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Vangold to purchase option on gold mining license in Guyana

Vangold Mining Corp. entered a binding letter of intent to fully acquire Aventura Gold Ltd. for US$4.0 million cash and C$12.0 million in shares.

Aventura is a privately held mineral acquisition company, and holds an option to acquire the gold-prospective Tassawini mining license in Guyana.

Concurrent to the closing, the company will conduct equity financing of up to C$10.0 million at the same price as the equity payment, it said Dec. 24.

The transaction is conditional on Vangold consolidating its shares on a 2-for-1 basis, signing a definitive agreement, and securing financing and completing a technical report on the property.

Additionally, Vangold appointed Robert Kang as a director, effective immediately.