Transpacific Completes Acquisition of Field of Dreams Property
Deal News | Jan 03, 2025 | Globenewswire
Transpacific Resources Inc., a Canadian mineral exploration company, has successfully completed the acquisition of the Field of Dreams Property in Ontario from Goldenfire Minerals Inc. The acquisition, finalized for $100,000 and the grant of a 2% net smelter returns royalty, expands Transpacific’s exploration assets with 139 contiguous mining claims. The company retains an option to reduce the royalty by paying an additional $1,000,000. In conjunction with the acquisition, Transpacific announced changes in its management and board. Jim Renaud is the new CEO, Robert Dillman is appointed Corporate Secretary, and Marty Huber takes the role of Non-Executive Chairman. These strategic changes and acquisitions position Transpacific for growth in the mineral exploration sector, particularly in Northern Ontario.
Sectors
- Mining and Exploration
- Corporate Governance
Geography
- Canada – Transpacific Resources is based in Canada and the Field of Dreams Property is located in Ontario, Canada.
Industry
- Mining and Exploration – The article involves the acquisition of mining claims which is a typical activity in the mining and exploration industry.
- Corporate Governance – The article discusses changes in the management and board of directors, relevant to corporate governance.
Financials
- $100,000 – Cash consideration for the acquisition of the Field of Dreams Property.
- 2% NSR Royalty – Net Smelter Returns Royalty on the Field of Dreams Property.
- $1,000,000 – Payment option for reducing the NSR Royalty by 1%.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Transpacific Resources Inc. | Acquirer | Company | A Canadian-based mineral exploration company focused on Northern Ontario. |
| Goldenfire Minerals Inc. | Seller | Company | The vendor of the Field of Dreams Property. |
| Robert Dillman | Corporate Secretary | Person | Recently appointed as the Corporate Secretary of Transpacific. |
| Jim Renaud | Chief Executive Officer | Person | Appointed CEO of Transpacific, involved in overseeing its strategic direction. |
| Marty Huber | Non-Executive Chairman | Person | Appointed Non-Executive Chairman of Transpacific's Board. |