February 8, 2023. Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has divested 100% of its non-core Hirsikangas interests in Central Finland in exchange for the consideration of 890,000 new, common shares in Northgold AB (“Northgold”).
The Company has furthermore participated in a directed placement of shares in Northgold, purchasing 226,000 shares at a price of SEK 12.50 per share for a total value of SEK 2,825,000, equivalent to approximately 248,000 Euros or 350,000 Canadian dollars.
Northgold AB shares trade on the Nasdaq First North Growth Market Sweden under symbol “NG”.
Further to the above, the Company’s holding in Northgold totals 9.1 percent of the issued equity on a fully diluted basis.
James Withall, Chief Executive Officer of Rupert Resources Ltd said “We believe that this transaction offers the best route to realise value for our shareholders from our non-core Central Finland properties, enabling us to focus on Ikkari and our other properties in the Central Lapland Greenstone Belt of Northern Finland. The transaction with Northgold creates a critical mass of prospective ground and resources to fund and execute a successful regional exploration program. Rupert’s shareholders will be able to benefit from any future success through its significant holding of Northgold shares. ”