Barsele Minerals Corp. completed the acquisition of Gold Line Resources Ltd..
The transaction is subject to the approval of the Gold Line shareholders, approval of the TSX, issuance of a final order by the British Columbia Supreme Court, and completion of the Concurrent Private Placement. The board of directors of Barsele and Gold Line has unanimously approved the transaction. The transaction has been approved by the shareholders of Gold Line at a special meeting of shareholders held on February 15, 2024. The hearing for the final order of the Supreme Court of British Columbia to approve the arrangement is scheduled to take place on February 20, 2024. On February 20, 2024, the Supreme Court of British Columbia granted a final order in respect of the proposed arrangement. The transaction is expected to close in February 2024. As of February 21, 2024, the transaction expected to be completed on or about February 23, 2024.
PI Financial Corp. is acting as a financial advisor as well as a fairness opinion provider to Gold Line. Victor Gerchikov of Stikeman Elliott LLP is acting as legal counsel to Barsele and Sam Cole of Cassels Brock & Blackwell LLP is acting as legal counsel to Gold Line. Computershare Trust Company of Canada acted as registrar and transfer agent to Gold Line. Davidson and Company LLP acted as GLDL?s auditor in the transaction. Computershare Investor Services Inc. acted as depositary to Gold Line.
Barsele Minerals Corp. (TSXV:BME) completed the acquisition of Gold Line Resources Ltd. (TSXV:GLDL) on February 23, 2024. In connection with the arrangement, Barsele issued a total of 8,082,399 subscription receipts of Barsele at a price of CAD 0.15 per Subscription Receipt to raise aggregate gross proceeds of approximately CAD 1.21 million. As result of the arrangement, the newly constituted board of directors is comprised of two directors from each of the previous Barsele and Gold Line boards and one new independent director, for a total of 5 directors. Effective upon completion of the Arrangement, the Barsele board consists of Toby Pierce as Non-Executive Chairman, Taj Singh (President & Chief Executive Officer), Gary Cope, Ross Wilmot (Chief Financial Officer) and Marc Legault as a new independent director. It is anticipated that the Gold Line Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about February 28, 2024.