Sanu Gold Announces Strategic Partnership with Montage Gold & Strategic Investment by the Lundin Family
Sanu Gold announces strategic partnership with Montage Gold and investment by the Lundin Family. Montage Gold will acquire up to 19.9% ownership in Sanu through a share exchange valued at approximately C$5.5 million. The Lundin Family will obtain up to 10% stake, joining AngloGold Ashanti (14%) and Capital DI (10%). The total investment value is up to CAD $10,055,412. Montage Gold's CEO Martino De Ciccio will be appointed Chair of Sanu. The proceeds will advance exploration on Sanu's gold permits in Guinea, West Africa.
Sanu Gold annuncia una partnership strategica con Montage Gold e un investimento da parte della Famiglia Lundin. Montage Gold acquisirà fino al 19,9% di proprietà in Sanu attraverso uno scambio azionario valutato approssimativamente C$5,5 milioni. La Famiglia Lundin otterrà fino al 10% di partecipazione, unendosi ad AngloGold Ashanti (14%) e Capital DI (10%). Il valore totale dell'investimento è fino a CAD $10.055.412. Martino De Ciccio, CEO di Montage Gold, sarà nominato Presidente di Sanu. I proventi saranno utilizzati per promuovere l'esplorazione dei permessi d'oro di Sanu in Guinea, Africa occidentale.
Sanu Gold anuncia una asociación estratégica con Montage Gold y una inversión de la Familia Lundin. Montage Gold adquirirá hasta el 19.9% de participación en Sanu a través de un intercambio de acciones valorado en aproximadamente C$5.5 millones. La Familia Lundin obtendrá hasta un 10% de participación, uniéndose a AngloGold Ashanti (14%) y Capital DI (10%). El valor total de la inversión asciende hasta CAD $10,055,412. Martino De Ciccio, CEO de Montage Gold, será nombrado Presidente de Sanu. Los fondos se destinarán a avanzar en la exploración de los permisos de oro de Sanu en Guinea, África Occidental.
사누 골드는 몬타주 골드와 전략적 파트너십을 발표하고 룬딘 가족의 투자를 받습니다. 몬타주 골드는 약 C$5.5백만에 평가된 주식 교환을 통해 사누의 최대 19.9% 지분을 인수할 것입니다. 룬딘 가족은 최대 10%의 지분을 확보하여 앙골골드 아샨티(14%) 및 캐피탈 DI(10%)와 함께 합니다. 총 투자 가치는 최대 CAD $10,055,412에 이릅니다. 몬타주 골드의 CEO 마르티노 데 치치오가 사누의 회장으로 임명될 것입니다. 수익금은 서아프리카 기니에 위치한 사누의 금 허가증 탐사를 진행하는 데 사용될 것입니다.
Sanu Gold annonce un partenariat stratégique avec Montage Gold et un investissement de la famille Lundin. Montage Gold acquerra jusqu'à 19,9% de participation dans Sanu à travers un échange d'actions d'une valeur d'environ 5,5 millions de CAD. La famille Lundin obtiendra jusqu'à 10% de participation, rejoignant ainsi AngloGold Ashanti (14%) et Capital DI (10%). La valeur totale de l'investissement est jusqu'à 10 055 412 CAD. Martino De Ciccio, PDG de Montage Gold, sera nommé président de Sanu. Les fonds seront utilisés pour faire avancer l'exploration des permis d'or de Sanu en Guinée, en Afrique de l'Ouest.
Sanu Gold kündigt eine strategische Partnerschaft mit Montage Gold und eine Investition der Lundin-Familie an. Montage Gold wird bis zu 19,9% des Eigentums an Sanu durch einen Aktienaustausch erwerben, der auf etwa 5,5 Millionen CAD geschätzt wird. Die Lundin-Familie wird bis zu 10% Anteile erhalten und tritt damit AngloGold Ashanti (14%) und Capital DI (10%) bei. Der Gesamtinvestitionswert beträgt bis zu CAD $10.055.412. Martino De Ciccio, CEO von Montage Gold, wird zum Vorsitzenden von Sanu ernannt. Die Erlöse werden zur Förderung der Exploration in den Goldgenehmigungen von Sanu in Guinea, Westafrika, verwendet.
- Strategic investment totaling CAD $10,055,412
- Montage Gold acquiring 19.9% stake through share exchange valued at C$5.5 million
- Lundin Family investing for 10% ownership stake
- Strengthened shareholder base with AngloGold Ashanti (14%) and Capital DI (10%)
- Secured funding for exploration activities in Guinea
- Share dilution through issuance of 76,307,155 new common shares
HIGHLIGHTS:
- Montage Gold Corp. ("Montage Gold") to obtain an up to
19.9% ownership stake in Sanu Gold through the issuance of up to 2.3 million common shares of Montage Gold in exchange, equating to approximately C$5.5 million value - Lundin Family co-invests to obtain an up to
10% stake in Sanu Gold, joining AngloGold Ashanti plc and Capital DI Limited who obtained a14% and a10% stake in Sanu respectively in September 2024 - Strategic Partnership with Montage towards further exploration of Sanu's highly prospective properties in the Siguiri basin, Martino De Ciccio, CEO of Montage, will be appointed Chair of Sanu.
