Golden Valley Mines (GZZ-V) acquired Val-d'Or Mining (VZZ-V) 4,166,667 common shares
June 18, '20 - NR
Golden Valley Mines Ltd. has acquired ownership of 4,166,667 common shares in the capital of Val-d'Or Mining Corp., which were issued by the issuer from its treasury at a deemed per share price of 15 cents for a total deemed value of $625,000.05 as partial consideration for a grant by Golden Valley of an option to the issuer to acquire certain mineral property interests in accordance with the terms of an amended and restated mining option agreement between the issuer and Golden Valley dated Nov. 28, 2019, which increased Golden Valley's securityholding percentage by approximately 4.94 per cent.
Immediately before the transaction that triggered the requirement to issue this release, Golden Valley owned 17,354,110 common shares of the Issuer representing approximately 33.35% of the Issuer's then issued and outstanding common shares.
Immediately after the transaction that triggered the requirement to issue this release, Golden Valley owns 21,520,777 common shares of the Issuer representing approximately 38.29% of the Issuer's issued and outstanding common shares.
Golden Valley will evaluate the investment in the Issuer and may increase or decrease the investment by future acquisitions or dispositions of securities of the Issuer at its discretion, as circumstances warrant. As of the date of this release and except as otherwise disclosed in this release, Golden Valley has no immediate future intention to acquire additional securities of the Issuer or dispose of securities of the Issuer that it owns.
In accordance with the terms of the Mining Option Agreement between the Issuer and Golden Valley dated November 28, 2019, the Issuer has agreed to issue to Golden Valley a further 4,166,667 common shares on or before December 31, 2020.
A report in this regard will be filed electronically with the securities regulatory authority in each jurisdiction where the Issuer is reporting and will be available for viewing through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under the Issuer's issuer profile. To obtain a copy of the report, please telephone (819) 824-2808.
About Golden Valley Mines Ltd
Golden Valley Mines is focused on project generation and continues to evaluate opportunities to enhance its mining exploration property portfolio. The Company is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related entities.
For additional information please contact:
Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d'Or, Québec J9P 7B6
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com |
