Canoe Mining Moves Closer to Shebandowan Copper-Gold Belt Consolidation

Canoe Mining Ventures Corp. (TSXV:CLV) announced that through a definitive agreement with Glencore Canada Corp., Mega Uranium Ltd. (TSX:MGA) and Rainy Mountain Royalty Corp. (TSXV:RMO) it will acquire the Hamlin-Deaty Creek property.

The move fits with the company’s “corporate strategy to consolidate the Shebandowan copper gold belt.”

As quoted in the press release:

Upon closing the Transaction, management will integrate the extensive geological data set produced by the previous operator into a proprietary regional database of the area which includes information on Canoe Mining`s East Coldstream Gold Deposit.

Pursuant to the terms of the Definitive Agreement and in consideration for the Property, Glencore will receive $50,000, a 1% net smelter royalty and be offered a right of first refusal for any future off-take agreement. Additionally, Rainy Mountain Royalty Corp. and Mega Uranium Ltd. will each be issued one million common shares in the capital of Canoe Mining.

Canoe Mining also announces that it intends to proceed with an equity offering consisting of a non-brokered private placement of up to 2,000,000 units at a price of $0.15 per unit (‘Unit’), for total gross proceeds of up to $300,000 (the ‘Private Placement’).

Click here to read the full Canoe Mining Ventures Corp. (TSXV:CLV) press release.