Montage Gold Finalizes Second Investment Tranche with African Gold
Montage Gold Corp. is thrilled to share that it has successfully concluded the second tranche of its strategic investment in African Gold Limited. This marks a significant step in strengthening their partnership and further pursuing opportunities in the African gold sector.
Details of the Share Exchange Transaction
This partnership encompasses a comprehensive share exchange transaction involving the issuance of shares between Montage and African Gold. As part of this transaction, Montage has received a total of 92,377,787 fully paid ordinary shares of African Gold at a deemed issue price of A$0.07 per share. In reciprocal exchange, African Gold has received 2,026,388 common shares of Montage at a deemed price of C$2.87 per share. With the closing of Tranche 2, Montage has obtained 46,358,146 African Gold Ordinary Shares, while African Gold received 1,016,907 Montage Common Shares, which come with a four-month hold period that will conclude later this year.
Strategic Agreements Enhancing Operational Capabilities
Coinciding with the closure of this investment tranche, Montage Gold has solidified its operational capabilities through a technical services agreement with African Gold. This agreement is pivotal as it relates to operational management at the Didievi Project. Additionally, Montage has secured a project rights agreement that grants them a first right of refusal on African Gold's interests within the Didievi Project and the adjacent Angoda Permit. This strategic positioning allows Montage to potentially acquire minority interests in these projects if African Gold chooses to exercise its existing rights in the future.
About Montage Gold Corp.
Based in Canada, Montage Gold Corp. is committed to establishing itself as a premier multi-asset gold producer in Africa. The flagship Koné project is a testament to this ambition. The Updated Feasibility Study released recently highlights the project’s remarkable potential, anticipating a remarkable 16-year mine life. Over the initial eight years of production, the Koné project is projected to yield over 300,000 ounces of gold annually, with operations expected to commence in the near future.
Contacting Montage Gold
For those interested in reaching out for investor relations, contact Jake Cain, the Strategy & Investor Relations Manager, at jcain@montagegold.com or call +44-7788-687-567. For media inquiries, you can connect with John Vincic at Oakstrom Advisors via john@oakstrom.com or +1-647-402-6375. Additionally, for regulatory inquiries, Kathy Love, the Corporate Secretary, can be reached at klove@montagegold.com or +1-604-512-2959.
Frequently Asked Questions
What is Montage Gold Corp.'s primary focus?
Montage Gold focuses on becoming a leading multi-asset gold producer in Africa, with prominent projects including the Koné project.
What significant recent partnership has Montage Gold established?
Montage Gold has recently formalized a strategic investment in African Gold Limited as part of their growth strategy in the gold sector.
What are the financial details of the recent transaction with African Gold?
Montage received 46,358,146 shares of African Gold while issuing 1,016,907 shares of its own in this investment round.
What does the technical services agreement entail?
The technical services agreement enables Montage to manage operations at the Didievi Project, enhancing their project oversight capabilities.
How can investors find more information about Montage Gold?
Investors can reach out via the contacts provided or visit Montage Gold's website for further details and updates.
