Big Ridge Gold Corp. signed a non-binding term sheet to acquire Gold Island Inc. for CAD 4.9 million.
The consummation of the Transaction is subject to a number of conditions customary to transactions of this nature, including, among others, the approval of 66.67% of votes cast by Gold Island's shareholders at a special meeting of Gold Island shareholders. If approved at the meeting, the Transaction is expected to close shortly thereafter, subject to the receipt of the approval of the TSX Venture Exchange. Significant Gold Island shareholders holding approximately 35% of the Gold Island shares have entered into voting and support agreements to vote their shares in favour of the Transaction, subject to certain customary exceptions.
Grant Duthie of Garfinkle, Biderman LLP acted as legal advisor to Gold Island Inc. and Robert Mason of Mason Law acted as legal advisor to Big Ridge Gold Corp. (TSXV:BRAU).