Blackwolf Copper and Gold Ltd. (" Blackwolf ", or the " Company ") (TSXV: BWCG, OTC:BWCGF) and Optimum Ventures Ltd. (" Optimum ") (TSXV: OPV) are pleased to announce that they have completed their previously announced plan of arrangement, pursuant to which the Company acquired all the issued and outstanding shares of Optimum, and, in exchange, shareholders of Optimum received 0.65 of a common share of Blackwolf for each Optimum share held (the " Transaction "). In addition, Andrew Bowering, mining entrepreneur, a founder of Optimum, has joined the Company's board of directors, replacing Don Birak, who stepped down effective September 12, 2023.
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Optimum Ventures: Exploring High-grade Gold in Renowned Golden Triangle
Optimum Ventures (TSXV:OPV, Frankfurt:41Q, OTC:OPVLF) focuses on its high-grade gold asset in the prolific Golden Triangle. The company’s flagship asset, the Harry property, is located between two large mineralized systems: sulphurets hydrothermal system (SHS) and premiere hydrothermal system. An experienced management team and board of directors lead Optimum Ventures toward bringing the asset to production.
The Harry property has surface samples with high-grade assays reaching upwards of 285.4 g/t gold and 1,949 g/t silver. An exploratory drill program at the property was recently completed by the company in 2022. Two notable drill holes produced up to 3.10 g/t gold, 690.1 g/t silver, and an additional 1,833 g/t silver equivalents.
Company Highlights
- Optimum Ventures is an exploration and development mining company focusing on its high-grade gold asset within the famed Golden Triangle in British Columbia.
- The Golden Triangle is globally recognized as one of the most prolific gold-producing regions in the world.
- The company’s flagship Harry property is ideally located between two major mineralized systems and has already produced high-grade gold and silver assays, including up to 3.10 g/t gold, 690.1 g/t silver, and an additional 1,833 g/t silver equivalents.
- Optimum Ventures has an option agreement with Teuton to acquire an 80 percent interest in the property and enter into a JV agreement.
- An experienced management team led by Andy Bowering, who was instrumental in numerous discoveries including the Silver Coin deposit with Ascot Resources (TSX:AOT)
This Optimum Ventures profile is part of a paid investor education campaign.*
Blackwolf Completes Acquisition of Optimum Ventures; Andrew Bowering Joins the Board of Directors
Andrew Bowering is a renowned venture capitalist with over 30 years of experience in global mineral exploration and development and a track record of building shareholder value. He has founded, funded, and led teams in the pursuit of various metals, from initial exploration to production. Mr. Bowering has held senior management roles, overseeing asset acquisitions, sales, and raising over $250 million in development capital. He was a founder of Millennial Lithium Corp (acquired by Lithium Americas) and is actively involved in other publicly traded companies in the battery metals and precious metals sectors, such as Prime Mining Corp and American Lithium Corp.
Morgan Lekstrom, CEO and Director of the Company, stated, " With the acquisition of Optimum, Blackwolf has become a top developer of precious and strategic metal projects in Alaska and British Columbia's Golden Triangle. We are excited to welcome Optimum shareholders and our new board member, Andrew Bowering. This merger has brought exciting projects and expertise to Blackwolf, and we believe it will contribute significantly to our goal of creating value for our shareholders. "
Rob McLeod, Executive Chairman of Blackwolf, said, " We are proud to welcome Andrew Bowering as a new director of Blackwolf. Andy is one of Canada's top mining entrepreneurs, and we have a history of working together in the Golden Triangle since 1995. We are looking forward to working together again. Also, on behalf of the rest of the Blackwolf Team, I want to thank Don Birak for his valuable service to the Company and wish him the best in his future endeavours. "
Delisting of Optimum Shares and Information for Optimum Shareholders
The Optimum shares are expected to be delisted from the TSX Venture Exchange at the close of trading on September 14, 2023, and Optimum intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.
Further information about the Transaction is set forth in Optimum's management information circular dated July 31, 2023 relating to the annual general and special meeting of securityholders of Optimum (the " Circular "), which is available under Optimum's SEDAR+ profile at www.sedarplus.ca . Information regarding the procedure for exchange of Optimum shares for Blackwolf shares is provided for in the Circular. In order to receive Blackwolf shares in exchange for Optimum shares, registered shareholders of Optimum must complete, sign, date and return the letter of transmittal that was mailed to each registered Optimum shareholder along with the Circular. For those shareholders of Optimum whose Optimum shares are registered in the name of a broker, investment dealer, bank, trust company or other intermediary or nominee, they should contact such intermediary or nominee for instructions and assistance in depositing their Optimum shares.
Advisors and Counsel
In connection with the Transaction, Fiore Management and Advisory Corp. was issued 567,299 common shares of the Company in consideration for advisory services provided to the Company.
DuMoulin Black LLP acted as legal counsel to Blackwolf. Boughton Law Corporation acted as legal counsel to Optimum.
Upon closing of the Transaction and the issuance of shares for advisory services the Company's issued and outstanding common shares is 108,957,568.
About Blackwolf Copper and Gold Ltd.
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as six Hyder Area gold-silver and base metal properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the Cantoo and Harry properties. For more information on Blackwolf, please visit the Company's website at www.blackwolfcopperandgold.com .
