Newmont Acquires Remaining 85.1% Of BC Miner
GT Gold Corp. (TSXV:GTT; OTCQX:GTGDF) has announced the successful completion of the previously-announced plan of arrangement with Newmont Corporation, under which the latter is now 100% owner of GT Gold.
Under the Newmont plan of arrangement has acquired the remaining 85.1% of the outstanding common shares of GT Gold not already owned by Newmont or its affiliates. Upon completion of the Arrangement, GT Gold became an indirect wholly-owned subsidiary of Newmont.
“Newmont is excited to have the Tatogga project in the highly-sought after Golden Triangle district of British Columbia, Canada, become part of our world-class portfolio and part of our future,” said Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut.
“The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate, and we look forward to partnering with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as we understand that Tahltan consent is necessary for advancing the project.”
Ashwath Mehra, Executive Chair of GT Gold, said the completion of the Transaction with Newmont representa the execution of the company’s plan and the culmination of significant value creation for GT Gold shareholders since the formation of the company just a few years ago.
“As we pass custody of this world-class property to Newmont, we are sure it is in the best hands. I would like to thank the whole team of employees, consultants, advisors and directors, who over the years have helped create GT Gold and made it what is today.”
The Arrangement was approved by GT Gold’s shareholders at a special meeting held on May 6, 2021, and by the Supreme Court of British Columbia on May 10, 2021. Under the terms of the Arrangement, shareholders of GT Gold (other than Newmont and its affiliates), will receive C$3.25 per GT Gold common share in cash.
About GT Gold Corp.
GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned “Golden Triangle” near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, “Saddle South”, a precious metal rich vein system and “Saddle North”, a gold-rich copper porphyry system.
About Newmont Corporation
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The company’s world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
