Eminent Finalizes Acquisition of Celts Project in Nevada
Deal News | Feb 12, 2025 | Globenewswire
Eminent Gold Corp. has finalized its acquisition of the Celts mineral property in Nevada for $400,000, as announced in February 2025. This transaction grants Eminent a 100% stake in the property through its wholly-owned subsidiary. The acquisition includes a cash payment of $30,000 and issuance of 145,384 common shares, with additional payments or share issuance required within six months. Eminent has also agreed to pay a finder’s fee and established royalty agreements with the sellers. The Celts Project is a significant strategic addition to Eminent's portfolio due to the area's promising geology, analogous to the discoveries made by AngloGold Ashanti nearby. Eminent plans to execute a comprehensive exploration program, leveraging geophysical and geochemical techniques. The acquisition aligns with Eminent's goal of building a robust exploration portfolio in Nevada as gold prices remain high. This development further positions Eminent within a region experiencing substantial interest and activity from major players like Barrick.
Sectors
- Mining and Metals
- Natural Resources
Geography
- United States – The Celts Project is located in Nevada, USA, which is the primary geography for the acquisition.
- Canada – Eminent Gold Corp. is based in Vancouver, British Columbia, Canada.
Industry
- Mining and Metals – The article discusses the acquisition of a mineral property, focusing on gold exploration and related activities in the mining industry.
- Natural Resources – The acquisition is concerned with gold deposits, a key component of natural resources exploration and extraction.
Financials
- US$400,000 – Total purchase price for the Celts Project acquisition.
- US$30,000 – Initial cash payment made to the sellers.
- 145,384 – Number of common shares issued to the sellers as part of the acquisition consideration.
- CAD$0.452 – Deemed price per common share issued.
- US$45,000 – Value of the common shares issued as part of the acquisition.
- US$325,000 – Additional consideration payable in cash or shares by the company within six months post-acquisition.
- C$10,000 – Finder's fee paid to 3L Capital Inc.
- 3% net smelter returns royalty – Royalty agreements entered into with sellers for the Celts Project.
- US$750,000 – Cash payment to reduce the NSR royalty by one-sixth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eminent Gold Corp. | Target Company | Company | A gold exploration company based in Vancouver, focusing on discoveries in Nevada. |
| Hot Springs Resources Corp. | Subsidiary of Eminent Gold | Company | Wholly-owned subsidiary of Eminent Gold Corp. involved in the acquisition. |
| Renaissance Exploration Inc. | Seller | Company | Wholly-owned indirect subsidiary of Orogen Royalties Inc., part of the sellers. |
| Altius Resources Inc. | Seller | Company | Part of the selling entities for the Celts Project. |
| Orogen Royalties Inc. | Indirect Owner of one of the Sellers | Company | Parent company of Renaissance Exploration Inc. |
| 3L Capital Inc. | Finder | Company | Received a finder's fee in connection with the acquisition. |
| Paul Sun | President and CEO | Person | President and CEO of Eminent Gold Corp. |
| Dan McCoy | Chief Geologist and Director | Person | Provides geological oversight and direction for Eminent Gold Corp. |
| Michael Dufresne | Independent Qualified Person | Person | Prepared or approved scientific and technical information for the release. |
| AngloGold Ashanti | Relevant Industry Player | Company | Associated with major gold discoveries near the Celts Project area. |
| Barrick | Competitor | Company | Involved in staking activity around the Celts Project area. |