Cerrado Gold Inc. (TSXV: CERT) has acquired, through a non-brokered private placement, ownership of 24,294,156 common shares in Voyager Metals Inc. (TSXV: VONE), a company headquartered in Toronto, Canada, at a price of C$0.1523 each for total proceeds of C$3,699,999.96.
Prior to the acquisition, Cerrado held no Voyager shares, directly or indirectly. The shares acquired are all common shares over which Cerrado exercises control or direction and represent approximately 19.6% of the shares.
On 7 March 2023, Cerrado entered into a subscription agreement with Voyager to acquire shares in a private placement. The subscription agreement was entered in conjunction with a proposed business combination between Voyager and Cerrado, pursuant to which Cerrado agreed to acquire all the issued and outstanding Voyager securities.
The completion remains subject to the closing conditions, including the acceptance of the arrangement by the TSXV, and the approval of Voyager securityholders. Upon successful completion, Cerrado would acquire all issued and outstanding common shares not already held by Cerrado at a price of one common Cerrado share for every six Voyager Shares.
The early warning report states that, subject to applicable law, Cerrado may take future actions with the shares as it sees appropriate, including, purchasing, or selling additional securities, short selling, hedging or similar transaction. It also says that Cerrado can take any other action with respect to Voyager or any of its securities in any lawful manner including, the requisition of meetings and the solicitation of proxies from Voyager’s security holders.
Any alternative that Cerrado may pursue will depend on a variety of factors including trading prices of Voyager securities, general economic, financial market, and industry conditions, other investment, and business opportunities available to Cerrado, along with changes in law and governmental regulations, tax considerations, and other factors.
Cerrado acquired the shares to provide additional near-term liquidity to Voyager in anticipation of the arrangement completion.
For more information, please visit: www.voyagermetals.com or www.cerradogold.com
