Threegold Announces Intention to Acquire 20% Interest in Golden Eagle Peru; Shares Dip 33% to Near Yr Low
Threegold Resources Inc (THG.V) intends to enter into an agreement to acquire 19.9% of the shares of Golden Eagle Peru S.A., Lima in Peru, with the option to acquire up to 100% of the remaining outstanding shares.
Threegold will acquire 19.9% of the Golden Eagle shares in consideration of 20 million shares of the Company, to be issued in two tranches, at a price of CAD$0.05, a work commitment of US$400,000 over the next 6 months, and an upfront payment of US$50,000. A first tranche of five million shares of the Company will be issued upon closing of the transaction and, upon the work commitment being completed. Threegold shall issue Golden Eagle the remaining 15 million shares having a total value of US$750,000.
To earn the balance of the 80.1% of the Golden Eagle shares, Threegold shall issue, within 18 months from the closing of the transaction, up to US$4 million worth of the Company's shares at a 25% discount to the current market at the time.
Threegold is down 2 cents to 4 cents, bringing it closer to a yr low of 2 cents. Close to 300,000 shares have been traded.
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