SGNL Sells Secondary Project Aligning with NEXG Acquisition Yesterday, Signal Gold Inc. (Ticker: SGNL or SGNLF for US investors) announced the sale of its Tilt Cove Project to FireFly Metals Ltd., an Australian company, in a transaction valued at $4 million CAD.
https://www.accesswire.com/938509/signal-gold-announces-the-sale-of-the-tilt-cove-project-to-firefly-metals-for-40-million-in-total-compensation
This sale, including $570,000 CAD in cash and $2.5 million CAD in FireFly shares, aligns with Signal Gold’s strategic focus on advancing its flagship Goldboro Project in Nova Scotia while preparing for an upcoming acquisition by NexGold Mining Corp. (Ticker: NEXG.v or NXGCF for US investors).
Once the merger is complete, NEXG will remain the operating entity, incorporating Signal Gold's assets, including the proceeds and future earnings potential from this transaction.
The merger is designed to combine NexGold’s Goliath Gold Complex in Ontario with Signal Gold’s Goldboro Project, creating a diversified near-term gold developer.
Together, the assets boast a combined measured and indicated resource of approximately 4.7 million ounces of gold.
The strategic integration also reduces single-asset risk and enhances growth potential by establishing two key Canadian projects, each with environmental assessments approved and permitting expected to complete by 2025.
Following the merger, NEXG aims for annual production exceeding 200,000 ounces of gold, underpinned by significant financing efforts.
Adding to the proceeds that are being secured through the sale of the Tilt Cove Project, NexGold and Signal Gold recently expanded their Concurrent Financing to raise $17 million CAD, supporting the combined entity's growth strategy.
Proceeds will be allocated to debt reduction, project development, and exploration at both Goliath and Goldboro, positioning the combined company with a strong financial foundation to expedite development.
https://nexgold.com/nexgold-and-signal-gold-announce-oversubscription-and-upsizing-of-concurrent-financing-up-to-a-total-of-17-million/
Posted on behalf of NexGold Mining Corp.