On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.
"Morgan Lekstrom"
CEO and Director
For more information, contact:
Morgan Lekstrom 250-574-7350 (Mobile) 604-343-2997 (Office) mll@bwcg.ca | Liam Morrison 604-897-9952 (Mobile) 604-343-2997 (Office lm@bwcg.ca |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian securities legislation (collectively herein referred to as "forward-looking information"). Wherever possible, words such as "expects", "expected", "strategic" and similar expressions or statements that certain actions, events or results "will" or "may" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information contained herein includes, but is not limited to, the anticipated benefits of the Transaction, and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto, the timing of the delisting of Optimum, Optimum ceasing to be a reporting issuer.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information, including, without limitation, risks related to exploration and potential development of the Company's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and such other risks as are identified in the public disclosure documents of the Company filed on SEDAR+ at www.sedarplus.ca (the "Disclosure Documents"). This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.
Our forward-looking information is based on the assumptions, beliefs, expectations, and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking information contained in this news release, we have made certain assumptions about, among other things, the Company's ability to achieve the business and operational synergies expected as a result of the Transaction and explore and develop its projects as currently anticipated. Although we believe that the assumptions inherent in forward-looking information are reasonable as of the date of this news release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained in this news release.
Additional information about the risks and uncertainties concerning forward-looking information and material factors or assumptions on which such forward-looking information is based is provided in the Disclosure Documents. Forward-looking information is not a guarantee of future performance. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this news release and the Disclosure Documents. For the reasons set forth above, readers and prospective investors should not place undue reliance on forward-looking information.
We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law.
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Optimum Ventures Ltd. Announces Court Approval of Acquisition by Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd . ("Optimum" or the "Company" ) (TSXV: OPV) is pleased to announce that, further to its news release dated September 1, 2023 the Supreme Court of British Columbia has granted final approval for the Company's acquisition by Blackwolf Copper and Gold Ltd. ("Blackwolf") (TSXV: BWCG, OTC: BWCGF) (the "Transaction"). For comprehensive details regarding the Transaction, please refer to the Company's press releases dated June 20 and July 7, 2023.
The Transaction is anticipated to be completed on or around September 12, 2023, subject to the receipt of final acceptance by the TSX Venture Exchange ("TSXV") and the fulfillment of customary conditions. In conjunction with the impending closing of the Transaction, Optimum is set to be delisted from the TSXV prior to the closing of the Transaction.
About Optimum
Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the "Golden Triangle" area of northern British Columbia into Alaska. The company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C. For more information visit www.optimumventures.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact of the COVID-19 pandemic, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Optimum's ability to complete all payments and expenditures required under the Option Agreement; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd Tel: (604) 428-6128 info@optimumventures.ca
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Optimum Ventures Announces Securityholder Approval of Plan of Arrangement With Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that Blackwolf Copper and Gold Ltd.'s (" Blackwolf ") proposed acquisition of all of the outstanding securities of the Company by plan of arrangement (the " Arrangement ") was overwhelmingly approved at the Company's annual general and special meeting of securityholders held on August 31, 2023 (the " Meeting ").
At the Meeting, Optimum securityholders were asked to consider and approve a special resolution regarding the proposed Arrangement (the " Arrangement Resolution "). No dissents were received by the Company and the Arrangement Resolution was approved by 100% of the votes cast by Optimum securityholders at the Meeting.
Pursuant to the terms of the Arrangement, Blackwolf will acquire all of the issued and outstanding common shares of Optimum (" Optimum Shares "), and, in exchange, shareholders of Optimum will receive 0.65 of a common share of Blackwolf (" Blackwolf Shares ") for each Optimum Share held. For complete details of the Plan of Arrangement, interested persons are directed to Optimum's Information Circular filed on SEDAR+ ( www.sedarplus.ca ) on August 4, 2023 by Optimum under its company profile.
Closing of the Arrangement remains subject to court approval as well as other customary closing conditions. Assuming the timely completion of these conditions, Optimum expects the Arrangement to close on or about September 12, 2023.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com .
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tyler Ross
Optimum Ventures Ltd.
Tel: (604) 428-6128
info@optimumventures.ca
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. 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". These forward-looking statements or information may relate to the Arrangement, including statements with respect to the expected timing for closing of the Arrangement and completion of the consolidation.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although Optimum has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors 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 statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in Optimum's most recent annual management's discussion and analyses, and in Optimum's management information circular dated July 6, 2023, which have been filed with the Canadian securities regulators and are available on the Company's profile on SEDAR+ at www.sedarplus.ca. Optimum does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Such statements represent the current views of Optimum with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Optimum, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: treatment of the Arrangement under applicable competition laws and the Investment Canada Act; delays or risks associated with Optimum obtaining final court approval for the Arrangement; regulatory determinations and delays; any impacts of COVID-19 on the business of the Company; stock market conditions generally; demand, supply and pricing for gold and silver; and general economic and political conditions in Canada and other jurisdictions where the Company conducts business.
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Optimum Ventures Announces Mailing of Materials, Receipt of Interim Order and Conditional Approval
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that it has filed and mailed materials to the securityholders of Company (the " Optimum Securityholders "), including the management information circular dated July 31, 2023 (the " Circular ") and related documents for the annual general and special meeting of Optimum Securityholders to be held on August 31, 2023 (the " Meeting ").
