Acquisition for GOLDMINING INC COM NPV (OTCMKTS:GLDLF)
Shares of GOLDMINING INC COM NPV (OTCMKTS:GLDLF) were up by 3.95% in Monday’s trading session to end the day at $1.40 a share. The rally comes days after the company announced plans to grant stock options to certain directors, officers employees, and consultants. The mineral exploration company is also fresh from completing the acquisition of Yellowknife Gold Project and Big Sky Property in Canada.
Yellowknife Gold Project Acquisition
GOLDMINING INC COM NPV (OTCMKTS:GLDLF) is a mineral exploration company focused on the acquisition and development of mining projects. Some of the company’s leading projects include Titiribi and La Mina Gold-Copper Projects located in Antioquia Colombia.
The Yellowknife Gold Project that the company has acquired has been the subject of substantial drilling, underground development and historic gold production. YGP covers over 30km of the Yellowknife Greenstone Belt believed to have produced over 15 million ounces of gold in the past. The property comprises of 19 million leases and 5 mineral claims.
Big Sky Project, on the other hand, represents an early stage exploration property that could strengthen the company’s asset portfolio. GOLDMINING INC COM NPV (OTCMKTS:GLDLF) transaction for Yellowknife Gold Project consisted of 4,000,000 shares of the company subject to customary escrow provisions
“At GoldMining, our overriding focus continues to be the consolidation of multi-million-ounce gold resource assets in favorable mining jurisdictions to maximize gold leverage for our shareholders. We believe that this transaction most certainly fits that description,” said Amir Adnani, GOLDMINING INC COM NPV (OTCMKTS:GLDLF) Chairman.
Yellowknife Gold project comprises of 141 holes of diamond drilling. However, no new drilling or sampling has been completed on the project. GOLDMINING INC COM NPV (OTCMKTS:GLDLF) has commissioned an independent updated resource estimate of the project as it continues to review the extensive geological database. The company also plans to engage an independent consultant to examine the cut-off grade with reference to current metal prices.
Separately, GOLDMINING INC COM NPV (OTCMKTS:GLDLF) board has approved the granting of stock options under the company’s stock option plan. The company is to issue 1,800,000 Options to directors and officers at an exercise price of $1.69 a share. The Options are to vest 25% immediately, 25% on the 6 month anniversary of the grant date, 25% on the 12th months and 25% on the 18th month.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.