The total consideration is about $3.1m in cash and securities.
Under the terms of the agreement,Wolfden has paid $75,000 as a non-refundable deposit and will pay upon the close of the transaction $2.5 million in cash and $500,000 in the equity of Wolfden.
Portage Minerals chairman and CEO Ken Hight said by realizing the value from its non-core assets, the company will be able to advance its priority gold properties without accessing the current equity markets and diluting their shareholders.
Portage also said that the company’s focus will be wholly-owned or majority controlled advanced exploration New Brunswick gold properties.
