M&A / Property Routine +

PASOFINO GOLD LIMITED COMPLETES THE PREVIOUSLY ANNOUNCED ARRANGEMENT

Pasofino Gold Delists Following Mansa Resources Acquisition at $0.90 Per Share

By The Northwire Desk — AI Analysis Apr 21, 2026 · 11:57 VEIN · 0.89 Pasofino Gold Limited

Executive Summary

Pasofino Gold Limited has successfully completed a plan of arrangement with Mansa Resources Limited via its subsidiary 1574136 BC Ltd.
The transaction involved an all-cash acquisition of all issued and outstanding common shares not already owned by Mansa at C$0.90 per share.
Following the completion, Pasofino expects to delist from the TSX Venture Exchange on or about April 22, 2026.
The company intends to cease being a reporting issuer in all applicable Canadian jurisdictions.
Warrant and option holders received cash consideration equal to the difference between the purchase price ($0.90) and their exercise price; out-of-the-money options and warrants were cancelled for no consideration.
Mansa Resources Limited agreed to lend up to US$10 million to the Company at an interest rate of 12% per annum to assist with working capital requirements until the completion of the arrangement.

Material Impact

The news represents the closing of a transaction announced on January 26, 2026, and approved by shareholders in March 2026; therefore it is not unexpected market-moving information.
The stock price had already converged to the offer price of C$0.90 weeks prior to completion, indicating the market fully priced in the acquisition terms.
For public shareholders, this news confirms a liquidity event and exit at the agreed premium (approximately 47% above 20-day VWAP as per initial announcement).
The cancellation of out-of-the-money warrants is negative for those specific security holders but neutral to positive for common equity holders who received cash.
As the company ceases reporting status, future public information flow will stop, shifting risk entirely to private ownership under Mansa Resources.

VEIN · Price

Company Overview

Pasofino Gold Limited was focused on the development of the Dugbe Gold Project in Liberia.
The project is 100% owned by Pasofino, subject to a future 10% carried interest by the Government of Liberia.
Resource estimate includes Measured & Indicated resources of approximately 3.3 Moz Au at 1.37 g/t and Inferred resources of 0.6 Moz.
A 2022 Feasibility Study supported a 14-year open-pit mine life with an estimated start-up capex of US$435 million.
The project was positioned as one of Africa's largest undeveloped gold projects, benefiting from Liberia's relative political stability and favorable mining regime (3% royalty, 25-year MDA).

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