WestMountain Gold, Inc. (OTCPK:WMTN) entered into a non-binding letter of intent to acquire Mayo Lake Minerals Inc. (CNSX:MLKM) on August 2, 2023. The LOI contemplates that Mayo would issue WestMountain shareholders that number of Mayo common shares equivalent to 50% of the shares issued and outstanding on a fully diluted basis at the time of closing of the transaction. As additional consideration, Mayo would issue two tranches of common warrants on a pro-rata basis, each tranche equal to 10% of the issued and outstanding common shares of Mayo at the time of closing calculated on a fully diluted basis.

The combined entity resulting from the transaction would continue to carry on the combined businesses of Mayo and WestMountain. The Mayo board of directors would be reconstituted and consist of three directors nominated by current Mayo shareholders and two directors nominated by current WestMountain shareholders. The transaction is subject to Mayo and WestMountain negotiating and entering into a definitive agreement and the receipt of all regulatory, shareholder and third party approvals.

As of January 4, 2024, the transaction is expected to complete in the first quarter of 2024.