Cunningham Mining to Acquire American Creek Resources for $207 Million
[Click image to enlarge]
American Creek Resources has entered into a definitive arrangement agreement with Cunningham Mining Ltd.(CML). CML has agreed to acquire all of the issued and outstanding common shares of American Creek at a price of $0.43 per share, in an arm’s-length, all-cash transaction valued at approximately $207 million. The transaction will be completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).
CML has entered into a token subscription facility of up to $153 million for a 36-month term following a centralized exchange listing of the Cunningham Mining Token, the funds from which are expected to be used to fund CML’s financial obligations under the arrangement agreement.
“We are very excited to enter into this agreement to acquire American Creek. The indirect acquisition in the Treaty Creek Property complements our existing portfolio of assets in the Golden Triangle,” said Ryan Cunningham, president of CML.
“We look forward to the positive impact that the addition of the Treaty Creek Property will have on our upcoming NGTGOLD token,” added Cunningham.
“We are pleased and excited to enter into this agreement with Cunningham Mining. I commend the team at Cunningham for recognizing the value of American Creek’s 20 percent carried interest in the Treaty Creek Project, in particular the expanding Goldstorm gold and copper deposit, and the mineral potential of the Treaty Creek Project as a whole,” said Darren Blaney, CEO of American Creek.
“We are also very pleased to have Eric Sprott’s full support and endorsement of this transaction with Cunningham. We express our sincere appreciation for being able to associate with the Sprott team and for their significant and unwavering support through the years,” added Blaney.
Subject to the satisfaction of all conditions to closing set out in the arrangement agreement, it is anticipated that the transaction will be completed in late November or early December 2024.
Cunningham Mining has successfully completed the acquisition of the Placer Claims known as the Nugget Trap Placer Mine in the British Columbia, along with the accompanying permits and authorizations. The property is situated within the Skeena Mining Division of British Columbia, Canada, in the area known as BC’s Golden Triangle.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
