Strata Minerals Inc. plans to consolidate interests in 95 unpatented mining claims and one patented mining claim comprising about 2,000 acres, known as the Arnett Creek gold project, in Idaho.
The company will consolidate the project through four separate agreements, under which it will issue a total of 5.75 million common shares and pay about C$707,500 initially.
In connection with the transaction, the company intends to undertake a nonbrokered private placement of up to 6 million units at 30 Canadian cents apiece for C$1.8 million in gross proceeds.
Proceeds will be used to fund the acquisitions and the preliminary exploration program at Arnett Creek comprising about 6,000 feet of core hole drilling.
Final due diligence and permitting preparations are underway, and the company expects to close the acquisitions and financing by June 30.
Strata, meanwhile, will rebrand as Revival Gold Inc. in line with its new focus on gold exploration and development as well as emphasis on value creating opportunities in brown-fields mining camps.