03:15:48 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Aadirection Capital Corp
Symbol AAD
Shares Issued 6,000,000
Close 2023-01-03 C$ 0.13
Market Cap C$ 780,000
Recent Sedar Documents

Aadirection receives conditional TSX-V OK for QT

2023-05-16 10:53 ET - News Release

Ms. Mary Ma reports

CONDITIONAL EXCHANGE ACCEPTANCE OF QUALIFYING TRANSACTION

Aadirection Capital Corp. has received TSX Venture Exchange conditional acceptance with respect to its qualifying transaction to acquire Centenario Gold Corp. and its Eden property, an early-stage mineral resource exploration property located in Sinaloa state, Mexico. The exchange did waive the requirement for sponsorship.

One of the conditions precedent to exchange acceptance has been satisfied with the SEDAR filing of the prescribed form of filing statement together with the applicable expert consents. The filing statement may be viewed and downloaded at SEDAR under the company's profile and under Centenario's profile.

The company is currently addressing the financing condition of the exchange by way of Centenario raising a minimum $1.75-million by way of subscription receipts at 15 cents per subscription receipt. This financing is expected to close in the next week or two, in advance of closing the qualifying transaction. Please see the filing statement for a full description of this financing and the ultimate receipt by subscribers of units in the resulting issuer on closing of the qualifying transaction.

Once the financing is closed, the company will be able to set a scheduled closing date for the qualifying transaction as the remaining conditions of the exchange to be satisfied are within the control of the company and should be addressable within a few days of the closing of the financing.

Assuming the gross proceeds from the financing are exactly $1.75-million, on closing the qualifying transaction, the resulting issuer will have 40,805,485 common shares issued and outstanding, of which 11,079,166 shares will be subject to 36 months escrow (10 per cent released on closing and 15 per cent released every six months thereafter) and two million shares will be subject to 18 months escrow (25 per cent released on closing and 25 per cent released every six months thereafter).

About Centenario Gold Corp.

Centenario is an unlisted reporting issuer that, through its subsidiary, holds an option to acquire a 100-per-cent interest in the Eden property, subject to a 1-per-cent NSR (net smelter return). The Eden property consists of two contiguous and titled mineral concessions named El Eden and El Eden 1, covering approximately 2,489 hectares. The Eden property is located in the Cosala mining district of southeastern Sinaloa state, Mexico, in the southwestern foothills of the Sierra Madre occidental, approximately 160 kilometres north of Mazatlan, Mexico.

The Eden property is located on the northern boundary of the Los Reyes property of exchange-listed Prime Mining Corp. Pursuant to recent news releases, Prime has provided an updated mineral resource estimate for the Los Reyes property of 1.47 million indicated gold equivalent ounces and 730,000 inferred gold equivalent ounces.

Centenario completed a phase 1 exploration program on the Eden property in late 2022. Centenario collected and received assays from both surface and underground workings that returned grades as high as 239.94 grams per tonne (g/t) gold (Au) and 1389.91 g/t silver (Ag). Centenario also completed semi-detailed mapping over a 2.8 km portion of the Buenavista prospect's mineralized corridor, followed by an IP (induced polarization)/resistivity geophysical survey and soil sampling program. Additional geophysical and soil sampling studies were completed across the La Provedora prospect, located 1.5 km further to the east.

Proceeds of the $1.75-million financing will be used, in part, to complete an initial 1,500-metre drill program on the Buenavista prospect, as recommended in the up-to-date detailed National Instrument 43-101-compliant technical report on the Eden property, which has been filed on SEDAR under the company's profile.

About Aadirection Capital Corp.

The company is a capital pool company pursuant to the policies of the TSX Venture Exchange, with a view to completing a qualifying transaction. Readers are referred to recent news releases and the filing statement of the company, with respect to a detailed description of the proposed qualifying transaction that the company is expecting to complete.

We seek Safe Harbor.

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