Posted in | Gold | Mining Business

Lake Shore Gold Completes Land Sale to Golden Share Mining

Lake Shore Gold Corp. has announced that the Company recently closed its transaction with Golden Share Mining Corporation pursuant to which Lake Shore Gold acquired direct ownership of a total of 21,690,000 common shares of Golden Share representing 19.9% of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9% of the outstanding shares on a partially diluted basis) at an exercise price of $0.20 per common share.

The common shares and warrants were acquired through a private transaction in return for the transfer of certain real property and mineral interests. Combined, the common shares and common share purchase warrants represent a 27.2% interest in the common shares of Golden Share (assuming the exercise of all warrants held by Lake Shore Gold and not including the exercise of any other options or warrants of Golden Share that may be outstanding).

In connection with the transaction, Lake Shore Gold and Golden Share entered into a shareholder agreement. The agreement provides Lake Shore Gold with the right to participate pro rata in future equity financings by Golden Share in order to maintain its ownership interest, and to nominate one director for election to Golden Share's board. This right extends for a period of five years provided that Lake Shore Gold continues to own not less than 9.9% of Golden Share's issued and outstanding common shares. Lake Shore Gold also holds a 1% net smelter returns royalty on future gold and other metals produced from the property.

Source: www.lsgold.com

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Golden Share Mining Corporation. (2019, February 18). Lake Shore Gold Completes Land Sale to Golden Share Mining. AZoMining. Retrieved on October 25, 2020 from https://www.azomining.com/News.aspx?newsID=5477.

  • MLA

    Golden Share Mining Corporation. "Lake Shore Gold Completes Land Sale to Golden Share Mining". AZoMining. 25 October 2020. <https://www.azomining.com/News.aspx?newsID=5477>.

  • Chicago

    Golden Share Mining Corporation. "Lake Shore Gold Completes Land Sale to Golden Share Mining". AZoMining. https://www.azomining.com/News.aspx?newsID=5477. (accessed October 25, 2020).

  • Harvard

    Golden Share Mining Corporation. 2019. Lake Shore Gold Completes Land Sale to Golden Share Mining. AZoMining, viewed 25 October 2020, https://www.azomining.com/News.aspx?newsID=5477.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit