04:17:58 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



RTG Mining Inc (2)
Symbol RTG
Shares Issued 134,252,237
Close 2016-06-24 C$ 0.51
Market Cap C$ 68,468,641
Recent Sedar Documents

RTG Mining to sell Segilola project for $8.5M (U.S.)

2016-06-27 10:02 ET - News Release

Ms. Justine Magee reports

RTG ANNOUNCES EXECUTION OF AGREEMENT TO SELL ITS INTEREST IN THE SEGILOLA GOLD PROJECT FOR UP TO US$8.5M

Thor Explorations Ltd. has agreed to acquire RTG Mining Inc.'s interest in the Segilola gold project for total consideration of up to $8.5-million (U.S.), including $3-million (U.S.) of consideration upfront. The consideration comprises the following components:

  • $1.5-million (U.S.) in cash on completion;
  • $1.5-million (U.S.) worth of shares in Thor on completion, issued at a deemed price of 11.5 cents per share (being the price at which Thor will issue shares under the capital raising it is conducting in conjunction with the transaction);
  • $2-million (U.S.) in cash payable on the earlier of: (i) closing of the financing for development of the full-scale mine, or (ii) 24 months after completion;
  • A 1.5-per-cent royalty on the Segilola gold project, capped at an aggregate of $3.5-million (U.S.).

Closing of the transaction is conditional on (amongst other things) the parties obtaining all necessary regulatory approvals and consents, no material adverse change occurring before closing, Thor completing a capital raising of not less than $4-million (U.S.), and the agreement pursuant to which Thor has agreed to acquire the balance of the Segilola gold project from the other project owner remaining in effect and either completing or Thor being satisfied that it will complete.

Subject to satisfaction of the conditions, closing is anticipated to occur on or before July 31, 2016.

We seek Safe Harbor.

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