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Northern Superior to Acquire Royal Fox Gold For Up to C$26.1 Million to Consolidate Northern Quebec Gold Camp

MT Newswires ·  {{timeTz}}

03:01 PM EDT, 09/06/2022 (MT Newswires) -- Northern Superior Resources (SUP.V) on Tuesday said it agreed to acquire Royal Fox Gold (FOXG.V) for shares worth up to C$26.1 million to consolidate its holdings in Quebec's Chapais-Chibougamau Gold Camp.

The company said it is offering a minimum of 0.12 of a share for each Royal Fox share held, rising to 0.18 of a share should a resource estimate for Royal Fox's Philibert gold project show the site contains at least two-million ounce of gold.

"Northern Superior has always been a huge proponent of the potential of the Chapais-Chibougamau mining district. The recent geological success we, and others, have had in the camp has demonstrated that this camp has the potential of Tier-1 mining scale. By assuming a leading role in the consolidation of the camp via the recent acquisition of Genesis Metals and now the acquisition of Royal Fox, not only have we consolidated four of the most important properties in the camp under one company but have dramatically increased and accelerated the potential value creation by increasing the scale of the operation," Thomas Morris, Northern Superior's chief executive, said in a release.

Following the acquisition, Northern Superior's board will consist of four of its directors and three from Royal Fox.

Northern Superior shares were last seen down C$0.02 to C$0.48 on theTSX Venture Exchange, while Royal Fox was up C$0.01 to C$0.055.

Price: 0.48, Change: -0.02, Percent Change: -4.00

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