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Fort Capital Partners is pleased to announce that Colorado Resources Ltd. (TSXV: CXO) (“Colorado”) and Buckingham Copper Corp. (“Buckingham”) have completed their definitive arrangement agreement to combine the two companies. The newly formed entity will hold over 120,000 hectares of mineral tenure focused in the Golden Triangle with initial exploration focused on the Kinaskan-Castle property. Colorado acquired all of the issued and outstanding common shares of Buckingham (each, a “Buckingham Share”), and, in exchange, shareholders of Buckingham received 0.5 of a common share of Colorado for each Buckingham Share held (the “Transaction”).
Colorado also completed a contemporaneous financing for aggregate gross proceeds of $3.7 million. Colorado intends to use the net proceeds of the Financing to complete work on the Kinaskan-Castle-Moat Property, for working capital and general corporate expenditures, and to repay the Newmont Goldcorp loan provided in September 2018.
Michael Cathro and Dr. Fletcher Morgan will join the reconstituted five-member board of directors of Colorado (the “Colorado Board”), which also includes Cecil Bond, Alastair Still and Bryan Wilson. In addition, Colorado’s new management team now consists of Joseph Mullin, Chief Executive Officer, and recently appointed Chief Financial Officer, Eric Casey, with a team of consultants and technical advisors.