The share purchase agreement is for C2C to acquire 100% of Rock Gold in consideration for 12.25 million shares.

"This transaction allows the combined entity to leverage geological and financial expertise to advance high-quality exploration projects while identifying other projects in its portfolio available for joint-venture, sale, or option, thereby allowing C2C to monetize these projects through participation, royalty retention and/or sales proceeds," C2C Gold director Lori Walton said.

"It also allows the company to generate discovery opportunities while minimizing project risks and maximizing financial sustainability with the ultimate goal of royalty creation for the company," she said.

Newfoundland-based Rock Gold has more than 40 mineral licenses in on the North American east coast island "with projects lying along most of the major gold bearing trends," C2C said.

It also holds five properties, two of which are drill ready, and under option from local prospectors.

These projects, along with C2C's mineral rights package, provide a pipeline of projects from early explorations stage through to drill ready, C2C said.

Janet Lee-Sherriff has resigned from C2C's board of directors, effective immediately, and will remain as CEO on an interim basis, C2C noted.

"The transaction with Rock Gold was unanimously approved by the board of C2C with Ms. Lee-Sheriff abstaining from voting due to the potential for a conflict of interest," the company said.

William M Sheriff brings with him over 40 years of experience in the minerals industry, it said.

"In addition to being responsible for significant capital raises along with corporate development, Mr Sheriff was a pioneer in the uranium renaissance as co-founder and chairman of Energy Metals Corp and was responsible for compiling the largest domestic uranium resource base in US history before the company was acquired by Uranium One Corp for C$1.8 billion in 2006," C2C said.

He has been granted 200,000 stock options with 25% vesting immediately and 25% vesting every six months thereafter. The options are exercisable for a term of five years at $0.20 per share.

C2C's share price was C$0.14 on June 12, having dropped 18% day on day. The company has a market capitalization of C$12.65 million.