Mr. Peter Laipnieks reports
WESTKAM GOLD TERMINATES ACQUISITION OF MCCONNELL PROPERTY IN BRITISH COLUMBIA
Westkam Gold Corp. has terminated the acquisition of the McConnell property in British Columbia.
Under the terms of the definitive agreement (see prior news releases dated Dec. 11, 2023, and July 24, 2023), the company had until Dec. 31, 2023, to meet all conditions precedent unless an extension was mutually agreed upon by all parties. The terms of the agreement required TSV Venture Exchange approval of the transaction, which included a concurrent financing, as well as issuance of a number of common shares that would result in the vendor holding a 19.99-per-cent interest in the company as of the closing date after giving effect to the issuance of these shares. The parties to the agreement were unable to conclude negotiations on mutually agreeable extension terms and, as such, the agreement lapsed on Dec. 31, 2023. In accordance with the termination of the agreement, the company will not be undertaking the proposed private placement as contemplated in the agreement.
About Westkam
Gold Corp.
Westkam Gold is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Western Canada.
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