First Mining Gold Corp. (TSX:FF) has release am update regarding its offer to acquire all of the issued and outstanding common shares of Beattie Gold Mines Ltd. as previously announced on July 18, 2022.
Prior to making the Beattie Offer, First Mining had received signed, irrevocable lock-up agreements from shareholders of Beattie Gold holding, in aggregate, 1,358,652 common shares of Beattie Gold representing 72.3% of the outstanding common shares of Beattie Gold (excluding common shares of Beattie Gold already owned by First Mining or its wholly-owned subsidiary, Clifton Star Resources Inc.
All Lock Up Shares have now been tendered and deposited, and together with the common shares of Beattie Gold already owned by First Mining, both directly and indirectly through Clifton Star, First Mining will own 97.6% of the outstanding common shares of Beattie Gold upon acquiring the Lock Up Shares.
The condition in the Beattie Offer that there be deposited under the offer, and not withdrawn, at least 464,643 of the outstanding common shares of Beattie Gold has now been satisfied. In addition, First Mining has also entered into binding share purchase agreements to acquire the issued and outstanding common shares of 2699681 Canada Ltd. (269 Canada) and 2588111 Manitoba Ltd. As a result, the remaining condition of the Beattie Offer relating to the completion of the acquisition of the outstanding common shares of 269 Canada will be satisfied when the Beattie Offer and the Concurrent Transactions close, which is expected to be September 15, 2022.
First Mining expects the remaining 2.4% of the outstanding common shares of Beattie Gold to be tendered and deposited by September 9, 2022, and accordingly, First Mining expects that it will own 100% of the outstanding common shares of Beattie Gold, in addition to 100% of the outstanding common shares of 269 and 258811 Manitoba Ltd., following completion of the Beattie Offer and the Concurrent Transactions on the Closing Date.
For further information please visit: https://firstmininggold.com/