FINWIRES · TerminalLIVE
FINWIRES

Mackay Gold Closes the Acquisition of Comstock's Mining Assets in Nevada

By

Mackay Gold & Silver (MACK.V) on Monday said it closed its acquisition of Comstock's (LODE) Silver City Lode properties in Nevada, expanding Mackay's total land holdings in the region by 70% to 4,343 hectares.

Mackay paid $20 million cash and two-million shares on closing as part of the first tranche of the consideration, the mineral exploration company said Monday.

The second tranche, which must be completed by Dec. 21, 2027, consists of $7 million cash, of which up to $2 million can be settled in shares.

"The historic Comstock District hosted some of the most productive mining ground in nineteenth century America, and we believe there is a lot more gold and silver to be found," chief executive Darwin Green said in a release. "Since the company's inception, Mackay has been intently focused on consolidation of the patchwork of mining properties that make up the district, which we view as a prerequisite to applying the type of modern, large-scale, systematic exploration the district deserves

Comstock retains a 1.5% net smelter returns royalty on the properties.

Mackay shares opened down C$0.02, or 0.7%, to C$3.00 on the TSX Venture Exchange.

Related Articles

Mining & Metals

BIGG Digital Assets to Rebrand as Surge Digital, Consolidate Shares 7-for-1

BIGG Digital Assets (BIGG.V) after trade Friday said it is changing its name to Surge Digital, and plans to complete a consolidation of its shares on the basis of seven pre-consolidation common shares for one post-consolidation common share.Both the name change and share consolidation have been approved by the board and are subject to TSX Venture Exchange approval and regulatory filings, the company added.The company's shares are expected to begin trading on the TSX Venture Exchange on a post-consolidation basis under the new name and the symbol "SRGE," it said.The name change, share consolidation, and ticker symbol change are set to take effect around Aug. 26, according to the statement.

$BIGG.V
Mining & Metals

NurExone Biologic Considering Share Consolidation Ahead of Possible US Listing

NurExone Biologic (NRX.V) said Friday after trade it will hold a meeting on Sept. 15 for shareholders to vote on a proposal to consolidate its shares on the basis of up to 30 pre-consolidation shares for one post-consolidation share.The company is evaluating a possible future listing on a major US stock exchange, and a higher post-consolidation trading price may improve NurExone's marketability, a statement said."The Board believes the proposed consolidation is a prudent enabling step in NurExone's broader capital markets strategy," said chair Yoram Drucker. "As the company continues to advance its novel biologic platform and pipeline, shareholder approval of the consolidation would provide the company with additional flexibility as it evaluates potential US capital markets alternatives and continues to pursue the next phase of its growth."NurExone shares closed down C$0.08, or 11%, to C$0.62 on the TSX Venture Exchange.

$NRX.V
Mining & Metals

TSX Closer: The Index Rises as Base Metals Rally, Oil and Gold Rise

The S&P/TSX Composite Index closed sharply higher on Friday as a strong rally in base metals lifted the benchmark, while higher oil and gold prices and stronger-than-expected Canadian retail sales also supported sentiment.The index closed up 254.81 points, or 0.7%, to 36,620.23, with mixed sectors. Base Metals led gainers, up 5.1%, while Industrials was up 0.6%. Utilities led decliners, down 2.4%.The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, rose 1.6%.In commodities, West Texas Intermediate (WTI) and Brent crude rose on Friday as escalating US-Iran tensions and the prospect of tougher US sanctions heightened concerns over global oil supplies. Prices were also supported by sharply reduced shipping through the Strait of Hormuz, with continued disruptions to the key waterway keeping Middle East supply risks in focus.October WTI crude oil contract settled up $0.23, or 0.3%, to $87.06 per barrel, while October Brent oil was last seen up $0.81, or 0.9%, to $94.59 per barrel.Meanwhile, December Comex gold futures gained 2.3%, or $104.00, to $4,675.40 per ounce at last look.In currencies, the US dollar edged lower 0.2% against the Canadian dollar, with USD/CAD at 1.3769 at last look. Canada's temporary exemption from the 50% tariffs announced by President Donald Trump under Section 338 gave the country's dollar some support, according to UBS.The three-day pause, announced late Tuesday on tariffs that were set to take effect Wednesday, is due to expire on Saturday as the two countries work to finalize a trade agreement.On the economic front, Canadian retail sales rose more than expected in June. They rose 0.6% monthly to C$74.3 billion in June, with gains in seven of nine subsectors, Statistics Canada reported Friday. June's retail sales were slightly better than the 0.4% monthly consensus increase in a Bloomberg survey.Looking ahead, the advance estimate points to a 0.8% monthly decline in retail sales in July, according to the Ottawa-based agency.In corporate news, clothing retailer Roots (ROOT.TO) said Friday agreed yo be acquired by Marquee Brands and JM&A Design and Development for C$4.10 per share in cash. The offer price is a 36% premium to the closing price as of March 2, before Roots announced that it was embarking on a strategic review process. Roots shares closed up 10% to C$4.06.

S&P/TSX CompositeS&P/TSX Composite$CAD$CXY$USD