Signal Gold Shareholders Overwhelmingly Approve Transaction With NexGold Mining
Signal Gold shareholders have strongly approved the plan of arrangement with NexGold Mining Corp. Under the arrangement, NexGold will acquire all Signal Gold shares, with shareholders receiving 0.1244 NexGold shares for each Signal Gold share. The transaction received 95.773% approval from voting shareholders, representing 49.779% of outstanding shares.
The shareholders also approved a private placement of up to 120,075,840 subscription receipts at $0.08705 per receipt, potentially raising up to $10.45 million. The arrangement is expected to close on December 13, 2024, pending final court approval. Upon completion, Signal Gold shares will be delisted from TSX and OTCQB.
Signal Gold's main asset is the Goldboro Gold Project in Nova Scotia, which has a positive Feasibility Study showing an 11-year mine life with average annual gold production of 100,000 ounces at 2.26 g/t gold grade.
Gli azionisti di Signal Gold hanno approvato fortemente il piano di accordo con NexGold Mining Corp. Secondo l'accordo, NexGold acquisirà tutte le azioni di Signal Gold, con gli azionisti che riceveranno 0,1244 azioni NexGold per ogni azione di Signal Gold. La transazione ha ricevuto un'approvazione del 95,773% da parte degli azionisti votanti, rappresentando il 49,779% delle azioni in circolazione.
Gli azionisti hanno anche approvato un collocamento privato di fino a 120.075.840 ricevute di sottoscrizione a $0.08705 per ricevuta, con la possibilità di raccogliere fino a $10,45 milioni. Si prevede che l'accordo si chiuda il 13 dicembre 2024, in attesa dell'approvazione finale del tribunale. Al termine, le azioni di Signal Gold saranno cancellate da TSX e OTCQB.
Il principale bene di Signal Gold è il Progetto Goldboro Gold in Nova Scotia, che ha uno Studio di Fattibilità positivo che mostra una vita mineraria di 11 anni con una produzione annuale media di oro di 100.000 once a un grado di oro di 2,26 g/t.
Los accionistas de Signal Gold han aprobado de manera contundente el plan de arreglo con NexGold Mining Corp. En virtud del arreglo, NexGold adquirirá todas las acciones de Signal Gold, recibiendo los accionistas 0.1244 acciones de NexGold por cada acción de Signal Gold. La transacción recibió una aprobación del 95.773% de los accionistas que votaron, representando el 49.779% de las acciones en circulación.
Los accionistas también aprobaron una colocación privada de hasta 120,075,840 recibos de suscripción a $0.08705 por recibo, lo que podría recaudar hasta $10.45 millones. Se espera que el arreglo se cierre el 13 de diciembre de 2024, a la espera de la aprobación final del tribunal. Una vez finalizado, las acciones de Signal Gold dejarán de cotizar en TSX y OTCQB.
El principal activo de Signal Gold es el Proyecto Goldboro Gold en Nueva Escocia, que tiene un Estudio de Viabilidad positivo que muestra una vida útil de mina de 11 años con una producción anual promedio de oro de 100,000 onzas con un grado de oro de 2.26 g/t.
시그널 골드 주주들은 넥스골드 마이닝 코퍼레이션과의 합의 계획을 강력히 승인했습니다. 이 합의에 따라 넥스골드는 모든 시그널 골드 주식을 인수하며, 주주들은 시그널 골드 주식 1주당 0.1244 넥스골드 주식을 받게 됩니다. 이번 거래는 투표한 주주들의 95.773%의 승인을 받았으며, 이는 총 발행 주식의 49.779%를 차지합니다.
주주들은 또한 최대 120,075,840개의 구독 영수증을 주당 $0.08705에 발행하는 사모 펀드를 승인하여 최대 $10.45 백만을 조달할 수 있습니다. 이 합의는 최종 법원 승인을 조건으로 2024년 12월 13일에 마감될 것으로 예상됩니다. 완료되면 시그널 골드 주식은 TSX와 OTCQB에서 상장 폐지됩니다.
시그널 골드의 주요 자산은 노바스코샤에 있는 골드보로 골드 프로젝트로, 11년의 광산 수명과 연평균 100,000 온스의 금 생산량을 보여주는 긍정적인 타당성 연구가 있습니다. 금 품위는 2.26 g/t입니다.
Les actionnaires de Signal Gold ont fortement approuvé le plan d'arrangement avec NexGold Mining Corp. Dans le cadre de cet arrangement, NexGold acquérira toutes les actions de Signal Gold, les actionnaires recevant 0,1244 actions NexGold pour chaque action de Signal Gold. La transaction a reçu une approbation de 95,773% des actionnaires votants, représentant 49,779% des actions en circulation.
Les actionnaires ont également approuvé un placement privé de jusqu'à 120,075,840 reçus de souscription à 0,08705 $ par reçu, ce qui pourrait potentiellement lever jusqu'à 10,45 millions de dollars. L'arrangement devrait se clôturer le 13 décembre 2024, en attente de l'approbation finale du tribunal. À l'issue de cette opération, les actions de Signal Gold seront retirées des cotations à TSX et OTCQB.
Le principal actif de Signal Gold est le Projet Goldboro Gold en Nouvelle-Écosse, qui dispose d'une Étude de Faisabilité positive montrant une durée de vie de mine de 11 ans avec une production annuelle moyenne de 100 000 onces d'or à une teneur en or de 2,26 g/t.
