Croesus Gold Corp. entered into a letter of intent to acquire Kay Mine in Arizona from Silver Spruce Resources Inc. (TSXV:SSE) (‘SSE') on September 28, 2018. On November 15, 2018, after an extended forty-five day due diligence period, Croesus and SSE signed a definitive agreement regarding the acquisition of the Kay Mine project. The transaction is anticipated to close within forty-five days.

Croesus Gold Corp. completed the acquisition of acquire Kay Mine in Arizona from Silver Spruce Resources Inc. (TSXV:SSE) (‘SSE') for $0.74 million on January 25, 2019. As part of transaction, Croesus Gold Corp. paid $0.03 million as cash on completion and assumed a debt of $0.45 million provided to Silver Spruce Resources Inc. Croesus Gold Corp will also pay CAD 0.1 million ($0.076 million) in cash and CAD 0.25 million ($0.19 million) in its stock within six months from closing. As of July 16, 2019, Silver Spruce Resources received the final payment for Kay Mine from Croesus Gold Corp. Silver Spruce will use some of the proceeds from the sale of the Kay Mine to immediately fund the due diligence program at its advanced Cocula gold project. During quarter ended July 31, 2019, Silver Spruce received total payments of CAD 0.27 million ($0.35 million) from Croesus Gold.