On June 16, 2022, Sassy Resources Corporation (“Sassy”) completed the sale of its wholly owned subsidiary, Rocky Island Gold Corp. (“Rocky Island Gold”) to privately-held Galloper Gold Corporation (“Galloper Gold”).
This deal involved a series of transactions in which Sassy first acquired all of the shares in Rocky Island Gold on April 19, 2022, comprising a cash payment and the issuance of Sassy shares to the shareholders of Rocky Island Gold. Sassy, through Rocky Island Gold, then acquired a 100% interest in three mining properties in Newfoundland and Labrador from Vulcan Minerals Inc. (“Vulcan”), one of which was contiguous to the properties owned by Rocky Island Gold, which consideration comprised a cash payment and the issuance of shares in the capital of Sassy to Vulcan. In total, the combined Rocky Island Gold and Vulcan properties acquired by Sassy comprised 5,273 mining claims in Newfoundland and Labrador. On May 23, 2022, Sassy entered into a share purchase agreement with Galloper Gold whereby Galloper Gold agreed to acquire all of the issued and outstanding shares in the capital of Rocky Island Gold, comprising a cash payment and the issuance to Sassy of shares in the capital of Galloper Gold.
Fasken advised Sassy with a team including Brad Schneider, Bill deJong and Claudia Honetschlaeger.