Imperial Ginseng Products has signed a definitive merger deal with One Bullion, a gold exploration company based in Toronto, Canada, with projects in Botswana.
Under the agreed terms, Imperial Ginseng will acquire all issued and outstanding common shares of One Bullion.
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The merger will be executed through a newly formed subsidiary of Imperial Ginseng (NewCo).
In association with this deal, One Bullion plans to raise between $3m and $5m in concurrent financing.
The merger is contingent upon the approval of the TSX Venture Exchange (TSXV).
Upon completion, the merged entity will adopt a new name agreed upon by One Bullion and will aim to be listed as a Tier 2 mining issuer on the TSXV.
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By GlobalDataThe common shares of the resulting issuer are to be traded under a new symbol, subject to TSXV clearance.
Trading of Imperial Ginseng’s common shares has been suspended following the announcement and will remain so until the deal concludes.
One Bullion’s assets include the Vumba, Maitengwe, Kraaipan Gold and Aruba/Molopo Farms projects, with Vumba showing promise through high-grade intercepts and Kraaipan Gold located in a historically gold-rich area.
The Maitengwe project is in a prolific gold region, and Aruba/Molopo Farms is optioned to another company, allowing exploration without additional capital.
This transaction’s closure is contingent on various conditions including necessary approvals, the absence of material adverse changes, the completion of concurrent financing and shareholder approval from both companies.
