By purchasing the remaining 49% interest in the Damoti Lake gold property in the Northwest Territories, Consolidated Ramrod Gold (TSE) will acquire sole ownership.
Ramrod will issue Athabaska Gold Resources (TSE) 630,000 shares for its 24% interest.
The remaining 25% held by Gitennes Exploration (ASE), will be purchased for $1 million in cash plus 375,000 shares of Ramrod.
Based on Ramrod’s recent trading level at $3.50, the acquisition is valued at about $4.5 million.
In conjunction with the purchase, Ramrod granted Royal Oak Mines (TSE) a right of first refusal to provide production financing.
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