Shares in American Creek Resources shot up Friday on the news it entered into a non-binding letter of intent with private company Cunningham Mining to acquire all of its shares and its 20% stake in the Treaty Creek project for C$209.5 million.Treaty Creek, a gold-copper-silver project in the Golden Triangle region of northwest British Columbia, is a joint venture project in which Tudor Gold holds a 60% interest, with each of American Creek and Teuton Resources holding 20%.
The deal with Cunningham would see the private company secure all the issued and outstanding securities and common shares of American Creek for C$0.43 per share. That represents a premium of about 274% to the C$0.115 closing price of American Creek’s shares on the TSXV on Wednesday. If Cunningham fails to provide American Creek with the C$209.5 million before Aug. 5, Cunningham must pay a failure fee of up to C$115,000.
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