23 December 2020 | 13:59pm
StockMarketWire.com - Rambler Metals and Mining has signed a further non-binding letter of intent with Maritime Resources to sell the company s existing Nugget Pond gold plant and a number of Canadian exploration properties and royalties.
Maritime will pay $2.0 million in cash and C$0.5 million in common shares of Maritime based on the 30-day volume weighted average price on closing. The proposed transaction is expected to close during the first quarter of 2021.
Completion of the deal remains subject to negotiation of definitive documentation between the companies, board and regulatory approvals.
Toby Bradbury, president and chief executive, said: ‘We are pleased to announce this potential transaction with Maritime to sell the idle gold processing circuit at Nugget Pond and the non-core gold assets picked up during the amalgamation with Thundermin Resources in 2016.