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1844 Resources Inc. (TSXV: EFF) (the "Company" or "1844") is pleased to provide an update with respect to its previously announced sale (the "Transaction") of the Lac Arsenault project to Canadian Gold Resources Ltd. (the "Purchaser"). Pursuant to the terms of the Transaction, the Purchaser paid 1844 Six Hundred Thousand Canadian Dollars (CAN$600,000.00) as follows:
One hundred thousand Canadian dollars (CAN$100,000) in cash; and
2,000,000 common shares of the Purchaser (with a deemed value of Five Hundred Thousand Canadian Dollars (CAN$500,000.00). Such common shares have a statutory hold period expiring on May 23, 2024.
1844 shall be entitled to a One Percent (1%) NSR and the Purchaser shall have the right to repurchase the NSR for Five Hundred Thousand Canadian Dollars (CAN$500,000.00).
The Purchaser is a private company existing under the laws of Canada. The Purchaser has entered into a business combination agreement with Amseco Exploration Ltd. (TSXV: AEL.H).
Sylvain Laberge President & CEO: "The sale of Lac Arsenault was part of our strategy of concentrating efforts on our existing Copper Project. Further, we continue to evaluate additional strategic metal opportunities in the Province of Quebec."
About 1844 Resources Inc.: 1844 is an exploration company with a focus in strategic and energetic metals and underexplored regions "Gaspé, Nunavik Québec". With a dedicated management team, the Company's goal is to create shareholder value through the discovery of new deposits.
(signed) "Sylvain Laberge"
Sylvain Laberge
President and CEO
514.702.9841
Slaberge@1844resources.com
FORWARD-LOOKING INFORMATION
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected closings of the Unit Offering and the Option Agreement and the receipt of regulatory approval, including approval by the Exchange. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: general business and economic conditions; the availability of additional exploration and mineral project financing; and Exchange approval.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include exploration or other risks detailed from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204930
