Forge Resources acquires 60% interest in Aion Mining
Forge Resources Corp. (FRG) announces that it has formally closed the acquisition of a further interest in Aion Mining Corp. (Aion), bringing the company’s total interest to 60%.
Pursuant to the formal agreement, the FRG acquired common shares of Aion in order to bring the total ownership of the company to 60% of the post-issuance common shares of Aion. In consideration, the Company paid an aggregate amount of US$5 308 955.68 to Aion. The Company and Aion plans to use the proceeds of the transaction to further the development of its La Estrella project.
FRG was also granted a right of first refusal for four years, allowing it to purchase common shares in Aion to offset any further issuances by Aion of securities in order to allow the company to maintain a post-closing control position of 60% in Aion’s voting securities on a fully-diluted basis.
The terms of the formal agreement were reviewed and approved by a committee of the Company’s independent directors.
PJ Murphy, CEO of Forge, states:
“We are excited to report the successful closing of our acquisition, which now brings our total interest in Aion Mining Corp. to 60%. This strategic milestone underscores our commitment to expanding our footprint in the mining industry and aligns with our vision for sustainable growth.
“Aion’s proceeds from this transaction will be dedicated to developing the project’s infrastructure, ensuring we have the robust foundations needed to advance our initiatives.”
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