A new North America-focused precious metals exploration and development company is set to emerge from the combination of TSX-V-listed Silver Mountain Mines and private British Columbia company Nevgold.
Nevgold holds the rights to acquire the Limousine Butte and Cedar Wash project, in Nevada, from McEwen Mining.
In terms of the proposed transaction, Silver Mountain will acquire the capital of Nevgold.
“The combination of the Silver Mountain Mines and Nevgold assets will add value for all shareholders and expand our assets across North America in well-established mining camps. With the new leadership team, asset portfolio, and recapitalisation plan, the company should be in a great position for success as the market for commodities continues to grow,” says Silver Mountain director Steve Konopelky.
Upon closing of the proposed transaction, the management and board of directors of the resulting issuer is expected to consist of Giulio Bonifacio (nonexecutive chairperson), Brandon Bonifacio (president and CEO), Vic Bradley, Greg French, Tim Dyhr, Konopelky, and Morgan Hay.