On June 20, 2022, XAU Resources Inc. (TSXV: GIG) announced that it had completed its previously announced “Qualifying Transaction” with North West Exploration Inc. in accordance with the policies of the TSX Venture Exchange. The transaction was completed by way of a property option agreement which provides XAU Resources with an option to acquire a 100% interest in the Noseno Property. In connection with the Qualifying Transaction, XAU Resources also completed a private placement offering of subscription receipts raising gross proceeds of $1,000,000.
XAU Resources intends to commence exploration activities on the Noseno Property. The Noseno Property is located in northwestern Guyana in one of the nation’s prospective greenstone belts, 210 kilometres west-northwest of Georgetown, Guyana’s capital. It is an early-stage greenfield project which, despite its geological potential, is largely unexplored.
WeirFoulds is pleased to have assisted XAU Resources in the closing of these transactions.
To learn more about our Securities Practice Group or to contact one of our securities lawyers, visit our Securities Practice Group overview page.