NPR:CC - Shares Jump After LOI Execution
2023-04-10 11:11:36 ET
This company, a Canadian-based %GoldExploration and development company is focused on acquiring historic sites, with low cost producing gold and other metals properties, with near term production potential and 8+ year mine life in the northern hemisphere. And they are working on a new project.
%NorthPeakResources (TSXV: ) announced today in its press release the execution of a non-binding letter of intent dated earlier in the month with Solarljos LLC and Gullsil LLC of Nevada for the acquisition of the Prospect Mountain Mine complex in the Eureka district of Nevada. This will involve the issuance of 8 million common shares of the company in two phases - an initial tranche of 5 million shares to acquire an 80% interest in the property, and at the company's discretion, an additional 3 million shares to acquire the remaining 20% interest.
Containing over 1700 acres of high elevation lands, the Prospect Mountain Mine complex has an underground infrastructure consisting of 4 shaft complexes and some 11 miles of tunnels where mining operations date back to 1872. The LOI gives the parties until June 6 , 2023 to complete due diligence, determine the final structure of the Acquisition and to enter into a binding, definitive agreement. Investors are cautioned that there can be no assurance that the parties to the LOI will come to agreement and execute a binding, definitive agreement or that the Acquisition will be completed as proposed, or at all.
Shares were trading up in morning trade.