On August 26, 2024, Pasofino Gold Limited provided an update on the strategic review process announced earlier. The company aims to disclose developments related to the strategic review once the board of directors has approved a specific transaction or course of action. The purpose of this update is to disclose material information to allow Pasofino to undertake financing for the Dugbe Gold Project’s Feasibility Study initiatives. This financing, known as Interim Financing, will be participated in by insiders of Pasofino and is subject to approval by the TSX Venture Exchange.
Pasofino has engaged with multiple parties for the potential acquisition of the company. Two parties have provided offer letters to acquire Pasofino, and discussions are ongoing regarding the terms of the offers. Additionally, confirmatory due diligence is being conducted by interested parties to facilitate the potential entry into a letter of intent/exclusivity agreement by September 30, 2024, with a definitive acquisition agreement expected in Q4 2024.
It is important to note that there are no guarantees regarding the timeline or outcome of the strategic review process. The Dugbe Gold Project, located in Liberia, has shown potential with identified deposits and ongoing exploration efforts. Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V.
This release contains forward-looking statements that are based on current expectations and may involve risks and uncertainties. Readers are advised not to place undue reliance on these statements. The Company does not undertake to update any forward-looking information except as required by applicable securities laws.
For more information, please visit the source version of this press release at https://www.newsfilecorp.com/release/221137.
