Financing required Closing cash balance at January 31, 2023 of $3.2 million (compared to $2.6 million at January 31, 2022)
Terms on Acquisition The Company completed its acquisition of the Elk Mine from Equinox Gold Corp. (“Equinox”) in May 2019 for total consideration of $10 million payable as follows: Cash of $1 million payable at the closing date (completed); and A secured, non-interest bearing, promissory note for $9 million payable in annual installments of $3 million commencing two years from closing (of which $6 million has been paid as at January 31, 2023, and only the final installment of $3 million remains outstanding and due on May 16, 2023)