Champion Bear Announces Expedited Acquisition Filing Relating to Its Option to Acquire Additional Eagle Rock Claims
19 2월 2020 - 1:54AM
Champion Bear Resources Ltd. (TSXV: CBA-V)
("
Champion Bear" or the
"
Company") announces that it has filed an
expedited acquisition application (the
"
Application") with the TSX Venture Exchange (the
"
TSXV") in connection with the Company's strategic
option to purchase a 100% in interest in certain mining claims in
the Kenora area of Ontario. These claims, if acquired by the
Company, would expand the number of claims in connection with its
core Eagle Rock core property by approximately 15. This option was
granted to the Company by an arm's length party (the
"
Optionor") in September of 2019 and pursuant to
its terms the Company has provided the Optionor with a
nonrefundable payment of $1,000 and has agreed to make an
additional payments totaling an aggregate of $60,000 (inclusive of
the initial $1,000 payment) over the course of the next three years
and issue the Optionor 100,000 common shares of the Company. When
these terms are met, the Company will have earned a 100% interest
in these claims. As part of the agreement with this option,
Champion Bear will pay a 1.5% net smelter royalty in the event the
Company acquires the claims and commercial production begins on
them and in such instance the Company has the right to buy back
this royalty for $1 million. The Company intends to fund the
option payments through a combination of working capital and
additional funds anticipated to be raised in the future from an
equity financing.
The Application (including the issuance of
100,000 Common Shares of the Company) is subject to the approval of
the TSXV.
About Champion Bear
Champion Bear is a mineral exploration company
focused exclusively on the historically prospective regions of
Ontario. The Company's primary targets are platinum group metals,
precious metals, and polymetallic base metals deposits. Champion
Bear's aim is to create shareholder value through selective
property acquisition followed by focused exploration emphasizing
drilling. The Company has assembled a large land position in the
Dryden and Sudbury areas, totaling over 16,000 hectares. Additional
information about Champion Bear can be found on the Company's
website at www.championbear.com and on SEDAR at www.sedar.com. For
further information, please contact: Richard D. Kantor, Chairman
and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation including statements relating to ability to earn a 100%
interest in the claims subject to the option, the ability to fund
the option payments and the manner of such funding, and the
approval of same by the TSXV and the benefits to be derived from
the shares for debt transactions. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. All statements that
address future plans, activities, events, or developments that the
Company believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
potential development of resources and drilling plans which may or
may not occur. Forward-looking statements and information contained
herein are based on certain factors and assumptions regarding,
among other things, the ability to complete the shares for debt
transactions, the market price of the Company's securities, metal
prices, exchange rates, taxation, the estimation, timing and amount
of future exploration and development, capital and operating costs,
the availability of financing, the receipt of regulatory approvals
including approval of the Application, environmental risks, title
disputes, failure of plant, equipment or processes to operate as
anticipated, accidents, labour disputes, claims and limitations on
insurance coverage and other risks of the mining industry, changes
in national and local government regulation of mining operations,
and regulations and other matters. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities of
Champion Bear in any jurisdiction in which such offer, solicitation
or sale would be unlawful. The securities to be offered have not
been and will not be registered under the United States Securities
Act of 1933, as amended, or any state securities laws and may not
be offered or sold within the United States or to or for the
account or benefit of a U.S. Person absent registration or an
applicable exemption from the registration requirements of such Act
or laws.
Champion Bear Resources (TSXV:CBA)
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Champion Bear Resources (TSXV:CBA)
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부터 12월(12) 2023 으로 12월(12) 2024