U.S. Gold Corp. (Nasdaq: USAU) (the Company), a gold exploration and development company, is pleased to announce that it has acquired Northern Panther Resource Corporation (Northern Panther Resource Corporation (Northern Panther). The Nevada-based company Northern Panther became a new subsidiary of U.S. Gold Corp. convicted. Northern Panther’s main project is the Challis Gold Exploration Project; the company currently has $ 2.5 million in cash. At the same time as the merger was completed, several Northern Panther shareholders entered into parallel financing. The company has received up to $ 5.5 million in subscription forms for its preferred stock and warrants, securing up to $ 8.0 million in additional capital.
With Northern Panther’s Challis Gold project, U.S. Gold Corp. owns its newest exploration project in the US state of Idaho. The Northern Panther founding group has extensive mining experience and Challis Gold is a priority, well-open target in an important, high-growth US gold mining district. Under the merger agreement, U.S. Gold Corp. A total of 581,053 restricted common shares transferred to the shareholders of Northern Panther, in addition to 106,894 shares from the pool of the newly created perpetual preferred shares of the series H. Following the voting of the shareholders – probably via the proxy form at the next annual general meeting of the company – there is the possibility that each share of the Series H preferred share capital is converted into 10 common shares of US Gold Corp. is converted.