CastleCap Capital and Laiva Gold Announce Proposed Transaction to Restart Mining Operations

Calgary-based CastleCap Capital Inc. (TSXV: CSTL.P) and Laiva Gold Inc. have signed a non-binding letter of intent (LOI) for a proposed non-arm’s length transaction. The LOI outlines CastleCap’s plan to acquire all of Laiva’s issued and outstanding common shares through a business combination under the Business Corporations Act (Alberta). The transaction, once finalized, will result in the reverse takeover of CastleCap by Laiva Shareholders and will be considered CastleCap’s Qualifying Transaction. Following the completion of the transaction, the resulting company will be named Laiva Gold Inc. and will focus on restarting mining operations at Laiva’s flagship gold mine in Finland. The Proposed Transaction is subject to the entry into a definitive agreement, as well as various approvals and conditions. Laiva is also planning a financing round of 12,500,000 units at a price of $0.80 per unit, with the proceeds being used for the business plan of the resulting company, transaction expenses, and general working capital purposes. The completion of the Proposed Transaction is expected to position the resulting company as a Tier 1 Mining Issuer on the TSX Venture Exchange. Further updates and details regarding the Proposed Transaction will be provided in subsequent news releases.