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Mawson Announces Closing of Mawson Oy Sale, Conditional Approval of Listing on TSX Venture Exchange
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0 KommentareNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / December 20, 2023 / Mawson Gold …
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / December 20, 2023 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW) (Frankfurt:MXR) (OTC PINK:MWSNF) announces that further to the Company's news releases dated October 31, 2023, November 16, 2023 and December 7, 2023, the Company has closed the transaction (the "Transaction") with Springtide Capital Acquisition 7 Inc. ("Springtide"). Pursuant to the Transaction, Springtide acquired the Company's Rajapalot gold-cobalt project in Finland ("Rajapalot") and raised C$14,121,835 in the non-brokered best efforts portion of the Springtide private placement of special warrants financing (the "Non-Brokered Financing"), and has received future commitments of over C$2,671,500 for the subsequent brokered portion of the private placement financing (the "Brokered Financing"). Pursuant to the Non-Brokered Financing, Springtide issued 14,121,835 special warrants (the "Special Warrants") at a price of CAD$1.00 per Special Warrant offered initially to Mawson shareholders who are "accredited investors", on the basis of one (1) Special Warrant offered per twenty (20) common shares of Mawson held, and then offered to additional parties, as agreed to between Mawson and Springtide.
Pursuant to the Transaction:
- Springtide acquired all of the issued shares and inter-company debt of Mawson's wholly-owned Finnish subsidiary, Mawson Oy, which holds Rajapalot, for total consideration of C$6,500,000;
- Springtide raised C$14,121,835 and has received future commitments of over C$2,671,500 for the subsequent brokered offering, pursuant to the Non-Brokered Financing of which C$6,500,000 were used by Springtide to pay the purchase price for Mawson Oy and the balance of approximately C$10,300,000 will be used to fund resource expansion at Rajapalot, Finland, and for general working capital.
- Ms. Noora Ahola, Mawson's Interim CEO, has been appointed CEO of Springtide, and Mr. Neil MacRae, a director of Mawson, has been appointed as Springtide's Executive Chairman. Concurrently with such appointment, Mr. MacRae has stepped down as director of Mawson. Ms. Ahola will continue to serve on Mawson's Board. In addition, Mr. Michael Hudson, Executive Chairman and a director of Mawson, has assumed the position of Interim CEO of Mawson until a new CEO for Mawson is appointed.
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Each Special Warrant is exercisable into one (1) common share in the capital of Springtide (each a "Springtide Share") at any time at the option of the holder thereof (the "Special Warrantholder") and will be deemed to be exercised (without any further action or additional consideration on the part of the Special Warrantholders) at 5:00 p.m. (Toronto time) on the earlier of: (i) the date of a go public event (a "Go Public Event"), pursuant to which Springtide will become a reporting issuer and the Springtide Shares will be listed and posted for trading on a stock exchange in Canada or the United States; or (ii) the second anniversary of the closing of the Non-Brokered Financing. Springtide shall use its reasonable best efforts to complete a Go Public Event on the TSX Venture Exchange on or before March 31, 2024.
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