- Mayo Lake (CSE:MLKM) signed a letter of intent to acquire the outstanding share capital of WestMountain Gold (OTCQB:WMTN)
- The LOI outlines the proposed terms and conditions of a possible transaction pursuant to which Mayo and WestMountain would negotiate to seek to execute a three-cornered amalgamation of a wholly owned subsidiary of Mayo and WestMountain
- Mayo has five properties covering 244 square kilometres where it has completed exploration over the past 12 years
- Mayo Lake Minerals Inc. opened trading at $0.09 per share and WestMountain Gold opened trading at $0.20 per share
Mayo Lake (CSE:MLKM) signed a letter of intent to acquire the outstanding share capital of WestMountain Gold (OTCQB:WMTN).
The LOI outlines the proposed terms and conditions of a possible transaction pursuant to which Mayo and WestMountain would negotiate to seek to execute a three-cornered amalgamation of a wholly owned subsidiary of Mayo and WestMountain that would result in Mayo indirectly acquiring all of the outstanding share capital of WestMountain.
Mayo Lake’s president and CEO, Vern Rampton, said in a news release that the contemplated transaction would result in a diversified set of prospective gold properties led by Mayo.
“Mayo would hold an advanced-stage project with an attractive resource and prospective projects in the pipeline that are open to the discovery of upper-tier mineral deposits,” Rampton said.
Under the terms of the LOI, Mayo would issue WestMountain shareholders a number of Mayo common shares at a deemed value of C$0.08 per share equivalent to 50 per cent of the shares issued and outstanding on a fully diluted basis at the time of closing.
This transaction is subject to Mayo and WestMountain negotiating and finalizing a definitive agreement and the receipt of all regulatory and shareholder approvals.
Source: Mayo Lake Minerals Inc.
Mayo Lake Minerals Inc. is a Canadian company engaged in the identification, acquisition, evaluation, and exploration of mineral properties in Yukon Territory. Mayo has five properties covering 244 square kilometres where it has completed exploration over the past 12 years. Mayo plans to drill prospective gold targets within the Anderson Gold Belt and to trench its Carlin West and AJ targets at its Carlin-Roop property in September. The company owns a 100 per cent interest in several claim blocks, consisting of 1,139 quartz claims, in the Mayo Mining District of Yukon Territory.
Mayo Lake Minerals Inc. opened trading at $0.09 per share.
WestMountain Gold opened trading at $0.20 per share.
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