Troilus Gold announced that it has completed the previously announced acquisition of the Troilus North Project from Emgold Mining.
As consideration for the acquisition of the Project, Troilus has issued Emgold 3,750,000 common shares and paid Emgold C$250,000 in cash.
The Consideration Shares are subject to a four-month statutory hold period. For a period of two-years, until December 5, 2020, Troilus will have a Right of First Refusal (ROFR) pursuant to which Troilus shall have the opportunity to find a buyer at equal or superior terms in the event Emgold wishes to dispose of the Consideration Shares (the “ROFR Period”).
During the ROFR Period, provided Emgold holds no less than 5% of Troilus’ issued and outstanding shares, Emgold shall have the right to participate in transactions involving the issuance of equity securities of Troilus, in order to maintain its proportional interest in Troilus, subject to certain conditions.
Source: Company Press Release