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MegumaGold Corp and Osprey Gold ink definitive merger deal to create leading Nova Scotia explorer

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MegumaGold Corp (CSE:NSAU) has struck a definitive agreement to combine with Nova Scotia-focused Osprey Gold Development Ltd (CVE:OS) in an all paper deal, which was first announced in April this year.

The combination is poised to create a leading precious metals explorer in the Canadian province.

READ: MegumaGold Corp aiming to be Nova Scotia’s newest gold explorer

“We’re incredibly pleased to have executed the definitive agreement to combine with Osprey,” said Theo Van der Linde, the president of MegumaGold, in a statement on Wednesday.

“This consolidation forms the foundation of a company positioned to capitalize on the emerging Meguma gold camp in Nova Scotia amidst a rapidly developing gold market.”

He said the merger of MegumaGold’s “commanding” land position in Nova Scotia with Osprey’s existing gold deposits created a unique synergy designed to increase shareholder value.

Under the terms of the deal, MegumaGold will acquire all of Osprey’s shares. The latter’s shareholders will receive MegumaGold stock at an exchange ratio of one Meguma share for every two Osprey shares owned. Osprey will have the right to appoint two members to the board of directors of the resulting combined firm.

Osprey is focused mainly on advancing the Goldenville project, which lies in Nova Scotia’s largest historic gold district, and it is also exploring four other gold projects within the Meguma Supergroup including the Caribou project.

Osprey’s Mitchell Lake Zone, which lies around 3.5 kilometres (km) west of the Goldenville deposit, is a high priority area for additional exploration work and follow-up drilling due to the lack of historical drilling in the area that leaves large areas of untested potential.

The Meguma district lies adjacent to Atlantic Gold’s Moose River mine, which was acquired by St Barbara Ltd for C$802 million in cash in July, 2019.

Nova Scotia is currently experiencing a resurgence in gold exploration. Moose River is currently producing gold from the Touquoy open-pit mine, which lies around 10 km south of Osprey’s Caribou Project and 4 km west of MegumaGold’s Touquoy West project.

Contact the author at [email protected]

Story by ProactiveInvestors


Source: https://www.proactiveinvestors.com/companies/news/921580/megumagold-corp-and-osprey-gold-ink-definitive-merger-deal-to-create-leading-nova-scotia-explorer-921580.html


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