Canadian mining companies are continuing to consolidate their interests in the Region Seven Oko West gold mining project in which G Mining Ventures Corp (GMIN) is the lead player.
In a Globe Newswire release yesterday GMIN and G2 Goldfields Inc gave an update to the proposed plan of arrangement comprising G2, GMIN and G3 Goldfields Inc where GMIN will acquire all of the issued and outstanding G2 shares and G2 will complete the “spin-out” of G3.
The parties are “actively working” through the remaining closing conditions, which are expected to be completed by the end of July 2026. Louis-Pierre Gignac, CEO, President and Director of GMIN, stated: “We remain fully committed to closing the acquisition and creating a tier-one gold mining hub in Guyana and one of the largest, lowest-cost gold operations in the Americas.”
Pursuant to the Arrangement, the release said that holders of G2 shares will receive 0.212 of a common share of GMIN and 0.5 of a common share of G3 for each G2 share held as of the close of business on the business day immediately prior to the Effective Date.
Following closing of the Arrangement, the G2 shares are expected to be de-listed from the Toronto Stock Exchange and will cease to be quoted on the OTCQX. G2 will also apply to cease to be a reporting issuer under applicable Canadian securities laws, the release added.
GMIN reported last year that it has acquired financing totalling some US$537.5 million to enable it to develop its Oko West project in Region Seven.
GMIN in November 2024 announced it will pay an average 6.5% in royalty from the 350,000 ounces it projects to produce annually from around 2028.
The release said that G3 has applied to list the G3 shares for trading on the Canadian Securities Exchange following completion of the Arrangement, and listing is subject to G3 meeting the listing requirements of the CSE.
G Mining Ventures Corp. is a mining company engaged in the development, operation and exploration of precious metal projects to capitalize on the value uplift from successful mine development.
G2 Goldfields finds and develops gold deposits in Guyana. The release said that the founders and principals of the Company have been directly responsible for the discovery of more than 11 million ounces of gold in the prolific and underexplored Guiana Shield. G2 continues this legacy of exploration excellence and success.
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