Tyhee Gold Corp. entered into an implementation agreement to acquire 47.27% stake in Sutter Gold Mining Inc. from RMB Investments & Advisory Limited for CAD 1.2 million.
The transaction was approved the Board of Sutter Gold Mining. The Transaction does not require a shareholder approval of either Tyhee Gold Corp or Sutter Gold Mining Inc. The deal is subject to customary closing conditions, including receipt of the approval of the TSX Venture Exchange and any other regulatory approvals, completion of certain debt restructurings by Sutter Gold Mining Inc and the completion of financing by Tyhee. Closing of the transactions contemplated in the implementation agreement is expected to occur on or about August 15, 2014. As of August 15, 2014, closing of the transaction was extended from August 15, 2014 to September 30, 2014. As of October 3, 2014, closing of the transaction was extended to October 31, 2015. As of December 17, 2014, closing of the transaction was extended to January 15, 2015. As on July 7, 2015, Tyhee Gold extended the maturity date of the note purchase agreement with RMB Australia Holdings Ltd to July 14, 2015. This extension has been done in order to facilitate Tyhee's plans to raise the appropriate capital for the acquisition. Also, Sutter and RMB agreed to extend the closing of the transaction to a date that would be mutually agreed upon.
Cory Kent of McMillan LLP acted as legal advisor to Tyhee. John Ciardullo and Ivan Grbesic of Stikeman Elliott LLP acted as legal advisors to RMB. David Gunasekera of McCullough O'Connor Irwin LLP acted as legal advisor to Sutter.