The Meeting is being held in connection with the proposed acquisition by Blackwolf Copper and Gold Ltd. (" Blackwolf ") of all of the issued and outstanding common shares of Optimum (collectively, the " Company Shares ") by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the " Arrangement ") previously announced on July 7, 2023. If the Arrangement becomes effective, Optimum shareholders (other than dissenting Optimum shareholders, if any) will receive 0.65 common shares of Blackwolf (each whole share, a " Blackwolf Share ") for each Company Share held (the " Exchange Ratio ").
Optimum Meeting
The Meeting will be held at the offices of Boughton Law Corporation, Suite 700, 595 Burrard Street, Vancouver, British Columbia, V7X 1S8, at 11:00 a.m. (Vancouver time) on Thursday, August 31, 2023, for the purposes set forth in the Optimum notice of meeting accompanying the Circular. Optimum Securityholders are encouraged to vote in advance of the Meeting, in accordance with the instructions set out in the form of proxy or voting instruction form, as applicable, mailed to Optimum Securityholders together with the Circular. The deadline for Optimum Securityholders to return their completed proxies or voting instructions forms is 11:00 a.m. (Vancouver time) on Tuesday, August 29, 2023. Further details can be found in the Circular in the section entitled " The Meeting and General Proxy Information ".
Approvals and Conditions to Closing
Completion of the Arrangement is subject to the approvals of the Optimum Securityholders and the Supreme Court of British Columbia (the " Court ") and the satisfaction or waiver of other customary closing conditions.
On July 31, 2023, the Company was granted an interim order (the " Interim Order ") by the Court regarding the Arrangement. The Interim Order authorizes Optimum to proceed with various matters relating to the Arrangement and provides notice to the Optimum Securityholders of the date and time of the hearing of the petition to approve the Arrangement. Completion of the Arrangement is conditional upon receipt of a final order by the Court. The Court hearing in respect of the final order is expected to take place at 9:45 a.m. (Vancouver time) on Friday, September 8, 2023 (or as soon thereafter as legal counsel can be heard).
On August 9, 2023, Optimum received conditional approval of the Arrangement from the TSX Venture Exchange (the " TSXV ") and currently expects the effective date of the Arrangement will occur on or around September 10, 2023.
Board of Directors' and Special Committee Recommendations
The Arrangement has been approved by the Boards of Directors of Optimum and Blackwolf. The Board of Directors of Optimum evaluated the arrangement agreement with Blackwolf (the " Arrangement Agreement ") with the Company's management and advisors and, following receipt and review of a unanimous recommendation from the special committee of the Board of Directors (the " Optimum Special Committee "), comprised entirely of directors of Optimum, in favour of the Transaction, the Optimum Board of Directors unanimously determined that the Arrangement is in the best interests of the Company, and unanimously recommends that Optimum Securityholders vote in favour of the Transaction.
RwE Growth Partners, Inc. has provided a fairness opinion to Optimum Special Committee. The opinion stated that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Arrangement is fair, from a financial point of view, to Optimum shareholders.
Each of Optimum's directors and officers and certain other significant Optimum shareholders have each entered into customary voting and support agreements to, amongst other things, vote in favour of the Transaction at the Meeting. As of the date of the Circular, an aggregate of 15,059,065 Company Shares representing approximately 34.5% of the outstanding Company Shares were subject to the voting and support agreements.
Advisors and Counsel
DuMoulin Black LLP is acting as legal counsel to Blackwolf and Fiore Management and Advisory Corp. has acted as advisor to Blackwolf in connection with the Transaction and will receive a 2% advisory fee payable in Blackwolf Shares on closing of the Arrangement.
Boughton Law Corporation is acting as legal counsel to Optimum. RwE Growth Partners, Inc. provided a fairness opinion to Optimum's Special Committee of the board of directors that the Arrangement is fair from a financial point of view to the shareholders of Optimum subject to the assumptions, limitations and qualifications set out in such fairness opinion.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com.
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. The Arrangement cannot close until the required approvals are obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company's expectations include risks associated with the business of Optimum and Blackwolf; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement including obtaining all required securityholder approvals and third party and regulatory consents; non-completion of the Arrangement due to the exercise of dissent rights by Optimum shareholders; risks related to reliance on technical information provided by Optimum and Blackwolf; risks related to exploration and potential development of Optimum and Blackwolf projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty as to timely availability of permits and other governmental approvals; and those risks set out in the filings on SEDAR made by the Company with securities regulators. In making the forward looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation: the Company's ability to complete the proposed Arrangement; and the Company's ability to achieve the synergies expected as a result of the Arrangement. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd. Tel: (604) 428-6128 info@optimumventures.ca
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Optimum Ventures Announces Entry Into Arrangement Agreement With Blackwolf Copper and Gold Ltd.
Optimum Ventures Ltd. ("Optimum" or the "Company") (TSXV: OPV) is pleased to announce that it has entered into an arrangement agreement with Blackwolf Copper and Gold Ltd. (" Blackwolf ") dated as of July 6, 2023 (the " Arrangement Agreement "), pursuant to which Blackwolf has agreed to acquire all of the issued and outstanding common shares of Optimum (collectively, the " Company Shares ") by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the " Arrangement ").
