Northgold AB (publ) (OM:NG) acquired Northern Aspect Finland Oy from Rupert Resources Ltd. (TSX:RUP) on February 8, 2023. Under the terms of agreement, Northgold AB the consideration is paid in the form of a seller promissory note of approximately Ç1.12 million which is offset against 890,000 newly issued shares in Northgold. The board of directors of Northgold has therefore, based on the authorization from the annual general meeting on June 29, 2022, resolved on a directed set-off issue of 890,000 new shares in the Company as payment of the agreed consideration in the acquisition of Northern Aspect. The subscription price has been determined to SEK 14.30 per share in accordance with the share purchase agreement, which corresponds to the closing price for Northgold's share on Nasdaq First North Growth Market on February 7, 2023. The payment for the shares is made through set-off of the seller's claim of Ç1,118,316. Rupert Resources Ltd has entered a lock-up agreement regarding the newly issued shares for a period of six months, starting from when the shares have been registered to the Swedish Companies Registration Office.
Northgold AB (publ) (OM:NG) completed the acquisition of Northern Aspect Finland Oy from Rupert Resources Ltd. (TSX:RUP) on February 8, 2023.