Barksdale to acquire ownership of Arizona Sunnyside project
Published by Will Owen,
Editor
Global Mining Review,
Barksdale Resources Corp. has announced that it has entered into a definitive agreement with Regal Resources Inc., whereby Barksdale will consolidate a 100% interest in the Sunnyside project, located in Santa Cruz County, Arizona, USA.
Highlights:
- Barksdale to acquire the balance of the highly prospective Sunnyside copper-zinc-lead-silver project in Arizona, providing it with full control of the project moving forward.
- The transaction is immediately accretive to Barksdale shareholders and eliminates all future Barksdale work commitments contained in the 2017 option agreement between Barksdale and Regal.
- The transaction values Regal shares at US$0.37 per share, which includes repayment of all of Regal’s outstanding debt and a partial payment of taxes owing on the transaction.
- The transaction allows Regal shareholders to participate in a larger, more liquid company that not only holds the consolidated Sunnyside project, but also the 100% owned San Antonio, Goat Canyon, and Canelo copper porphyry exploration projects near Sunnyside, as well as the San Javier copper-gold project in Sonora, Mexico.
- Transaction approved by both companies’ Board of Directors.
“This transaction is the culmination of years of hard work by our team, including productive and detailed negotiations over the past few months with the new Regal board of directors. As we near the end of the Sunnyside permitting process, consolidating the balance of Sunnyside under one roof is the most logical step to unlocking the potential value of not only Sunnyside, but the entire district-scale mineral rights package that Barksdale has been working to expand”, stated Rick Trotman, President and CEO of Barksdale.
Darren Blasutti, Chairman of the Board of Barksdale, commented: “I must commend Matt Sauder, Chairman of Regal Resources, as well as the other board members at Regal for stepping into an insolvent and cease-traded company, sorting through the many challenges and within less than a year, finding a win-win solution with Barksdale to create a larger, more liquid company. The enhanced Barksdale will have a portfolio of 100% owned high-quality exploration assets across multiple jurisdictions, including the world-class Patagonia district.”
Read the article online at: https://www.globalminingreview.com/mining/17052021/barksdale-to-acquire-ownership-of-arizona-sunnyside-project/
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