Is it really going to start now? Major Precious Metals (CSE SIZE / FWB 3EZ)? The company reports that the takeover of the huge gold and palladium project Skaergaard has been “trustee” completed!
Skaergard consists of two exploration licenses on the east coast of Greenland and, according to previous owner Platina Resources, has a resource of 5.7 million ounces of gold, 8.64 million ounces of palladium and 0.8 million ounces of platinum (2013). A now historic resource estimate from 2005 even came to 10.3 million ounces of gold, 29.8 million ounces of palladium and 1.95 million ounces of platinum.
According to the Canadian Securities Exchange, where Major Precious Metals is listed, the 100% acquisition of the project from Platina represents a “fundamental change” for the company. As such, according to the exchange, it requires the written approval of a majority of the holders of the company outstanding share capital and the CSE. The latter has now agreed that the acquisition will be completed “on a trustee basis” while the acquisition review is being completed.
Which means that Major Precious and his consultants can push ahead with the various projects with which Skaergaard wants to advance! In addition to the creation of a new resource estimate – this should take place in the near future – an initial economic assessment (PEA) as well as the planning and preparation of the summer exploration and drilling programs 2021.
Trust Closing Conditions
Major Precious pays a one-off $ 500,000 to Platina for Skaergaard and also issues 55 million shares. The cash was deposited into a separate account and the shares issued. Both are held in trust and are only issued / paid out once the approval of the stock exchange and the company’s shareholders have been obtained. Then the exploration licenses that make up the Skaergaard project will be transferred to the company. If the deal, which we don’t believe, goes through, the money will go back to Major Precious and the shares will be redeemed. Incidentally, when the transaction is concluded, the shares are subject to a 24-month agreement that prohibits trading, transfer or the like.
Major Precious will of course notify you as soon as you have received the necessary approvals. Until then, we consider the approval of the CSE to the described trustee procedure as a good sign and assume that the work on increasing the real value of the Skaergaard project will be pushed ahead with high pressure and that a stronger news flow can be expected in the near future . We keep our readers up to date on how this extremely exciting but also high-risk gold and palladium play will continue!
According to §34 WpHG, we would like to point out that partners, authors and / or employees of GOLDINVEST Consulting GmbH can or hold shares in Major Precious Metals and thus a conflict of interest may exist. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values we have discussed during the same period. Therefore, symmetrical information and opinion generation can occur during this period. Furthermore, there is a consulting or other service contract between GOLDINVEST Consulting GmbH and a third party in the Major Precious Metals warehouse, which can also result in a conflict of interests, especially since this third party is GOLDINVEST Consulting GmbH for reporting on Major Precious Metals paid for.
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