Golden Shield and Tucano Gold to join forces
Canadian company Golden Shield has announced the proposed acquisition of private company Tucano Gold, expanding its gold holdings in Brazil.
The proposed transaction will provide Golden Shield with continued exposure to the exploration upside at its Marudi Mountain gold project, in south-western Guyana, as well as Tucano’s ability to crystalise value of a near-producing high-grade gold asset in Brazil.
“Geologically, Marudi and Tucano lie in the same poorly understood gold belt, and the resultant company will have a strong knowledge, operational and strategic advantage in making future discoveries,” said Golden Shield executive chairperson Leo Hathaway.
Tucano CEO Jeremy Gray added that the two companies were a “great fit”. “The combination will help unlock the exciting potential of Golden Shield’s exploration projects in Guyana and create a platform for future growth as Mina Tucano starts generating significant cash flow amidst a backdrop of record gold prices.”
The proposed transaction is expected to be structured as a reverse takeover. In terms of a letter of intent, securities of Golden Shield will be consolidated on a ten-for-one basis and each shareholder of Tucano will receive one common share in exchange for each common share held. The exchange ratio implies a value of C$0.80 a Golden Shield share and C$0.80 a Tucano share.
Assuming completion of the proposed transaction, and before additional equity financing is completed, the shareholders of Golden Shield and Tucano Gold would own about 12.9% and 87.1% of the common shares of the company respectively, and the company is expected to have approximately 55-million shares issued and outstanding.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
