Roogold Inc. [ROO-CSE; JNCCD-OTCBB; 5VH-FSE], formerly JKNC Resources, has closed in escrow the definitive share exchange agreement to acquire a 100% interest in the Trilby and Lorne properties in New South Wales, Australia from Aussie Precious Metals Corp. (AMPC).
Roogold issued 4,000,000 common shares to AMPC shareholders in exchange for all of the issued and outstanding shares of APMC with the properties held in APMC’s wholly-owned Australian subsidiary. APMC Shareholders have entered into voluntary lock-up undertakings with Roogold. Under terms of the undertakings, a majority of the purchase shares will be released in tranches for a period of up to two years from escrow closing.
In connection with the escrow closing, the purchase shares are currently being held in escrow pending New South Wales ministerial approval of the change in ownership of the properties and the satisfaction of other final closing conditions. The issuer expects to shortly make application to the Minister for such approval and will provide prescribed due diligence information on the Issuer as part of such application process.
Once Ministerial Approval is obtained and the other closing conditions are satisfied, the final closing of the acquisition will occur and the escrow closing documents will be released from escrow. Roogold expects the ministerial approval to be granted in due course given that such approval has already been received in connection with other acquisitions by the Issuer.
Roogold is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of highly mineralized precious metals properties in this prolific region of Australia.
Through its acquisition of Southern Precious Metals Ltd., Roogold and Aussie Precious Metals properties, Roogold has a portfolio of 13 high-grade potential gold and silver concessions covering 1,380 km2 which is home to 137 historic mines and prospects.