On March 3, 2021, Raindrop Ventures Inc. completed the acquisition of an exploration portfolio consisting of three 100%-owned properties (Anchor, Stateline and Sandy) and three 49%-owned properties (Brik, Easter and Viper) from Liberty Gold Corp. In consideration for the properties, Raindrop paid and issued to Liberty Gold US$50,000 in cash and 4,013,406 common shares of Raindrop, representing 9.9% of Raindrop’s issued and outstanding common shares. Liberty Gold also retained a 1.5% net smelter return royalty on certain properties.
In connection with the transaction, Raindrop completed a non-brokered private placement of 12,500,000 units at a price of $0.16 per unit for gross proceeds of $2 million. Each unit consists of one Raindrop share and one half of one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.27 for a period of 36 months from the date of issue.
Cassels acted for Raindrop.