Tyler Ross, CEO of Optimum, stated, "This is a transformational opportunity for Optimum's shareholders to join the vision of Blackwolf in becoming a leading mining company in the Golden Triangle. With experienced leadership under Morgan Lekstrom, strategic investment from Frank Giustra, Rob McLeod leading the Geological programs and the addition of Andrew Bowering to the board of the resulting issuer, the combined entity is well situated to unlock the large-scale potential of these complementary projects in the Golden Triangle."
Summary of the Arrangement
Pursuant to the terms of the Arrangement, shareholders of Optimum (the " Company Shareholders ") will receive common shares of Blackwolf (" Blackwolf Shares ") on the basis of an exchange ratio of 0.65 (the " Exchange Ratio ") of a common share of Blackwolf for each share of Optimum held, resulting in existing Company Shareholders collectively owning approximately 26% of the outstanding share capital of the resulting company upon closing of the Arrangement and all outstanding stock options of the Company will be cancelled. Each of Optimum's directors and officers and certain other significant Optimum shareholders, collectively holding in aggregate at least 41% of the outstanding shares of Optimum, have entered into voting support agreements in favour of the proposed transaction. The proposed consideration for the Arrangement values Optimum at approximately C$0.196 per share, representing a premium of approximately 8.97% to Company Shareholders based on the trailing 10-day volume weighted average price of each company as of the close of trading on June 20, 2023 at the time the proposed Arrangement was initially announced.
The Arrangement is subject to a number of closing conditions, including: the Company having minimum working capital of C$675,000 (net of costs and expenses of the Company in connection with the Arrangement); reconstitution of the board of directors of Blackwolf to consist of six (6) members, five (5) of which will be existing members of the board of directors of Blackwolf or chosen by Blackwolf and one of which will be Andrew Bowering, a nominee of the Company; the approval of the Supreme Court of British Columbia (the "Court"); the approval of the TSX Venture Exchange (the " TSXV ") and all other applicable third party and regulatory consents for the Arrangement; the Company obtaining the requisite approval of its shareholders (the " Optimum Shareholders ") and optionholders; no more than 5% of the Company's shareholders exercising their rights of dissent in connection with the Arrangement, and the satisfaction of certain other closing conditions customary for a transaction of this nature.
The Arrangement Agreement includes customary provisions, including non-solicitation, right to match, and fiduciary out provisions, as well as certain representations, covenants and conditions which are customary for a transaction of this nature. The Arrangement Agreement provides for a termination fee payable by either party in certain circumstances in the event the Arrangement does not close. The Arrangement is an arm's length transaction in accordance with the policies of the TSXV.
Further information regarding the Arrangement will be contained in a management information circular that Optimum will prepare, file and mail to the Optimum securityholders (the " Circular ") in connection with the special meeting of the Optimum securityholders to be held to consider the Arrangement (the " Meeting "). All securityholders are urged to read the Circular once available as it will contain additional important information concerning the Arrangement. The Arrangement Agreement will be filed on SEDAR. Only Optimum Shareholders of record and optionholders of Optimum at the close of business on the record date will be entitled to vote at the Meeting. The Arrangement will require the approval of (i) at least 66⅔% of the votes cast by Optimum securityholders; (ii) at least 66⅔% of the votes cast by Optimum shareholders; and (iii) if applicable, a majority of the votes cast by Optimum shareholders present in person or represented by proxy at the Optimum annual general and special meeting, excluding, for this purpose, votes attached to Optimum shares held by persons described in items (a) through (d) of Section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Transaction is anticipated to be completed at or about the beginning of September 2023.The Plan of Arrangement is subject to Court approval by way of receipt of an interim order (the " Interim Order ") and a final order (the " Final Order "). The Interim Order will provide for, among other things, the holding of the Meeting to approve the Arrangement. The Interim Order will also set out other conditions that must be met for the Company to apply for the Final Order of the Court to approve the Plan of Arrangement.
The Blackwolf Shares to be issued under the Arrangement have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. It is anticipated that any securities to be issued under the Arrangement will be offered and issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act of 1933 provided by Section 3(a)(10) thereof.
Board of Directors' and Special Committee Recommendations
The Arrangement Agreement has been approved by the Boards of Directors of Optimum and Blackwolf. The Board of Directors of Optimum has evaluated the Arrangement Agreement with the Company's management and advisors and, following receipt and review of a unanimous recommendation from the special committee of the Board of Directors (the " Optimum Special Committee "), comprised entirely of independent directors of Optimum, in favour of the Transaction, the Optimum Board of Directors unanimously determined that the Arrangement Agreement is in the best interests of the Company, and unanimously recommend that Optimum securityholders vote in favour of the Transaction.
RwE Growth Partners, Inc. has provided a fairness opinion to Optimum Special Committee. The opinion stated that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid under the Arrangement is fair, from a financial point of view, to Optimum shareholders.
Strategic Rationale for the Arrangement
- The resulting entity following completion of the Arrangement will provide the Optimum Shareholders a direct interest in a company with a strong base of strategically located high potential projects in the Golden Triangle area in Northern British Columbia and Alaska with significant capital and an experienced management team to pursue further exploration and development of the projects;
- Complementary management teams with a combined skill set of mining development, operations, finance, exploration and community relations experience; locally-based team of miners, drillers and support team; and
- Strong, supportive combined corporate, retail and institutional shareholder base of the resulting issuer providing enhanced market visibility.
