Blue Note Mining Inc. cancelled the acquisition of the remaining 50% stake in Croinor gold project from First Gold Exploration, Inc..
First Gold shall have the right at its discretion to maintain a 13.67% equity ownership in the capitalization of Blue Note by participating in future private placements or any business combinations. First Gold will be exempted from participating in any further cash calls until closing and it has the right to nominate one Board member on Blue Note's Board. The deal is subject to TSX Venture Exchange approval, and other regulatory approvals. Blue Note Mining and Critical Elements have agreed to extend the term of the binding agreement as on June 1, 2011. The acquisition is expected to close by March 31, 2011. As of April 12, 2012, Blue Note has now agreed to extend till May 31, 2012, to make a final payment of CAD 2.25 million to complete the transaction.
Blue Note Mining Inc. (TSXV:BNT) cancelled the acquisition of the remaining 50% stake in Croinor gold project from First Gold Exploration, Inc. (TSXV:EFG) in November 2012.