On December 31, 2024, Montage Gold Corp., and the Lundin family and associates (the “Lundin Family”), AngloGold Ashanti plc and certain other investors completed a strategic investment of approximately $10.05 million into Sanu Gold Corporation.
Pursuant to the transaction, Montage Gold issued common shares with a market value of approximately $5.49 million to Sanu Gold in exchange for the issuance to Montage Gold of an equivalent value of common shares of Sanu Gold.
Concurrently, Sanu Gold completed a non-brokered private placement of 4,945,304 common shares at a price of $0.072 per common share, for an aggregate total of approximately $4.56 million, led by the Lundin Family.
Upon closing of the share exchange transaction and offering, Montage Gold is approximately a 19.9% shareholder in Sanu Gold. Further, Montage Gold entered into an investor rights agreement with Sanu Gold, which includes certain participation rights, board nomination rights and a right of first refusal over certain assets. The investor rights agreement will persist so long as Montage Gold holds at least 10% of the issued and outstanding common shares of Sanu Gold, with the right of first refusal expiring when Montage Gold holds no common shares of Sanu Gold.
Cassels acted for Montage Gold and the Lundin Family.