Advisors and Counsel
DuMoulin Black LLP is acting as legal counsel to Blackwolf and Fiore Management and Advisory Corp. has acted as advisor to Blackwolf in connection with the Transaction and will receive a 2% advisory fee payable in Blackwolf Shares on closing of the Arrangement.
Boughton Law Corporation is acting as legal counsel to Optimum. RwE Growth Partners, Inc. provided a fairness opinion to Optimum's Special Committee of the board of directors that the Arrangement is fair from a financial point of view to the shareholders of Optimum subject to the assumptions, limitations and qualifications set out in such fairness opinion.
About Blackwolf
Blackwolf's founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. Blackwolf holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. For more information on Blackwolf, please visit the their website at www.blackwolfcopperandgold.com.
About Optimum
Optimum is a Canadian-based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the Golden Triangle area of Northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Arrangement is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval. The Arrangement cannot close until the required approvals are obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company's expectations include risks associated with the business of Optimum and Blackwolf; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement including obtaining all required securityholder approvals and third party and regulatory consents; non-completion of the Arrangement due to the exercise of dissent rights by Optimum shareholders; risks related to reliance on technical information provided by Optimum and Blackwolf; risks related to exploration and potential development of Optimum and Blackwolf projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty as to timely availability of permits and other governmental approvals; and those risks set out in the filings on SEDAR made by the Company with securities regulators. In making the forward looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation: the Company's ability to complete the proposed Arrangement; and the Company's ability to achieve the synergies expected as a result of the Arrangement. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT: Tyler Ross Optimum Ventures Ltd. Tel: (604) 428-6128 info@optimumventures.ca
News Provided by GlobeNewswire via QuoteMedia
Top 5 Canadian Mining Stocks This Week: Sabre Gold Surges on Minera Alamos Acquisition
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 2.87 percent on the week to close at 603.95 on Friday (November 1). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 0.82 percent to 24,255.16.
Statistics Canada released its August GDP figures on Thursday (October 31). The data indicated GDP remained flat following a 0.1 percent increase in July. Headline data suggests finance, insurance and public administration sectors were up 0.1 percent while goods-producing sectors fell by 0.4 percent to their lowest since December 2021.
On a more granular level, the resource sector saw a 0.6 percent gain in August, led by 1.5 percent increase in oil and gas. Meanwhile, mining and quarrying posted a 0.7 percent increase, marking a fifth month in a row of gains. Iron ore mining increased 4.7 percent, while there was a 2.8 percent increase in copper, nickel, lead and zinc mining.
South of the border, three key releases this week painted a mixed picture of the US economy before a divisive presidential election on November 5, and the US Federal Open Market Committee's meeting on November 6 and 7.
First, on Wednesday (October 30), the US Bureau of Economic Analysis (BEA) released advanced GDP estimates for Q3. The data shows the pace of economic growth in the US may be slowing, posting a 2.8 percent increase, down from the 3.0 registered in the second quarter of the year. The numbers fell short of analysts’ expectations of 3.1 percent.
This was followed by the BEA’s release of September’s personal consumption expenditures price index data on Thursday. The index is the favored indicator of inflation by the US Federal Reserve in making its rate policy decisions. Data for the month showed a 0.2 percent month-on-month increase and was in line with analysts’ expectations. On a yearly basis the data indicated 2.1 percent growth to inflation, down from 2.6 percent just six months ago.
Lastly, the US Bureau of Labor Statistics released its October employment situation summary on Friday. The data indicates nonfarm payrolls remained virtually unchanged, with just 12,000 jobs added during the month — that's well short of the 110,000 expected by analysts. Unemployment remained at 4.1 percent, with 7 million people unemployed.
The agency notes that while disappointing, the lower figures are likely temporary as it’s the first labor force survey conducted since the dual impacts of hurricanes Helene and Milton. The bureau also said the collection period for October was toward the shorter end of the usual 10 to 16 days and likely had a larger influence on its data.
Gold continued to set new highs, climbing to US$2,787.04 per ounce on Wednesday before falling to US$2,733.88 on Friday at 4:00 p.m. EDT. Silver also remained elevated, trading as high as US$34.41 per ounce on Wednesday before regressing to US$32.44 on Friday. Copper was largely flat, closing at US$4.39 per pound on the COMEX.
More broadly, the S&P GSCI (INDEXSP:SPGSCI) fell 1.27 percent to close at 534.79.
Markets were in decline this week, with the S&P 500 (INDEXSP:INX) shedding 1.8 percent to finish at 5,728.81, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 2.06 percent to close Friday at 20,033.14. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.5 percent to reach 42,052.18.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
1. Wolfden Resources (TSXV:WLF)
Weekly gain: 166.67 percent
Market cap: C$14.83
Share price: C$0.08
Explorer and developer Wolfden Resources is focused on base and precious metals projects in North America.
Up until February of this year, the company was working to advance its Pickett Mountain property in Maine, US. The site hosts a high-grade polymetallic massive sulfide deposit and sits within the Gander Terrane.
