Gold exploration companies have been in sharp focus among investors for quite a while owing to widespread economic uncertainties, and there are many companies one can choose from. One of the companies in the industry that could well be worth checking out is Big Ridge Gold Corp. (OTC:ALVLF). This past Thursday, the company was in the news cycle after Big Ridge Gold Corp. announced that it had been successful in concluding the second earn-in rights at the Hope Brook Gold Project.
As a consequence, the company also increased its ownership stake in the project to 80% from 51%. In the above-mentioned move, Big Ridge Gold Corp. issued a total of 10,000,000 common shares to First Mining Gold Corp. to complete the acquisition of the 29% additional stake in the Hope Brook Gold Project. In the news release, it was noted that First Mining Gold would retain free carry on its 20% ownership stake in the project up until a feasibility study on the project is concluded by Big Ridge Gold Corp.
Right after the completion of the earn-in transaction, the company also started the acquisition of all the 36500000 common shares of Big Ridge Gold Corp. that had been owned by First Mining. The acquisition had been completed by a collection of existing shareholders of Big Ridge. The President and Chief Executive Officer of the company, Michael Bandrowski, spoke about the stock acquisition transaction yesterday.
He stated that the acquisition of the block of shares from First Mining by a group of Big Ridge Gold shareholders was a demonstration of the confidence that they had about the exploration and development of the Hope Brook Gold Project by the company. The shareholders who bought the shares, who had been supporting the management since Hope Brook, earned an agreement in 2021.
