Revival Gold Completes $5 Million Acquisition of Ensign Minerals
[Click image to enlarge]
Revival Gold has closed on the business combination between Revival Gold and Ensign Minerals under the Business Corporations Act (British Columbia). Ensign and Revival Gold Amalgamation, a wholly-owned subsidiary of Revival Gold, amalgamated to form a newly amalgamated company, named Amalco.
“With the completion of this transaction, Revival Gold is poised to capitalize on rising gold prices, boasting one of the largest pure gold development portfolios in the United States. Our assets in Utah and Idaho comprise approximately 12,000 hectares (almost 30,000 acres) in complementary, proven mining camps, offering excellent infrastructure, exciting exploration potential, and local community support,” said Hugh Agro, president, CEO and director of Revival Gold.
“We look forward to providing further updates as work progresses to transform Revival Gold into an emerging heap leach gold producer, with targeted aggregate gold production of 150,000 ounces per year,” added Agro.
Upon completion of the transaction, Revival Gold became the parent company and the sole shareholder of Amalco and will indirectly carry on the current business of Ensign.
The company expects to pursue engineering and economic studies at the newly acquired Mercur Gold Project located in Utah, while continuing to advance permitting preparations and ongoing exploration at the company’s Beartrack-Arnett Gold Project located in Idaho.
BOARD RECONSTITUTION AND KEY MANAGEMENT
As a result of the completion of the transaction, Norm Pitcher, a former director of Ensign, has been appointed to the board of directors of Revival Gold and Michael Mansfield has resigned from the board. Additionally, Revival Gold has designated independent director Tim Warman as non-executive chairman of the board. Wayne Hubert will continue on the board as a non-executive director.
“Mike Mansfield was a founding investor and company director and has been a keen champion for Revival Gold’s shareholders over the years,” said Hugh Agro.
“We are grateful to have benefited from Mike’s pragmatic advice and keen understanding of the public markets as we’ve worked to build the business to-date. On behalf of our entire management team and board, I wish to thank Mike for his commitment and service to Revival Gold and to say that we look forward to Mike’s continued involvement as a senior advisor to the company going forward,” added Agro.
Key management of Revival Gold is unchanged and consists of Hugh Agro serving as president and CEO and Director, John Meyer as vice president, Engineering & Development, and Lisa Ross as vice president and CFO.
Revival Gold is one of the largest, pure gold, mine developers in the United States. The company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.
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)
