Dakota Territory Resource Corp. (DTRC:OTCQB) announced in a news release the closing of the purchase right agreement for 72.9 million shares, 64% of its common stock, to JR Resources Corp.
The total consideration was $10,935,000, composed of $10,635,000 in cash and $300,000 when JR Resources converted a January 2021 promissory note's principal amount.
The gold mining company made changes to its management team, board of directors and advisory committee.
Specifically, Dakota Territory appointed Jonathan Awde to the president and CEO role, in which he began serving on March 17. Since 2010, after helping co-found Gold Standard Ventures, Awde served as its CEO and president through December 2020. In that role, he oversaw all corporate development, asset acquisition, joint ventures and capital procurement and raises. In the past 15 years, Awde raised more than $600 million for public and private natural resource companies.
Awde also will be appointed to Dakota Territory's board as will Dr. Robert Quartermain, a geologist and precious metals entrepreneur with 45-plus years of experience. Dr. Quartermain founded Pretium Resources in 2010 and prior to that was the president and CEO of Silver Standard for 25 years. Along with Awde and Dr. Quartermain, the directors will be Jerry Aberle, Stephen O'Rourke and Alex Morrison.
Richard Bachman, Mac Jackson and John Norby will comprise the advisory board.
"This newly constituted team looks forward to implementing a comprehensive exploration program on the company's largely underexplored land package in [South Dakota's] Homestake District," the release noted.
"Jerry and his team deserve a tremendous amount of credit for assembling the Company’s district scale land package within the greater Homestake District," said Jonathan Awde. "The opportunity to have a land package contiguous with a generational ore body that produced over 40,000,000 ounces of gold is extremely rare. With the recently acquired Maitland Project from Barrick in October 2020, the Company controls approximately 18,182 mineral acres that provide the basis for exploring many compelling brownfield and greenfield exploration targets."
"The opportunity to work with such a talented and experienced technical team led by Jerry Aberle and Rick Bachman, coupled with the contributions from Robert Quartermain and Mac Jackson, is unparalleled. The closing of the purchase right agreement provides the continued funding for this program, which we anticipate will be expanded with successful exploration results," Awde concluded.
Dakota Territory Resource Corp. has 100% ownership of eight gold properties in the Black Hills of North Dakota.
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