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Nordic Gold issues shares to executives brought in by Lionsbridge Capital

Lionbridge's Brian Wesson has been running Nordic since July in an effort to bring the company's Finnish gold mine back to production

Gold nuggets and $100 bills
The shares are being issued as payment for costs incurred and work carried out by Lionsbridge, which Nordic Gold hired to manage its operations

Nordic Gold Inc (CVE:NOR) (OTCMKTS:FIEIF) said it will issue roughly 26.6 million shares of stock at a price of C$0.05 per share to B&A Wesson Pty Ltd and C&C Wesson Pty Ltd. 

The firms are associated entities of Brian Wesson and Clyde Wesson, who have been serving as CEO and vice president at Nordic Gold since they were installed by their management-services company Lionsbridge Capital Pty Ltd in July. 

The shares are being issued as payment for costs incurred and work carried out by Lionsbridge, which Nordic Gold hired to manage its operations as part of a plan to bring Nordic’s Laiva Project — a gold mine in Finland — back online.

READ: Nordic Gold shares rise as the explorer releases new technical report showcasing gold levels at Laiva project

One step the Wesson-led Nordic took was reaching an agreement with Pandion Mine Finance to settle its C$63.4 million debt to the company for a total consideration of US$24.6 million (C$32.1 million).

Once issued, the shares will be subject to a four-month hold period. The move is subject to the approval of the TSX Venture Exchange.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Otso Gold Corp.

Price: 0.04 CAD

TSX-V:OTSO
Market: TSX-V
Market Cap: $9.84 m
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on 12/05/2019

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