Manitou Gold Inc. is pleased to announce that it has entered into a binding agreement to sell a 100% interest in its Dryden properties, located in northwestern Ontario, to Dryden Gold Corp.
Dryden Gold is a private company, controlled by the founders and management of Ely Gold Royalties Inc., a public company that was sold in 2021 to Gold Royalty Corp. for approximately $300 million.
- Manitou sells 100% interest in Dryden properties, including Kenwest and Gaffney, for $7 million to Dryden Gold.
- Manitou Receives 4 million common shares of Dryden Gold.
- Manitou Retains a 1% net smelter royalty.
- Dryden Gold to fund exploration expenditures totalling $1.4 million over a three year period.
Richard Murphy, President and CEO of Manitou, comments:
“We are excited that Dryden Gold Corp. will be taking the lead in advancing exploration on the Dryden properties. Manitou will become a significant owner of Dryden Gold, who will be pursuing an initial public offering later this year, following which Manitou will retain a large insider ownership position of Dryden Gold.
“We believe strongly in the potential of the Dryden properties and look forward to our future participation in the exploration upside of these properties through our large shareholding in Dryden Gold, as well as our retained net smelter royalties on the properties.”
Read the article online at: https://www.globalminingreview.com/mining/10032022/manitou-gold-sells-dryden-properties-to-dryden-gold/