Glenmore Highlands (GMH-A), known for its diamond exploration interests in the Northwest Territories, has struck a deal to acquire a controlling interest in a company that owns gold projects in northern California and New Mexico.
In order to acquire control of private firm Klondike Gold Mining, Glenmore will issue 1.5 million shares at $1.80 each to New Indigo Resources (NDR-A) in exchange for a $6.7-million note convertible into equity of Klondike Gold.
In January, an independent report pegged the value of Klondike’s property assets at approximately $7.8 million. The deal is subject to regulatory approval and due diligence by Glenmore.
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