Eskay Agrees $ESK to Acquire 19.5% of Garibaldi Resources Corp $GGI from The Sprott Foundation
1) Eric Sprott purchases Eskay Mining via share swap with Garibaldi Resources.
My take: Eric wants a piece of Eskay Mining.
2) $ESK pays $10.8m for 23.7m shares of GGI for $2.56 units + 1 warrant $2.82.
My take: Minimal dilution for ESK, overall a great deal.
3) Eric Sprott buys 4.221m common shares and 4.221m wrrants = 8.442m total share ownership or 4.3% ownership of ESK
4) Eskay Mining now owns 19.5% of Garibaldi Resources setting up to become an even larger owner in the Golden Triangle
My take: This is a strategic position to put Eskay in an even more commanding land ownership in the Golden Triangle.
5) This is the next financing is practically closed now; a potential $11.8m will fill the coffers with success this upcoming season. ($2.82 * 4.211)
6) Eric Sprott now owns more or less no position in GGI and would theoretically be able to purchase more, if he wishes.
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Friday, February 5, 2021
Eskay Agrees to Acquire 19.5% of Garibaldi Resources Corp from The Sprott Foundation[TSXV:ESK][TSXV:GGI]
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Eskay Mining put out the following news release on February 2nd, 2021 and I have compressed it to highlight certain portions of it. Full release can be viewed at https://eskaymining.com/news/news-releases/eskay-mining-drills-35-5-m-grading-9-50-gpt-au-and-2134/
Eskay Mining Corp.is
pleased to announce that it has received all assays from 20 drill holes
completed during its maiden diamond drill program at two precious
metal-rich volcanogenic massive sulphide (“VMS”) deposits, Jeff and TV,
on joint venture ground held with Kirkland Lake Gold Ltd. (80% Eskay/20%
Kirkland Lake Gold). Assays include 35.5 m grading 9.50 gpt Au and 70.0
gpt Ag including 9.25 m grading 32.17 gpt Au and 93.2 gpt Ag in hole
J20-33 at Jeff.
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