Sulliden Mining Capital Inc. Announces Agreement to Acquire Uranium Mining Claims in Quebec
TORONTO, March 23, 2022 (GLOBE NEWSWIRE) — Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce that it has entered into a share exchange agreement dated March 23, 2022, pursuant to which the Company has agreed to acquire all of the common shares issued and outstanding of a private Ontario corporation. (“Privco”) of its shareholders, subject to the terms and conditions set out in the agreement.
Privco holds 965 uranium claims representing 51,035 hectares of concessions in the favorable mining jurisdiction of Quebec. Most of the property is located within the Proterozoic Otish Supergroup. The claims represent an important land position. Two of the three claim blocks surround the most advanced project in the district, the Matoush deposit (held by Consolidated Uranium Inc. (“Consolidated”)), which has a historical mineral resource of 586,000 tonnes @ 0.954% U3O8 of indicated material and 1,686,000 tonnes at 0.442% U3O8 of inferred material, at a cut-off grade of 0.1% U3O8. For additional information on the Matoush Deposit, please see Consolidated’s press release dated August 19, 2021, which is available under the Company’s SEDAR profile at www.sedar.com.
In consideration for the acquisition of a 100% interest in Privco (the “Acquisition”), Sulliden will issue 25 million common shares of the Company to shareholders of Privco at a deemed price per share of $0.125, for a aggregate consideration of $3,125,000. The acquisition is an arm’s length transaction for purposes of the policies of the Toronto Stock Exchange (“TSX”) and remains subject to customary closing conditions, including the approval of the TSX. No finder’s fee is payable in connection with the transaction, and no change in control of Sulliden will result from the transaction. The transaction is expected to close in April 2022.
About Sulliden Mining Capital Inc.
Sulliden is a mining company focused on acquiring and advancing brownfield, development and early production mining projects in the Americas.
Sulliden Mining Capital Inc.
On behalf of the Council
Acting General Manager
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There has not been sufficient exploration to define a Mineral Resource on the properties held by PrivCo and it is uncertain whether further exploration will result in the delineation of a target as a Mineral Resource.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, the proposed transaction to acquire Privco, including closing conditions and the timetable for completion of the transaction. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including obtaining necessary approvals, risks inherent in the mining industry and other risks described in the Company’s public disclosure which is available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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