Sandy Lake Gold Inc. executed a definitive agreement to acquire Bartica Investments Ltd. for 100 million shares, after the companies signed a letter of intent in November 2018.
The company said Jan. 9 that Bartica will own exploration properties covering approximately 25,888 acres in Guyana at the time of closing as well as an option to acquire the Oko properties, subject to a 2.5% net smelter royalty.
Bartica can acquire the Oko properties by paying an aggregate US$750,000 over four years, defining more than 250,000 ounces of gold resources and paying US$1 million in advance net smelter royalty payments.
The Bartica land package includes the historical Aremu and Peters mines, where Sandy Lake plans to target high-grade vein deposits as well as open-pittable disseminated gold deposits.
Sandy Lake noted that the deal remains subject to various conditions including approvals from the TSX Venture Exchange and shareholders, as Executive Chairman and CEO Patrick Sheridan is one of the vendors in the deal. Trading in the company's shares was halted on the exchange.