Dakota Territory Resource Corp. (DTRC:OTCQB) announced in a news release its sale of 72,900,000 shares, or 64%, of its common stock to JR Resources Corp. closed.
The total consideration was $10,935,000, comprised of of $10,635,000 in cash and $300,000 when JR Resources converted a January 2021 promissory note's principal amount.
Dakota Territory will use these funds for corporate business and exploration expenses.
In other news, the Reno, Nev.-headquartered 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 Robert Quartermain, a geologist and precious metals entrepreneur with 45-plus years of experience. Quartermain founded Pretium Resources in 2020 and before that, was the president and CEO of Silver Standard for 25 years. Along with Awde and Quartermain, the directors will be Gerald 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.
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