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) ("Sanu Gold" or the "Company") is pleased to announce that the Company plans to complete a strategic investment by Montage Gold Corp. (TSXV: MAU) (OTCQX: MAUTF) ("Montage Gold") & the Lundin family and associates ("Lundin Family") into Sanu Gold having a total value of up to CAD
The Company has entered into a binding term sheet dated December 1, 2024 (the "Share Exchange Transaction") with Montage Gold Corp. for an investment by Montage Gold in Sanu Gold consisting of the issuance of common shares of Montage Gold ("Montage Shares") having a value of up to CAD
The Company expects to use the net proceeds of the Offering to advance exploration, including geophysics and drilling on the Company's Daina, Diguifara and Bantabaye Gold Exploration Permits in Guinea, West Africa, and for general and administrative purposes.
Under the Share Exchange Transaction, Sanu will receive 2,337,921 Montage Shares at a deemed price per share of CAD
The Offering and Share Exchange Transaction is expected to close in mid-December 2024 (the "Closing") and is subject to completion of definitive documentation, including a share exchange agreement ("Share Exchange Agreement") and investor rights agreement between Montage and the Company (the "Investor Rights Agreement") and a subscription agreement between the Company and applicable Lundin Family investors. The Investor Rights Agreement will, subject to certain conditions, including ownership thresholds by Montage Gold, include the right to participate in future equity issuances to maintain its ownership in the Company, participation and top up rights, a board member nominee, a right of first refusal on certain asset-level transactions for Daina and Bantabaye and the formation of a technical advisory committee. Closing of the Share Exchange Transaction is subject to Sanu Gold and Montage Gold entering into the Share Exchange Agreement and Investor Rights Agreement, which will include customary closing conditions such as applicable stock exchange approvals for each company. Closing of the Offering is subject to the Company entering into subscription agreements with the applicable Lundin Family investors (who will also receive participation rights and top-up rights in order to maintain their pro-rata shareholding interest in Sanu Gold), and completion of its Canadian Securities Exchange ("CSE") filing requirements. The Sanu Common Shares issued under the Share Exchange Transaction and the Offering are subject to a four-month and one-day hold period under applicable Canadian securities laws.
Pursuant to the existing investor rights agreement between AngloGold Ashanti plc ("AngloGold Ashanti") and the Company, AngloGold Ashanti will be entitled to acquire Sanu Common Shares in connection with the Share Exchange Transaction and Offering on equivalent terms to maintain its pro rata equity interest in the Company.
On Closing of the Share Exchange Transaction and in light of the new partnership, Martino De Ciccio, CEO of Montage, will be appointed Chair of Sanu.
"Sanu is excited to attract the strategic investment of both Montage, an emerging West African gold producer and the Lundin family to its share register. The Montage leadership is comprised of seasoned West African gold professionals and this further highlights the potential of Sanu's projects in Guinea. Upon closing, we welcome Martino De Ciccio as Chair to the Sanu board of directors and Silvia Bottero to our new joint-technical committee, and we are confident that the relationship with Montage will bring added value to Sanu's exploration projects. We look forward to working with Montage and the Lundin Family, along with our existing strategic investors in unlocking significant discoveries in Guinea," commented Martin Pawlitschek, President and CEO of Sanu Gold.
Martino De Ciccio, CEO of Montage, commented: "We are very pleased to form a strategic partnership with Sanu Gold, owner of a highly prospective exploration portfolio in Guinea's Siguiri Basin, which will allow Montage to leverage Sanu's established presence in the country to accelerate its greenfield exploration strategy. Furthermore, we are pleased to invest alongside the Lundin family and existing shareholders such as AngloGold Ashanti. Based on our prudent capital allocation framework, our strategic investment follows a thorough review of potential partnerships in West Africa in addition to technical due diligence. We look forward to working alongside the Sanu team to rapidly unlock exploration value for the benefit of all stakeholders."
The Company may pay finders' fees in connection with the transactions, as permitted by applicable securities laws and the rules of the CSE. Eventus Capital Corp. has been appointed as a finder in connection with the Share Exchange Transaction and may receive finders' fees under the Offering.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Sanu Gold
Located within the Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits in Guinea, West Africa. The Company has defined multi-kilometer long gold-bearing structures on each of the gold exploration permits, with multiple high-value drill targets and is targeting multi-million ounce gold discoveries. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting.
Martin Pawlitschek
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company's website at www.sanugoldcorp.com or contact:
Anthony Simone
Simone Capital
416-881-5154
asimone@simonecapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release includes, but is not limited to, the anticipated timing for completion of the Share Exchange Transaction and Offering, the use of proceeds therefrom, the anticipated payment of finder's fees and participation of Montage Gold in the Share Exchange Transaction and certain Lundin Family investors in the Offering. Although Sanu Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's plans for exploration on its properties and ability to execute on plans, ability to raise sufficient capital to fund its obligations under its property agreements going forward, ability to maintain its material property agreements, mineral tenures and concessions in good standing, to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of gold and other metals, changes in general economic conditions and local risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel; general competition in the mining industry availability of capital and financing; general economic, market or business conditions, regulatory changes; timeliness of regulatory approvals as well as those factors discussed in the Company's public disclosure record. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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FAQ
What is the value of Montage Gold's investment in Sanu Gold (SNGCF)?
When will the Sanu Gold (SNGCF) share exchange transaction close?
How many new shares will Sanu Gold (SNGCF) issue in the transaction?
What is the total value of the strategic investment in Sanu Gold (SNGCF)?