Die Aktionäre von Signal Gold haben den Plan zur Regelung mit NexGold Mining Corp eindeutig genehmigt. Im Rahmen der Regelung wird NexGold alle Aktien von Signal Gold erwerben, wobei die Aktionäre 0,1244 NexGold-Aktien für jede Signal Gold-Aktie erhalten. Die Transaktion erhielt eine Zustimmung von 95,773% von den stimmberechtigten Aktionären, was 49,779% der ausgegebenen Aktien entspricht.
Die Aktionäre genehmigten außerdem eine Privatplatzierung von bis zu 120.075.840 Zeichnungsquittungen zu 0,08705 $ pro Quittung, was potenziell bis zu 10,45 Millionen $ einbringen könnte. Die Regelung wird voraussichtlich am 13. Dezember 2024 abgeschlossen, vorbehaltlich der endgültigen Genehmigung durch das Gericht. Nach Abschluss werden die Aktien von Signal Gold von der TSX und OTCQB abgezogen.
Das Hauptvermögen von Signal Gold ist das Goldboro Gold Projekt in Nova Scotia, das eine positive Machbarkeitsstudie aufweist, die eine Lebensdauer der Mine von 11 Jahren mit einer durchschnittlichen jährlichen Goldproduktion von 100.000 Unzen bei einem Goldgehalt von 2,26 g/t zeigt.
- Overwhelming shareholder approval (95.773%) for NexGold Mining acquisition
- Potential to raise up to $10.45 million through private placement
- Goldboro Project has projected 100,000 oz annual gold production
- Environmental assessment approval already received for Goldboro Project
- Upcoming delisting from TSX and OTCQB exchanges
- Only 49.779% of total shareholders participated in the vote
TORONTO, ON / ACCESSWIRE / December 6, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQB:SGNLF) is pleased to announce that the shareholders of the Company ("Shareholders") have overwhelmingly approved the special resolutions authorizing the plan of arrangement of the Company under the Business Corporations Act (Ontario) (the "Arrangement") and a related private placement, at the special meeting of Shareholders held earlier today (the "Meeting"). Pursuant to the Arrangement, previously announced on October 10, 2024, NexGold Mining Corp. ("NexGold") will acquire all the issued and outstanding common shares of Signal Gold to create a top near-term gold developer advancing NexGold's Goliath Gold Complex Project in Northern Ontario and the Goldboro Project in the historic Goldboro Gold District in Nova Scotia.
The purpose of the Meeting was to consider and vote upon the Arrangement Resolution authorizing the Arrangement and approving the transactions contemplated in the arrangement agreement dated October 9, 2024 between Signal Gold and NexGold, pursuant to which, among other things, NexGold will acquire all of the issued and outstanding common shares of the Company by way of a court-approved plan of arrangement, and in exchange, Shareholders will be entitled to receive 0.1244 of a common share of NexGold for each common share of Signal Gold held. In approving the Arrangement Resolution, Shareholders also approved the Debt Restructuring (as described in the management information circular of Signal Gold dated November 5, 2024). At the Meeting, an ordinary resolution was also considered and voted on with respect to a Private Placement Resolution, authorizing and approving, among other things, the issuance by Signal Gold of common shares in connection with a non-brokered private placement of up to 120,075,840 subscription receipts of Signal Gold ("Subscription Receipts"), at a price of
A total of 126,970,057 common shares were represented in person or by proxy at the Meeting, representing approximately
Approval of the Arrangement
For the Arrangement to proceed, the Arrangement Resolution required the approval of at least two-thirds (66⅔%) of the votes cast at the Meeting, by the Shareholders attending in person or voting by proxy, and a simple majority of the votes cast on the Arrangement Resolution by Shareholders present or represented by proxy at the Meeting, excluding, for this purpose, votes attached to shares held by persons described in items (a) through (d) of Section 8.1(2) of MI 61-101.
At the Meeting, the Arrangement Resolution was overwhelmingly approved by 121,602,757 votes cast at the Meeting, representing approximately
Private Placement Financing
For the Private Placement to proceed, the Private Placement Resolution must be approved by a simple majority of the votes cast by Shareholders present.
At the Meeting, the Private Placement Resolution was overwhelmingly approved by 121,562,732 votes cast at the Meeting, representing approximately
Transaction Update
Having obtained the requisite approval of the Arrangement Resolution and Private Placement Resolution at the Meeting, the parties are continuing to work diligently towards closing the Arrangement.
The Arrangement is expected to become effective on December 13, 2024, subject to, among other things, the Company obtaining a final order from the Ontario Superior Court of Justice (Commercial List) in respect of the Arrangement and the satisfaction or waiver of certain other customary closing conditions. The hearing for the final order of the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement is scheduled to take place on December 11, 2024. Following the completion of the Arrangement, it is expected that the Signal Gold shares will be delisted from the TSX and OTCQB.
Further details regarding the Arrangement and on the above matters are set out in the management information circular of Signal Gold dated November 5, 2024, which is available on SEDAR+ (www.sedarplus.ca) under Signal Gold's issuer profile.
For detailed voting results on each resolution, please refer to the Company's Report of Voting Results filed on SEDAR+ at www.sedarplus.com.
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 ("LOM") 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). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone, and the Company has now submitted all key permits including the Industrial Approval, Fisheries Act Authorization and Schedule II Amendment, and the Mining and Crown Land Leases. 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 27,200 hectares (~272 km2) of prospective exploration land in the Goldboro Gold District.
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 timing of the hearing for the final order of the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement and the timing of the completion of the Arrangement. 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.
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.
FOR ADDITIONAL INFORMATION CONTACT:
Signal Gold Inc. | Robert Dufour |
SOURCE: Signal Gold Inc.
View the original press release on accesswire.com
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