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Yukon Metals Completes Reverse Takeover Transaction


On May 30, 2024, Yukon Metals Corp. completed the acquisition of a portfolio of mining claims located in the Yukon (the “Properties”) for a total land package of approximately 18,000 hectares.

Pursuant to the transaction, Yukon Metals acquired all of the issued and outstanding shares of Lapie Mining Inc., which owns the Properties, from 18526 Yukon Inc. for consideration of $2 million in cash and 25,000,000 common shares in the capital of Yukon Metals. 18526 Yukon has retained a royalty equal to 2.5% of the net smelter returns in respect of each of the Properties, subject to a right of repurchase of 0.5% of each royalty at a cost of $1 million per royalty, payable in gold or cash.

Prior to the completion of the transaction, Yukon Metals completed a non-brokered private placement consisting of (i) 24,032,417 subscription receipts, exercisable into common shares upon completion of the transaction, at a price of $0.30 per share; and, (ii) 17,754,738 subscription receipts, exercisable into units upon completion of the transaction, at a price of $0.45 per unit, for total aggregate gross proceeds of approximately $15.2 million, released to Yukon Metals upon completion of the transaction.

Cassels acted for Yukon Metals.

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