Mission Gold Ltd. completes business combination transaction 

 

July 10, 2015

On July 10, Mission Gold Ltd. (formerly Delta Gold Corporation) (TSX-V: MGL) (Mission) completed its business combination transaction (Transaction) with CIC Resources Inc. (CIC). As part of the Transaction, CIC completed the oversubscribed concurrent private placement of units for gross proceeds of $4.35 million. Contingent to the closing of the Transaction was that CIC raise a minimum of $1 million.

The units issued in the private placement were exchanged in connection with the Transaction for a total of 13,182,076 shares of Mission and warrants of Mission to purchase a total of 13,182,076 common shares at a purchase price of $0.50 per share. The warrants are listed on the TSXV under the trading symbol MGL.WT.A.

In exchange for their common shares of CIC, shareholders received Mission common shares on the basis of 11.14 post-consolidation Mission common shares for each CIC share. A total of 25,342,274 Mission common shares were issued to CIC shareholders (excluding the shares issued in exchange for shares issued under the private placement). Mission's common shares were consolidated on a 16:1 basis prior to the closing of the Transaction.

After giving effect to the Transaction and financing, Mission has approximately $9.2 million in working capital. The Mission shares and warrants have since resumed trading.

Mission was represented on this transaction by McMillan LLP, with a team consisting of Mark Neighbor, Arman G. Farahani and Daniel Dex (capital markets/M&A).

Mission Gold Ltd., formerly Delta Gold Corp, is a Canada-based mineral exploration and development company.