Frank GiustraHe became a shareholder of NEXG because of the takeover of Blackwolf by NEXG.
He was a greater than 10% holder of Blackwolf, so likely had some say over whether it was approved or not. Probably closer to 25%. He owned 13% of Blackwolf. What I understand is that even though the new NEXG "took over" Blackwolf, Blackwolf owned 68% of the company and treasury metals retained 32%. (this is a bit complicated just from news releases, and would take more time than i care to spend)
He last invested in Blackwolf I think I recall in May for about $2 million in flow thru shares.
Blackwater was taken over in July, 2024, and the name of takeover company changed to NEXGOLD.
Frank became an owner of the new NEXG.
On August 8, 2024, he invested $80 000 in NEXG through a subsidiary.
According to latest news release, Frank will participate in the NEXG financing in a "meaningful way".
It will be interesting wo see what a meaningful way means. He does have a lot of equity into the company and has been supporting Blackwolf for years.
The board and management of NEXG will participate up to $1 million as well.
The financing of NEXG seems like a steal if you can get in. They are selling flow thru shares plus flow thru warrants for basically the same price as the regular shares trade for. That's a really sweet deal.
There is no mention of the new CEO participating in the placement. But certainly it would be expected in my opinion.
This was likely planned in advance to some degree with blackwater and Treasury metals (which became NEXG). Just speculating on that, because within months of SGNL announcing themselves for sale, all the other transactions occurred.
Frank is a major shareholder, and great to have as a backer. He owns parts of a lot of different companies. Some will be winners. Some will not.
GLTA