Golden Goose to proceed with sale of Lac Levac nickel property to Nemaskaadmin
Golden Goose Resources Inc. announces that it has received notification from Nemaska Exploration Inc. (“Nemaska”) that subsequent to closing of their initial public offering (“IPO”), Nemaska intends to exercise its option for the purchase of the Lac Levac property, located 216 km north of Chibougamau in the James Bay area of northern Quebec, on or before December 31st, 2009. The option, originally granted on August 12th and amended on November 13th, was coming to expiry on December 31st 2009.
The Company should receive at the exercise of the option $450,000 in cash, $2.1 million in stock and warrants (at the price of the IPO) on December 31st, after which Nemaska intends to fully close the transaction on or around January 7th 2010, where Golden Goose Resources will receive in addition to the above $1 million in a convertible debenture and a 2% NSR on the properties it will surrender to Nemaska.
Francois Perron, President and CEO of Golden Goose, said: “This transaction allows for value creation in the near term from both assets by focused management teams. Our equity participation in Nemaska will allow us to continue to participate in the upside of this project, while the proceeds of the option will assist us in our efforts advance our Magino gold project as we will begin the new year with more than $2 million in cash on hand and $3.1 million in securities of Nemaska (at the price of the IPO). In the coming months, we look to continue both the 3,000 metre exploration campaign outside the existing resource envelope and scoping study on the existing resource envelope, which is expected in March 2010″