However, the company announced on February 15 that its rezoning application for the property was denied by commissioners for the Maine Land Use Planning Commission, despite evidence that weighed in favor of the approval.
While the company has not provided an update on Pickett Mountain, it said on Tuesday (October 29) that it has entered into an option agreement to earn a 75 percent stake in the Rockland Property in the Walker Lane Trend in Nevada, US.
The terms of Wolfden's agreement with Evergold (TSXV:EVER,OTC Pink:EVGUF) state that to earn an initial 51 percent interest it must complete US$1.18 million in exploration expenditures, including a minimum of 1,500 meters of drilling, and make cash payments totaling US$600,000 over three years by March 2028.
Wolfden can boost its stake to 75 percent by completing a prefeasibility study within five to eight years. It also holds first rights of refusal on the final 25 percent interest and royalties that can be purchased.
The 1,054 hectare property hosts a large epithermal gold-silver system with similar characteristics to Hecla Mining’s (NYSE:HL) neighboring Aurora project and has drill permits in place. The company said through due diligence it retrieved four rock and core assay reject samples containing between 1 gram per metric ton (g/t) gold and 10.4 g/t gold.
2. Argenta Silver (TSXV:AGAG)
Weekly gain: 151.61 percent
Market cap: C$62.572
Share price: C$0.39
Formerly Butte Energy, Argenta announced on October 24 that it was changing its name, and would commence trading under the new symbol AGAG. The change comes after the completion of its acquisition of the El Quevar silver project following the takeover of Silex Argentina for total consideration of US$3.5 million.
The 56,709 hectare site hosts the Yaxtche deposit, which holds an indicated resource of 45.3 million ounces of silver with an average grade of 482 g/t from 2.93 million metric tons of ore. Yaxtche also has an inferred resource of 4.1 million ounces of silver with an average grade of 417 g/t from 310,000 metric tons of ore.
The project has seen more than 100,000 meters of historic drilling and comes with permitting in place. The company says the site is home to a 100 worker camp, with power and transportation already in place.
Additionally, the company announced the appointment of Joaquin Marias as vice president of exploration and development. Marias is a geologist and has been active at El Quevar for more than 10 years.
In the announcement, Argenta also said it had completed a non-brokered private placement for gross proceeds of C$15.27 million, as well as an additional C$925,000 in the form of unsecured, non-interest bearing one year term loans.
3. Sabre Gold Mines (TSX:SGLD)
Weekly gain: 76 percent
Market cap: C$18.32
Share price: C$0.22
Sabre Gold Mines is working to advance its Copperstone gold project located in Western Arizona, US. The site consists of 546 unpatented federal mining claims and two state mineral leases across a total area of 13.8 square miles.
According to the company, historic mining at the property between 1987 and 1993 produced 514,000 ounces of gold from 5.6 million metric tons of ore with grades of 2.8 g/t. Further operations between 2012 and 2013 produced an additional 16,900 ounces of gold from 163,000 metric tons of ore with grades of 3.2 g/t.
A resource estimate from February 2023 demonstrates 300,000 ounces of gold in the measured and indicated categories from 1.21 million metric tons of ore with an average grade of 7.74 g/t gold. Additional inferred values stand at 197,000 ounces of gold from 970,000 metric tons with a grade of 6.3 g/t gold.
An August 2023 preliminary economic assessment presents a base-case scenario with after-tax net present value of US$61.8 million, an internal rate of return of 50.5 percent and a payback period of 1.8 years.
Shares of Sabre surged this week after it announced on Monday (October 28) that it has entered into an agreement to be acquired by Minera Alamos (TSXV:MAI,OTCQX:MAIFF).
4. Compass Gold (TSXV:CVB)
Weekly gain: 77.27 percent
Market cap: C$17.83
Share price: C$0.195
Compass Gold is an exploration and development company working to advance its Sikasso property in Mali into a small-scale mining operation. The site consists of a 1,176 square kilometer land package, which the company says makes it the largest ground position in Southern Mali, and hosts four primary gold trends.
To date, the company has completed 44,206 meters of drilling, confirming bedrock mineralization and identifying four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
Compass' most recent news came on Monday, when it entered into a joint production agreement to process ore from the Massala prospect at Sikasso at the nearby small mining facility owned by Malian business group SMAT.
The company said it will allow Compass to advance near-term objectives and expedite near-surface gold production with minimal capital investment. The company still needs to apply for a small mining license from the Malian government; this will allow it to produce 160,000 ounces over a four year period. Funds generated from production will allow the company to repay debts and pursue opportunities to expand production at Sikasso.
5. East Africa Metals (TSXV:EAM)
Weekly gain: 31.03 percent
Market cap: C$35.01
Share price: C$0.19
East Africa Metals is a gold explorer and developer focused on its Adyabo and Harvest projects in Ethiopia’s Tigray region. Its principal asset is Adyabo, in which it holds a 30 percent net profit interest; Tibet Huayu Mining (SHA:601020) owns the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses, Mato Bula and Da Tambuk, that are located in an area known for high-grade gold and copper mineralization.
