03:23 PM EDT, 08/26/2024 (MT Newswires) -- Pasofino Gold ( EFRGF ) said Monday it has received takeover offer letters from two parties and a site visit has occurred. The company added it has not signed either offer letter and is engaged with the parties regarding terms.

A statement noted the company first announced in February 2023 that it was undertaking a strategic review process and confirmed today it has been "engaged" with multiple parties as it moves "to realise value for Pasofino's shareholders the company (in light of current gold prices, the project's NAV and recent M&A transactions for similar gold projects in Africa)."

Pasofino said it issued this "cleansing" update to disclose material information related to the strategic review process in order to allow Pasofino to undertake a financing to secure funds necessary to advance the Dugbe Gold Project's Feasibility Study initiatives that commenced earlier this year which should enhance project economics in this positive gold environment. It noted insiders of Pasofino will be participating in the interim financing.

Pasofino added it continues to engage with interested parties as they complete their due diligence and structuring. The aim is to enter into a letter of intent/exclusivity agreement by September 30, to be followed by a definitive acquisition agreement in the fourth quarter.

Pasofino was last seen unchanged at $0.50, on the TSX Venture Exchange.