On January 24, 2024, Calibre Mining Corp. completed its acquisition of all of the issued and outstanding shares of Marathon Gold Corporation pursuant to a court-approved plan of arrangement.
Former Marathon shareholders received 0.6164 of a Calibre common share in exchange for each Marathon share held which resulted in the issuance of an aggregate of 249,813,422 Calibre shares. Upon closing of the arrangement, existing Calibre and former Marathon shareholders owned approximately 65% and 35% of the issued and outstanding Calibre shares, respectively.
Prior to completion of the acquisition, Calibre Mining also subscribed in a private placement for 66,666,667 common shares of Marathon at a price of $0.60 per share, for gross proceeds to Marathon of $40 million. On closing of the private placement, Calibre owned approximately 14.2% of the issued and outstanding common shares of Marathon.
As a result of this acquisition, Calibre acquired a 100% interest in Marathon’s advanced-stage Valentine Gold Project in Newfoundland & Labrador, one of the top mining jurisdictions in the world.