04:36:53 EDT Mon 06 Apr 2020
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Mawson Resources Ltd
Symbol MAW
Shares Issued 192,068,342
Close 2020-03-25 C$ 0.185
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Mawson, Nagambie close central Victorian goldfield deal

2020-03-25 20:30 ET - News Release

Mr. Michael Hudson reports


Mawson Resources Ltd. has closed the strategic and acquisition investment with Nagambie Resources Ltd. (NAG). This follows news releases made on Jan. 29, 2020, announcing binding letter agreements, and March 23, 2020, announcing the execution of final agreements.

Key points:

  • Mawson has subscribed for 50.0 million ordinary shares or a 10-per-cent shareholding in Nagambie, which provides Mawson with a right of first refusal to take up or match proposals being considered over a competitive 3,600-square-kilometre tenement package. In addition, Mawson has a pre-emptive right on future issuances of Nagambie shares to avoid dilution. As consideration for the acquisition of the Nagambie shares, Nagambie has received 8.5 million common shares of Mawson, which represent approximately 4.7 per cent of the total issued Mawson common shares (after including the 1.0 million Mawson acquisition shares from the Clonbinane project acquisition).
  • Mawson has acquired 100 per cent of the Clonbinane project for consideration of $500,002 (Australian) in cash and the issuance of 1.0 million common shares of Mawson. Mawson has also paid Nagambie $28,000 (Australian) to replace environmental bonds.
  • Mawson has the right to earn up to a 70-per-cent joint venture interest in each of Nagambie's Redcastle and Doctor's Gully gold properties, located in Victoria, Australia, by expending $1-million (Australian) over a five-year period into each project.

The Mawson private placement shares and the Mawson acquisition shares are subject to a four-month hold expiring on July 26, 2020, and voluntary trading restrictions to be released from such restriction in four equal tranches (being 2,375,000 shares per tranche) on July 25, 2020, Jan. 25, 2021, July 25, 2021, and Jan. 25, 2022.

About Mawson Resources Ltd.

Mawson Resources is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold project in Finland. The Australian acquisition provides Mawson with a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.

We seek Safe Harbor.

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