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| YGDC.OB > SEC Filings for YGDC.OB > Form 8-K on 23-Sep-2009 | All Recent SEC Filings |
23-Sep-2009
Other Events, Notice of Delisting or Failure to Satisfy a Continued Listing R
On September 17, 2009, Yukon Gold Corporation, Inc. (the "Company"), Bellhaven Copper and Gold, Inc. ("Bellhaven") and Minera Cerro Quema S.A., a private company organized under the laws of Panama that is a subsidiary of Bellhaven ("Minera") fully executed a Memorandum of Understanding (the "MOU") dated as of September 15, 2009 pursuant to which Bellhaven granted to the Company an option to buy a 75% equity interest in Minera.
Minera owns the Cerro Quema development stage gold project located the Tonosi, Province of Los Santos, Republic of Panamá. The MOU calls for a 60-day due diligence period during which the Company will make a series of deposits totaling $400,000 as milestones for due diligence and development of definitive documents are met. The total consideration for the Minera interest is $19,915,000, which includes purchase price and project financing to be provided by the Company.
The Cerro Quema gold project is located in the Tonosi, Province of Los Santos, Republic of Panamá. Upon exercise of the "Option to Purchase" Yukon Gold would own 75% of the outstanding shares of Minera and Bellhaven would hold the remaining 25%. The Property is subject to a 2% NSR (net smelter royalty) in favor of Compania de Exploracion Minera S.A. and a 9% NPI in favor of Bellhaven. Yukon Gold agrees to purchase the 9% NPI from Bellhaven for consideration of $75,000, payable at Closing.
While it performs due diligence, the Company is seeking financing for the transaction.
By letter dated September 22, 2009, the Toronto Stock Exchange (the "TSX") informed the Company that it will de-list the Company's shares effective as of September 25, 2009. The Company's shares will continue to trade without interruption on the OTC Bulletin Board under the symbol, "YGDC."
The TSX cited the Company's financial condition, limited working capital, the reduced market value of the Company's shares and failure of the Company to hold a shareholders meeting in 2009 as the basis of the TSX's decision to de-list the Company's shares.
The Company intends to re-apply to the TSX to regain its listing in conjunction with the financing and consummation of the MOU announced above.
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