Commonwealth Silver and Gold Mining Signs Business Combination Agreement with Delta Gold

Silver Investing

Commonwealth Silver and Gold Mining Inc., a privately held company incorporated under the laws of Canada, has entered into a binding letter agreement dated April 23, 2014 with Delta Gold Corp. (TSXV:DLT) regarding a proposed business combination.

Commonwealth Silver and Gold Mining Inc., a privately held company incorporated under the laws of Canada, has entered into a binding letter agreement dated April 23, 2014 with Delta Gold Corp. (TSXV:DLT) regarding a proposed business combination.

The merger would result in a reverse takeover of Delta Gold by Commonwealth Silver, thereby resulting in a going public transaction for Commonwealth Silver.

As quoted in the press release:

Shareholders of Commonwealth Silver will receive one Delta Share (post-Consolidation) for that number of Commonwealth Shares calculated as $0.60 divided by the price of the Commonwealth Shares issued in the Financing. On a post-Transaction, pre-Financing basis, it is expected that existing Commonwealth Silver and Delta Gold shareholders will own approximately 80% and 20% of the combined company (the ‘Resulting Issuer’), respectively.

Click here to read the full joint press release.

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