NORTHERN SUPERIOR AND ONGOLD ANNOUNCE CLOSING OF SPINOUT https://nsuperior.com/northern-superior-and-ongold-announce-closing-of-spinout-transaction-related-to-tpk-and-ontario-projects/
Simon Marcotte, Chief Executive Officer of Northern Superior, stated: “The spinout of the Ontario Assets will allow Northern Superior and ONGold to unlock the considerable value of these world-class assets. Based on the Financings completed, the value of Northern Superior’s 72.35% interest in ONGold is $18.2 million, and we see a great opportunity for value creation as ONGold advances the TPK Project and deploys its Ontario strategy. ONGold is now well-funded and led by a highly experienced management team. Northern Superior will remain a strategic shareholder and support ONGold in the execution of its ambitious strategy.”
Rodney Barber, President of ONGold, added: “We are very pleased to have completed this transaction as we believe it is the first step to unlocking the value of the Ontario Assets. With a dedicated management team, we will be able to focus our time and attention on the large portfolio of assets in highly prospective geological environments. We are committed to working closely with our First Nations partners such that we uphold the highest standards of Indigenous consultation and work hand in hand to deliver economic opportunity and development to the communities at our projects.”