Analog Gold Inc. signed a binding letter of intent to acquire Blue Thunder Mining Inc. for CAD 37.5 million in a reverse merger transaction.
The transaction is subject to the parties successfully entering into a definitive agreement in respect of the RTO on or before March 27, 2023, or such other date as Blue Thunder and Analog may mutually agree to. The LOI also contemplates other material conditions precedent to be fulfilled prior to Closing, including, the completion by Analog of a financing to raise gross proceeds of a minimum of CAD 5 million, customary due diligence, and all requisite board of directors, shareholder and requisite regulatory approvals being obtained, and Blue Thunder of a concurrent financing for minimum gross proceeds of CAD 0.25 million, the form and terms of which are to be determined at a future date. As of March 30, 2023, due to the requirement that Blue include audited financial statements of Analog in the information circular to be sent to Blue Thunder shareholders and the anticipated timing of various other steps required to complete the transaction, the parties now anticipate that the formal agreement will be entered into on or on or about May 17, 2023, and the transaction will close in late June 2023.