M&A
confidence high
sentiment neutral
materiality 0.75
Newton Golf acquires option to Pole Canyon mining project; issues 19.9% equity to Spartan Crest
Newton Golf Company, Inc.
- Assigned option to acquire 100% of Pole Canyon Project: 16 lode mining claims, ~330 acres, White Pine County, NV.
- Assumes $165,000 remaining cash payments (total $200k) paid over 21 months; $200k share consideration to Cannon Bridge.
- Issues 19.9% of outstanding common stock (Transaction Shares) to Spartan Crest designees; 2.0% NSR royalty applies.
- Spartan Crest gets rights to designate 2 board members and 1 executive officer; registration statement due within 45 days.
- First tranche PIPE financing closed with at least $1,000,000 gross proceeds; total PIPE up to $5,000,000.