TORONTO, ONTARIO--(Marketwired - Dec. 20, 2017) - Sulliden Mining Capital Inc. (TSX:SMC) ("Sulliden" or the "Company") is pleased to announce the closing of the previously announced transaction involving the acquisition by Troilus Gold Corp. (formerly Pitchblack Resources Ltd.) ("Troilus") of all of the issued and outstanding shares of 2507868 Ontario Inc., a wholly-owned subsidiary of Sulliden ("Subco"), in exchange for common shares of Troilus on a one (1) post-consolidation Troilus share for each one (1) Subco share basis (the "Transaction"). In connection with the acquisition of Subco, Troilus has acquired its option to buy the Troilus gold project.
In connection with and immediately prior to the closing of the Transaction, the escrow release conditions outlined in the press release of Sulliden and Pitchblack Resources Ltd. dated November 21, 2017 were all satisfied and, as a result, each subscription receipt ("Subscription Receipt") issued pursuant to the bought deal private placement offering (the "Offering") of Subco were converted into one (1) common share and one (1) common share purchase warrant of Subco. In connection with the closing of the Transaction, the outstanding common shares and common share purchase warrants of Subco were exchanged for common shares and common share purchase warrants of Troilus, and Pitchblack common shares were consolidated on a four (4) for one (1) basis. An aggregate of 14,030,000 Subscription Receipts were sold pursuant to the Offering, including the full exercise of the over-allotment option, for aggregate gross proceeds of $23,009,200.
Final acceptance of the Transaction will occur upon the issuance of a final exchange bulletin by the TSX Venture Exchange.
In connection with the Transaction, Pitchblack Resources Ltd. changed its corporate name and brand identity to Troilus Gold Corp. to reflect its focus on the exploration and development of the Troilus gold project.
Following closing of the Transaction, Sulliden holds approximately 15,150,000 shares in Troilus.
Management Updates
Mr. Justin Reid, Chief Executive Officer and board member of Sulliden, and Mr. Peter Tagliamonte, Senior Vice-President and board member of Sulliden have resigned from Sulliden effective today to join Troilus' executive team. Mr. Reid has joined Troilus as its new Chief Executive Officer and board member, and Peter Tagliamonte as its new Executive Director. Both Mr. Reid and Mr. Tagliamonte will remain involved with Sulliden as consultants, and will assist in the orderly transition of duties and responsibilities to the Interim Chief Executive Officer and current board member, Mr. Stan Bharti, while the Company seeks a permanent replacement.
About Sulliden Mining Capital
Sulliden Mining Capital is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.
