Legendary is pleased to announce that Emerick Resources Corp. has acquired Medgold Resources Limited ("Medgold"), by way of a reverse takeover transaction ("RTO"), with Medgold shareholders retaining 61.6 % of the enlarged company. The new company, Medgold Resources Corp., has resumed trading and is listed on the TSX-V in Canada (TSX-V: MED).
Medgold is a Mediterranean-focused gold explorer targeting countries primarily with historic production and the desire to develop the mining. Medgold currently has gold projects in Tuscany, Italy, and a pipeline primarily consisting of projects in Portugal and Spain. The target is to infer around 1 million ounces within 24 months.
Medgold is led by an experienced board, with Simon Ridgway as Chairman and CEO, who has a track-record of bringing exploration projects through to production, most notably Fortuna Silver Mines Inc., which has two producing silver mines and a market capitalisation of CAD $287 million. Daniel James is President, supported on the Board by David Hall, Jeremy Martin and Ralph Rushton.
Legendary invested in Medgold in July 2011. Medgold's closing price yesterday of CAD$0.24 represented a 2.8x return in 16 months on Legendary's original investment in Medgold.
This further demonstrates Legendary's ability to source and make investments which generate asymmetric returns. This RTO follows on from the listings of Terra Energy Limited (Fastnet Oil & Gas PLC) and Sula Iron and Gold PLC earlier this year.
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