Canadian Gold Miner and Osisko Mining sign a non-binding letter of intent to acquire a portfolio of gold exploration properties in Ontario
Canadian Gold Miner Corp. (“CGM” or the “Company”) and Transition Metals Corp. (XTM – TSX.V, “Transition”) together announce that CGM has entered into a non-binding letter of intent with Osisko Mining Inc. (OSK – TSX, “Osisko”) whereby, subject to the execution of definitive agreements on terms acceptable to the parties, Osisko would assign its ownership interest in two exploration stage properties to CGM in exchange for stock of CGM. In addition, Osisko would provide financing to CGM, on a private placement basis, in the amount of $1.0 million in exchange for stock of CGM. Once completed, the transaction is expected to result in Osisko owning approximately 19.9% of the issued and outstanding common shares of CGM. The properties to be assigned to CGM include the DeSantis property, a historical gold producer located in the heart of the Timmins Gold Camp, and the Catherine Property, a large exploration land package near CGM’s focus area south of Kirkland Lake, Ontario.
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