First Mining to buy all shares in Goldrush, which has Burkina Faso assets
Under the terms of the agreement, First Mining will acquire the shares of Goldrush in exchange for 0.0714 of a common share of First Mining. Goldrush shareholders approved the deal with a 99.9 percent positive vote.
The full deal still needs court approval, which Goldrush will seek on Monday, with the final closing of the deal expected by Thursday.
First Mining also has granted 2,165,000 stock options to directors, officers, employees and consultants of the company. These stock options have an exercise price of 40 cents per share.
A mineral property holding company, First Mining has 21 mineral assets in Canada, Mexico and the U.S., with a focus on gold.
Goldrush is a Canadian mineral exploration company centering on gold exploration. It has a treasury of approximately $2,454,253, royalty interests on two gold projects in Burkina Faso and receivables valued at up to $750,000.