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Algold Resources Ltd.: Algold Resources to Become Wholly Owned Subsidiary of Aya Gold & Silver
Montreal, Quebec (Newsfile Corp. - March 4, 2021) -
Algold Resources Ltd. (TSXV: ALG) ( Algold ) is pleased to provide additional information on the proposed reorganization of its share capital, which under the Investment Agreement with Aya Gold & Silver Inc. (TSX: AYA) ( Aya ), should lead to Algold becoming a wholly owned subsidiary of Aya.
Under the proposed reorganization, Algold intends to exchange each Algold common share for one Redeemable Share , which will be redeemed through the issuance of Aya shares. Algold shareholders will receive an aggregate of C$2,400,000 in Aya common shares, calculated using the five-day trailing volume-weighted average price of Aya common shares in the five trading days immediately before the issuance, registration, and delivery of Aya shares (the Reorganization ). Upon completion of the Reorganization, Algold will be a wholly owned subsidiary of
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On October 8, Greenfire Oil and Gas Ltd. and Greenfire
Hangingstone Operating Corporation (collectively, Greenfire) each
filed a Notice of Intention to Make a Proposal pursuant to section
50.4(1) of the
Bankruptcy and Insolvency Act (Canada), RSC
1985, c B-3, as may be amended from time to time (the BIA) (such
proceedings, referred to herein as the NOI Proceedings) and Alvarez
& Marsal Canada Inc. was appointed as Proposal Trustee (the
Proposal Trustee) of Greenfire. Greenfire is focused on oilsands
development and production and their primary asset is a
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(2)
Montreal, Quebec (Newsfile Corp. - February 19, 2021) -
Algold Resources Ltd. (TSXV: ALG) ( Algold ) announced today that, in the context of its Proposal, it has entered into a binding agreement (the Investment Agreement ) with Aya Gold & Silver Inc. (TSX: AYA) ( Aya ) whereby Aya will fund its Proposal and at closing, become sole shareholder of Algold (the Transaction ).
Under the terms of the Investment Agreement, existing Algold shares will be cancelled and Aya will subscribe for 100% of the newly issued and outstanding shares of Algold. Closing of the Transaction is subject to a number of Conditions Precedent, including the approval of Algold s Proposal and authorisation and filing of a reorganization of Algold s share capital.