study and results thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or 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 information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Signal Gold to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Signal Gold's annual information form for the year ended December 31, 2023, available on www.sedarplus.ca. Although Signal Gold has attempted to identify important factors, assumption and risks that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors, assumptions and risks that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Signal Gold does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FOR ADDITIONAL INFORMATION CONTACT:
Signal Gold Inc. | Reseau ProMarket Inc. |
SOURCE: Signal Gold Inc.
View the original press release on accesswire.com
FAQ
What did Signal Gold (SGNLF) receive from the Tilt Cove Project sale?
What are the conditions for Signal Gold (SGNLF) to receive the milestone payment from FireFly?
What is Signal Gold's (SGNLF) merger plan announced in October 2024?