East Africa Metals also owns a 70 percent share of the Harvest polymetallic project, which hosts the Terakimti mining license, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
The company saw gains this week alongside a surging gold price, but did not release news.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on November 1, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top Stories This Week: Gold Futures Break US$2,800, 3 Experts Talk US Election Price Impact
The gold price was on the move once again this week, with December COMEX futures briefly passing US$2,800 per ounce on Wednesday (October 30), another new record for the yellow metal.
Gold had pulled back substantially by Friday (November 1), sitting at the US$2,735 level as of 12:00 p.m. PDT. The decline came despite a weak October US jobs report, which has boosted expectations for an interest rate cut next week.
With many undeniably influencing gold right now, arguably the most immediate is the US election.
As voting day approaches, the Investing News Network (INN) team has been asking experts whether the outcome matters for gold, and the responses have been interesting. Overall the consensus seems to be that while voting day turmoil may boost the yellow metal in the short term, larger forces are at play further ahead.
One point that was repeated many times is that neither Donald Trump nor Kamala Harris seems concerned about the growing level of debt in the US, which is an overarching driver for gold both now and in the future.
Here's how Chris Blasi of Neptune Global explained it:
Up until about eight years ago, maybe it was 10, you'd hear politicians talk about balancing the budget, getting the fiscal and financial house in order. No one even says it anymore — you'd look silly, right?
Gold is driven by the growth in debt and creation of money. They won't even give lip service to it anymore because it seems so outlandish. Now it's just about — the reality is debt will always grow, money will keep being created. That's why inflation is with us. So again, it just goes to in my opinion prove that those drivers that will continue to support the price of gold and continue to propel it are firmly in place, and not only is there no political will, but it's really past the point it could even be done. The economy could not survive with balanced budgets and reducing and paying down debt.
Craig Hemke of TFMetalsReport.com made a similar comment, saying that no matter which party ends up in power, the debt situation makes it key to own gold. This is what he said:
(The debt) is not going to change. It doesn't matter who's president, it doesn't matter which party is in charge of either side of the US Congress. This is going to continue.
And if we are in fact heading into a recession — which I have no doubt that we are, if it hasn't already begun — then your tax revenues are going to plummet, the spending is only going to increase. And that deficit and the total debt you're adding is only going to widen out on an annual basis.
So anyway, I have no idea who's going to win the election, but I think for people that are trying to plan for their financial security, to maintain their purchasing power, to see their way through this storm — whoever wins, you still want to keep buying your gold and buying your silver.
Joe Cavatoni of the World Gold Council took a different approach to the question, saying that investors should look six months down the line to see the election's impact on gold. Here are his comments:
Where the election will have impact (for gold) is on how policies will develop. That tends to show itself up six months or so post an election outcome when policies can be discussed, clarified and potentially start to be implemented. And that's why we think that six months into the election outcome is when you're going to start to see more of an effect on the gold price.
There might be, with the emotion that comes along with this election, there might be some increased levels of volatility, there may be some reaction, people looking to position around things. We might even see that globally in terms of some of the central bank behavior, the investors offshore who are looking at the US — looking at what's going to happen and how they're going to be impacted by the fiscal challenges that the US is facing. But overall you're going to need time to tell exactly how that'll play out as a policy — that'll lead to overall impact on the gold price.
The World Gold Council does make an interesting point in a recent report, noting that on average, US gold bar and coin demand seems to increase during Democratic presidencies, possibly because buyers may be Republican-leaning.
INN's US election coverage
The US election is only a few days out, so it won't be long before we see gold's immediate reaction.
Check out the links below for more on how the election could affect gold, as well as other markets:
- Trump vs. Harris: How Could the US Election Affect the Gold Price?
- Trump Presidency: A Threat to EV Growth and Battery Supply Chain Expansion?
- What Does the US Election Mean for the Future of Cleantech?
- How Will the US Election Affect the Crypto Industry?
- Harris vs. Trump: The 2024 US Election, Drug Prices and Healthcare
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Pinnacle Silver and Gold: District-Scale Silver-Gold Exploration and Development in the Americas
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company has built an asset portfolio entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- The company's expansion to Mexico, through a recent agreement, gives it access to the prolific and resource-rich Sierra Madre Trend and further diversifies its portfolio of high-grade assets.
- The company is led by an impressive management team with decades of experience managing mining companies that operate in the Americas.
This Pinnacle Silver and Gold profile is part of a paid investor education campaign.*
Click here to connect with Pinnacle Silver and Gold (TSXV:PINN) to receive an Investor Presentation
Mawson Finland: Gold, Cobalt Exploration in Lapland Region, Northern Finland
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
This Mawson Finland's profile is part of a paid investor education campaign.*
Click here to connect with Mawson Finland (TSXV:MFL) to receive an Investor Presentation
Ashburton Mineralisation Expands as Project Delivers Wide and High-grade Uranium Drill Results
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce drilling results from a further eight holes at its Ashburton uranium project in Western Australia. Results to date highlight the potential for both high grade and broad zones of uranium mineralisation.
- ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
- Equivalent U3O8 concentration from recent drillholes include:
ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m
and 0.84m @ 1,184 ppm eU3O8 from 151.54m
and 2.42m @ 2,681 ppm eU3O8 from 155.10m
and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC008 3.86m @ 720 ppm eU3O8 from 137.36m
ARCD005 6.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD005 10.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m
incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
- Analyses of the drill core has
- demonstrated a northwest structural control on mineralisation
- mineralisation along the unconformity and
- within the overlying sandstone and the basement.
