The Nugget Trap (RWA) Token Offering NGTG$$ commences trading

The Nugget Trap (RWA) Token Offering NGTG$$ commences trading

Benzinga
October 25, 2024

HOUSTON, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Houston Natural Resources Corp (OTC:HNRC) portfolio company Cunningham Mining Ltd announced today the launch of its Nugget Trap Token (NGTG$$) offering on the Biconomy Exchange (www.biconomy.com) (https://bit.ly/4feDNbx).

The company intends to list the token on a number of other exchanges. This innovative tokenization initiative aims to revolutionize the mining sector by providing a new financing model for mining operations by leveraging the assets.

Cunningham Mining Ltd ("CML") has entered into a definitive arrangement agreement with American Creek Resources Ltd ("American Creek") pursuant to which CML has agreed to acquire all of the issued and outstanding common shares of American Creek at a price of USD $0.31per Share in an arm's-length, all-cash transaction valued at approximately USD $150 million on a fully diluted basis. The transaction will be completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (https://bit.ly/4fgq5oD).

GEM Digital Limited has provided CML an investment commitment for up to USD $336 million. This substantial financial backing is set to fuel CML's ambitious expansion plans, including the proposed acquisition of American Creek Resources Ltd and future gold property acquisitions. The enhanced token subscription facility will be available to Cunningham Mining for a 36-month term following the listing of the Cunningham Mining Token on a Centralized Exchange. This arrangement provides Cunningham Mining with considerable flexibility, as the company retains control over the timing and maximum amount of drawdowns, without any minimum drawdown obligations (https://bit.ly/3BYSfGm).

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