Newly incorporated Gatling Exploration, which owns the Larger Lake property that Bonterra Resources spun out during its merger with Metanor Resources, will start trading on the TSX-V under the symbol GTR next week.
The listing follows the closing on September 24 of a plan of arrangement between Bonterra and Metanor. Immediately prior to completion of the arrangement, Bonterra shareholders received for earch share held, one seventh of a common share of Gatling, resulting in 33 426 512 Gatling shares being issued.
Besides the Larder Lake property, located in the McVittie and McGarry townships of Ontario, Gatling also received C$7-million in cash.
The company is led by president and CEO Dale Ginn, formerly the VP for exploration at Bonterra, and executive chairperson Navjit Dhaliwal, formerly Bonterra CEO. The directors and officers also include Richard Boulay, Leigh Hughes, Carrie Cesarone and Joseph Meagher.
The merged Bonterra and Metanor entity is focusing on the Urban Barry gold camp, in Quebec, and will control three high-grade deposits, as well as significant regional priority targets with resource upside potential.
Pursuant to the Bonterra Arrangement, Bonterra spun out certain assets, including the Larder Lake Property and approximately $7 million in cash, into a newly-incorporated exploration company, Gatling Exploration Inc. ("Gatling").