A deal is in the works that will see control of TerraGold Resources (ASE) pass from Jascan Resources (TSE) to Laurasia Resources (TSE) and Actuate Financial Consultants. Under the terms of a recent agreement among the four companies, Laurasia and Actuate are planning to purchase 1,346,884 shares of TerraGold from Jascan for $170,000.
TerraGold, a junior company with several exploration properties in Newfoundland, has 1,936,999 shares outstanding. The proposed deal, which is subject to regulatory approvals, would give Laurasia 39.7% and Actuate 29.8% of TerraGold’s outstanding shares.
As part of the agreement, G.W. (Will) Felderhof will resign as President of TerraGold to be replaced by Peter George, who is vice- president operations for Laurasia. Brad Mercer will be replaced as secretary by Bruce Taylor of Actuate Financial, while Laurasia President John Clark will be appointed a director of TerraGold.
The company’s new president, Peter George, is a geologist who has been actively involved in the mining industry for 25 years, having served with government geological surveys, consulting firms and various mining companies.
TerraGold plans to continue actively exploring resource properties with an emphasis on acquiring new projects that lend themselves to joint ventures. The junior currently has joint ventures in Newfoundland with Noranda (TSE) and Granges (TSE). Noranda recently recommended a $100,000 exploration program on TerraGold’s Pine Pond gold property in Newfoundland.
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