Gold Line Resources Ltd. completed the acquisition of Tilting Capital Corp. (TSXV:TLL.H) in a reverse merger transaction.
The board of the resulting issuer will be comprised of five directors with three representatives from TLL, one representative from GLR and one representative from EMX Royalty Corp., GLR's largest shareholder. It is expected that the board will include Henrik Lundin, who will also be appointed as Chairman, Adam Cegielski, who will also be appointed as Chief Executive Officer, Eric Jensen, Joel Shacker, and Simon Studer. Szascha Lim is expected to be appointed as Chief Financial Officer and Corporate Secretary.
The transaction is subject to satisfactory completion of due diligence investigations by each of TLL and GLR on or before May 25, 2020, the negotiation and execution of a definitive agreement on or before June 15, 2020, approval by the directors of TLL and GLR, approval by the shareholders of GLR, completion of private placement transaction, filing of technical report(s) in respect of the projects that are compliant with NI 43-101, receipt of all requisite regulatory including TSX Venture Exchange and third party approvals. The transaction is also subject to immediately prior to closing of TLL having cash of not less than CAD 0.62 million, indebtedness of not more than CAD 0.4 million, TLL having issued and outstanding not more than approximately 18.3 million TLL shares and 7.6 million warrants to purchase TLL shares. The TSX Venture Exchange has provided conditional approval for the transaction, the proposed name change, and the private placement. TLL will pay a finder's fee of 1.8 million TLL shares and an administration fee of 3.4 million TLL shares. The transaction is expected to close on or about October 28, 2020.
Computershare Trust Company of Canada acted as transfer agent and registrar to TLL.
Gold Line Resources Ltd. (GLR) completed the acquisition of Tilting Capital Corp. (TSXV:TLL.H) (TLL) in a reverse merger transaction on October 28, 2020. The common shares of Gold Line Resources are expected to begin trading as a Tier 2 Mining Issuer on the TSX Venture Exchange under the symbol GLDL on November 4, 2020. Effective upon completion of the transaction, Henrik Lundin was appointed as a Director and Chairman and Eric Jensen was appointed as a Director. Accordingly, the board is now comprised of Adam Cegielski, Chief Executive Officer, Joel Shacker, Simon Studer, Henrik Lundin, Chairman and Eric Jensen. Szascha Lim continues in her role as Chief Financial Officer and Corporate Secretary.