Toronto-listed Consolidated Ramrod Gold is poised to acquire all issued and outstanding shares of San Andreas Resources (VSE).
According to an agreement in principle, one common Ramrod share plus one warrant to buy one additional share at $9 will be exchanged for every three issued and outstanding shares of San Andreas.
The agreement has yet to be approved by shareholders and regulators. San Andreas’ key asset is the Prairie Creek mine project, 500 km west of Yellowknife, N.W.T. Recent exploration has been focused on vein and stratiform zinc-lead-silver deposits situated next to an existing mill. The mill is capable of processing 1,200 tons per day and can be expanded to 2,000 tons.
The Prairie Creek project hosts reserves in all categories totaling 4.2 million tons averaging 13.01% lead, 14.65% zinc and 5.9 oz. silver per ton. Consolidated Ramrod is an exploration company active in Canada, the U.S. and abroad.
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