Signal Gold Inc. acquired six exploration licenses adjacent to the Goldboro Mineral Resource in Nova Scotia, Canada from MegumaGold Corp. (OTCPK:NSAU.F) for CAD 0.7 million.
November 27, 2022
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Signal Gold Inc. (TSX:SGNL) acquired six exploration licenses adjacent to the Goldboro Mineral Resource in Nova Scotia, Canada from MegumaGold Corp. (OTCPK:NSAU.F) for CAD 0.7 million on November 28, 2022. The consideration consists of CAD 0.4 million in cash and CAD 0.3 million in common shares of Signal Gold at a deemed value of CAD 0.333 per common share, based on the 20-day volume weighted average price as of November 16, 2022, resulting in the issuance of 900,901 common shares of the Company. Signal Gold also granted to Meguma Gold Inc. a 1.0% royalty over the licenses acquired, capped at CAD 0.1 million of total payments, and assumed an existing 2% gross royalty which applies to five (5) of the exploration licenses acquired. Maria Christodoulou, Christopher Harasym, Tera Li Parizeau, Zahra Nurmohamed and Alexander Pizale of Cassels Brock & Blackwell LLP acted as legal advisors to Signal Gold in the transaction.
Signal Gold Inc. (TSX:SGNL) completed the acquisition of six exploration licenses adjacent to the Goldboro Mineral Resource in Nova Scotia, Canada from MegumaGold Corp. (OTCPK:NSAU.F) on November 28, 2022.
MegumaGold Corp. is a Canada-based junior gold exploration company. The Company is engaged in the business of acquiring, exploring, and developing natural resource properties, with a focus on precious metal properties located in Canada. The Companyâs projects include Meguma Project, Osprey Projects - Goldenville Project, Osprey Projects - Caribou Project, Osprey Projects - Leipsigate Project, and GoldCamps Project. The Goldenville Property is located in St. Maryâs District, Guysborough County. The Caribou Gold property is located 80 kilometers northwest of the city of Halifax, Nova Scotia and 10km south of the rural community of Upper Musquodoboit, in Halifax County. The Company also has interests in the Newfoundland Gold Belt Licenses consisting of seven mineral licenses, comprising 3,025 acres in the Province of Newfoundland and Labrador, Canada, and Thirteen mineral claims referred to as the Elmtree and Alcida Gold Claims covering approximately 7,000 acres in New Brunswick, Canada.
Signal Gold Inc. acquired six exploration licenses adjacent to the Goldboro Mineral Resource in Nova Scotia, Canada from MegumaGold Corp. (OTCPK: NSAU.F) for CAD 0.7 million.