The Property (copper-molybdenum) consists of 12 contiguous legacy and cell mineral claims located in the Vancouver Mining Division of southwestern
Pursuant to the Agreement, the Company may acquire up to a 100% interest in the Property by issuing common shares in the capital of the Company ("Common Shares") to Northwest and incurring certain expenditures on the Property, all as summarized below:
(a) | by issuing Common Shares to Northwest, as follows: | ||
(i) | Common Shares with a value of | ||
(ii) | additional Common Shares with a value of | ||
(iii) | additional Common Shares with a value of | ||
(iv) | additional Common Shares such that Northwest holds 10% of the Company’s issued and outstanding common shares on the date prior to such issuance, on or before the date which is thirty-six (36) months from the effective date of the Agreement; | ||
(b) | by incurring expenditures on the Property of not less than | ||
(i) | |||
(ii) | an additional | ||
(iii) | an additional | ||
The Agreement also contains a provision, effective upon the Company acquiring a 100% interest in the Property, for a 2% net smelter royalty in favour of Northwest. Half of the net smelter royalty, thereby reducing the net smelter royalty to 1%, can be bought back by the Company paying the sum of
The Agreement, including all issuances of securities contemplated thereunder, is subject to the certain customary closing conditions. All Common Shares to be issued in connection with the Agreement will be subject to a statutory hold period of four months and a day from the date of issuance.
Financing
The Company is also pleased to announce that it intends to complete a non-brokered private placement (the “Private Placement”) of flow-through units (each, an "FT Unit") of the Company at
Each FT Unit will consist of one Common Share, issued on a flow-through basis pursuant the Income Tax Act (
Finder’s fees may be payable in accordance with the policies of the Canadian Securities Exchange. The Company intends to use the gross proceeds of the Private Placement to fund certain of its obligations under the Agreement and for general administrative and working capital purposes.
Investor Relations
The Company is also pleased to announce that is has engaged Invictus Investor Relations Inc., based out of
Stock Options
The Company announces that it has granted incentive stock options ("Options") to purchase a total of 1,900,000 Common Shares at an exercise price of
ON BEHALF OF THE BOARD OF DIRECTORS
“
CEO and Director
604-788-9533
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com.
Neither CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
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