Eskay acquires 19.5% of Garibaldi Resources from Sprott
(Kitco News) - Eskay Mining (TSX-V:ESK) announced Friday that it has entered into an agreement with the Sprott Foundation to acquire 23,703,688 common shares of Garibaldi Resources valued at $10,782,000 in consideration for the issuance of 4,211,719 working capital units of Eskay at price of $2.56 per unit.
Eskay said that the acquisition represents 19.5% of the current issued and outstanding shares of Garibaldi Resources and that the acquisition is being made for investment purposes. The acquisition is subject to TSX Venture Exchange approval and is anticipated to close immediately following receipt of regulatory approval.
Eskay Mining is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” approximately 70km northwest of Stewart, BC. The company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
Garibaldi Resources (TSXV: GGI) is an active Canadian-based junior exploration company focused on the most prolific mining regions of British Columbia and Mexico. At Nickel Mountain in NW B.C., Garibaldi is advancing one of this decade’s most exciting nickel sulphide discoveries.