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
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This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Astral’s Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE
Astral continues to deliver robust resource growth with an updated Feysville MRE, including maiden MREs for Kamperman and Rogan Josh and an updated MRE for Think Big, of 196koz at 1.2g/t Au.
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report an updated JORC compliant (2012 Edition) Mineral Resource Estimate (MRE) for the 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in Western Australia (refer to Figure 2 below).
- Updated JORC 2012 Mineral Resource Estimate (MRE) of 5.0Mt at 1.2g/t Au for 196koz of contained gold completed for the 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in WA (Feysville MRE).
- The Feysville MRE includes maiden MREs for both the Kamperman and Rogan Josh deposits, as well as an updated MRE for the Think Big deposit.
- Mineral Resources have been estimated using a 0.39g/t Au lower cut-off and constrained within pit shells derived using a gold price of A$2,500 per ounce (consistent with the price used for the current MRE at the Mandilla Gold Project (Mandilla) reported on 20 July 20231 (Mandilla MRE), noting that, at that time, the spot gold price was considerably less than it is today.
- Mineralisation encompassing the Kamperman and Rogan Josh MREs was discovered at an average cost of approximately $19 per ounce. This compares to Astral’s peer group, members of which are currently trading at enterprise values in the range of $38 to $82 per mineral resource ounce2.
- The oxide and transitional deposits at Rogan Josh and Think Big total 1.6Mt at 1.3g/t Au for 68.2koz of contained gold. Combined with the 2.0Mt at 1.3g/t Au for 83.8koz of contained gold at Kamperman, Astral considers there to be significant potential to increase the production target for the Mandilla Pre-Feasibility Study (Mandilla PFS), with work well underway.
- The Mandilla Scoping Study (Mandilla Scoping Study) reported during September 20233 included processing lower grade material of approximately 4.5Mt of Mandilla ore grading less than 0.70 g/t Au during the first five years of operations. The higher grade Feysville ore is expected to displace this ore, contributing significant economic upside to the Mandilla PFS compared to the Mandilla Scoping Study.
- The Mandilla PFS is likely to incorporate a pit shell design parameter of at least A$2,600 per ounce for mine optimisation. This exceeds the gold price parameter of A$2,500 incorporated in the calculation of Mineral Resources for both Mandilla and Feysville and, therefore, is likely to support a relatively high conversion rate of Mineral Resources into the Mandilla PFS production target.
- Including the Mandilla MRE of 37Mt at 1.1g/t Au for 1.27Moz of contained gold4, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t Au for 1.46Moz of contained gold (Group MRE) (refer to Table 10).
Astral Resources’ Managing Director Marc Ducler said: “When we returned to drilling at Feysville in November 2022, we did so with a view to building critical mass to support our flagship Mandilla Gold Project. As our understanding of Feysville increased, we formed the view that the highly-underexplored Feysville tenement package had the potential to contribute several 100,000-ounce open pit opportunities to the broader Mandilla Gold Project as contemplated in the Mandilla Scoping Study3.
“With today’s Feysville MRE announcement, Astral is well on the way to delivering on this potential.
“The Mineral Resource Estimates across both Mandilla and Feysville are now consistently reported within pit shells incorporating a A$2,500 gold price and cut-off grades of 0.39g/t Au.
“While we acknowledge that using a gold price of A$2,500 to constrain the Feysville MRE is too conservative given the current spot gold price exceeds A$4,000, we intend to update the Group MRE using a more appropriate gold price and cost assumptions as the current data becomes available through advancement of the Mandilla PFS. To adjust revenue pricing assumptions prior to gaining certainty over cost assumptions is not considered appropriate.
“Importantly, the maiden Kamperman MRE has yielded a 1.3g/t open pit resource with a 5.9:1 strip ratio. Given our intention is to use a gold price of at least A$2,600 for pit design for the Mandilla PFS, we are very confident that a strong conversion of this resource into the production target will be achieved and, hence, make a material contribution to the economics of the Mandilla PFS.
“It is also important to note that the Kamperman deposit offers further significant growth potential based on the results of the recent 31-hole/3,834 metre reverse circulation (RC) drill program recently completed. These results are not included in the Kamperman MRE; however, one of the reported intercepts – 3 metres at 177g/t Au from 74 metres as part of a broader intersection of 25 metres at 24.3g/t Au from 68 metres in hole FRC3785 – is quite outstanding and suggests there to be scope for considerable upside with further drilling.
“Similarly, the supergene deposits present at both the Think Big and Rogan Josh MREs are also likely to have a very high conversion rate into a production target.
“Astral remains committed to further increasing the Group MRE through extensional drilling, as well as increasing the geological confidence levels – and, hence, MRE categories – through further in-fill drilling. Two rigs are currently on site at Mandilla, a diamond drill (DD) rig and an RC rig, with the RC rig expected to relocate to Kamperman before the Christmas period for further in-fill and extensional drilling.
“Astral expects to report revised MREs for both Mandilla and Feysville in Q1 next year, ahead of the anticipated completion of the Mandilla PFS in Q2 2025.”
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This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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