Satori Resources Inc. (TSXV:BUD) entered into a letter of intent to acquire Apollo Exploration Inc. from Rob McEwen for CAD 2.4 million on February 6, 2023. As per the terms of the transaction, Satori shall issue 60 million common shares to acquire all of the issued and outstanding securities of Apollo, at a deemed price of CAD 0.05 per share. Upon closing, Apollo will also have approximately CAD 1.5 million in cash and no debt. At closing of the transaction, it is anticipated that there will be 159,365,818 shares outstanding, pursuant to which McEwen will become a new control person, as that term is defined by securities legislation, holding 37.6% of the Company. Rob McEwen will be granted the right to appoint two board members to represent his ownership. Upon completion of the proposed transaction, Alex McEwen will join the board, with a future director to be named. Jennifer Boyle, Satori's current Chief Executive Officer, will remain with the Company as a member of the executive team and director. Both parties shall pay a termination fee of CAD 0.15 million. The acquisition is subject to specific conditions, including the requirement for Apollo to have not less than CAD 1.5 million in cash, the entering into of a definitive agreement, the receipt of approval by the shareholders of Satori and Apollo, and approval of the TSX Venture Exchange.
Satori Resources Inc. (TSXV:BUD) has entered into a definitive agreement to acquire Apollo Exploration Inc. from Rob McEwen on March 31, 2023. shareholders of - Satori Resources Inc have approved the acquisition. At closing, the combined company will have approximately CAD 2.2 million and no debt. Shareholders also approved a name change for the Company, specifically, Canadian Gold Corp., and a new ticker symbol, CGC, has been reserved. The TSX Venture Exchange has provided conditional approval for this transaction, which was subject to receipt of shareholder approval for the creation of a new control person. All other items of business were approved by shareholders at the Company's annual and special meeting of shareholders, including the appointment of MNP LLP as auditors, the 2021 stock option plan and the election of Alex McEwen as a new director, along with Pete Shippen, Jennifer Boyle, Doug Flegg, Wes Hanson, and Jeff Kilborn. Closing is expected to occur mid-April and remains subject to receipt of final approval of the TSX Venture Exchange.