Toronto-based Landmark Corp. has been given the green light to sell a 49% stake in Dominion Explorers (TSE) to a privately owned affiliate of Calgary company Aeonian Capital.
Subject to regulatory approval, the board of Landmark recently granted the company permission to sell 29.4 million subordinate voting shares and 6,250 class B shares of the Toronto junior for two cents each.
Under an agreement, the Alberta company (505569) will pay out $200,000 cash on closing and the remaining $388,125 by way of a promissory note due on or before the third anniversary of the closing date.
While continuing to hold 10 million Dominion shares, Landmark will retain 19.4 million shares as security for the promissory note. As the purchaser is paying market price for the shares, it isn’t planning to make any follow-up offer to other Dominion shareholders.
Dominion holds a basket of exploration properties including the 140-claim Croinor project in Quebec which hosts one million tons of 0.18 oz. gold per ton.
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