When are we monetizing the surface stock piles? Hi Ahsineeg,
At what point are you going to push for the monetization of the surface stock piles? Assuming you're one of the key investors? Gold reaching new all time highs, why not take advantage and cash in a nice return?
On October 2, 2018, the Corporation issued a news release providing an update on the status of the Stockpile Funding Project and confirming that negotiations were progressing positively amongst the principal parties. The Corporation is now pleased to announce that since the issuance of the previous news release, a new wholly-owned subsidiary of Laurion by the name of "Ahsineeg Inc." ("Ahsineeg") has been incorporated and organized in connection with the Stockpile Funding Project. Referred to as "Newco" in previous announcements of Laurion, Ahsineeg today acquired the Surface Stockpiles from Laurion in exchange for additional common shares in the capital of Ahsineeg.
Following the completion of these key milestones, the relevant parties will now look to complete the remaining components of the Stockpile Funding Project, being the following:
| (a) | The entering into of certain operating and contracting agreements by Ahsineeg, in regards to the Surface Stockpiles. |
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| (b) | It is anticipated that the Investor will help further fund the processing of the Surface Stockpiles by completing an approximate $4.5 million investment in Ahsineeg (the "Newco Private Placement"). The net proceeds from the Newco Private Placement shall be held in escrow until: (i) a Preliminary Economic Analysis ("PEA") is completed in respect of the Surface Stockpiles; and (ii) Laurion and the Investor both consent to the release of such gross proceeds from escrow. |