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Castlebar Capital files filing statement for QT

2021-09-17 18:12 ET - News Release

Mr. Lucas Birdsall reports

CASTLEBAR CAPITAL CORP. FILES FILING STATEMENT RESPECTING QUALIFYING TRANSACTION

Castlebar Capital Corp. has filed a filing statement dated Sept. 14, 2021 (the filing statement), in connection with its proposed qualifying transaction, as defined under TSX Venture Exchange Policy 2.4 -- Capital Pool companies, respecting the Southern Spectrum mineral property in British Columbia. In due course, the company will issue a further comprehensive press release announcing the closing of the transaction and the date on which the common shares of the company will resume trading. Assuming all conditions for closing are satisfied, the company expects to close the transaction on or about Nov. 1, 2021, with trading in its common shares resuming shortly thereafter.

The filing statement includes audited carve-out financial statements respecting the property for the years ended April 30, 2021, and 2020. The carve-out financial statements indicate the property consists of $136,500 in exploration and evaluation assets, nil liabilities, nil revenues, and a net loss of $2,440 for the year ended April 30, 2021.

A technical report titled "NI 43-101 Technical Report on the Southern Spectrum Property" having an effective date of Feb. 16, 2021, as revised April 16, 2021, prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and the policies of the TSX Venture Exchange, has been prepared respecting the property and was filed under the company's SEDAR profile in conjunction with the filing of the filing statement.

Castlebar previously entered into a sale, assignment, assumption and amending agreement dated Jan. 22, 2021, as amended June 22, 2021, with 1162832 B.C. Ltd. and Christopher R. Paul & Michael A. Blady (collectively, the optionor), pursuant to which Castlebar will assume all of 1162832's right, title and interest, as optionee, in and to a property option agreement dated Jan. 10, 2019, as amended Sept. 10, 2020, respecting the property. The parties have further amended the definitive agreement pursuant to an amending agreement dated as of Aug. 23, 2021. The amending agreement increases the amount of the non-refundable deposit payable by Castlebar to 1162832 from $5,000 to up to $25,000, which deposit will be used by 1162832 for costs and expenses respecting the property. To date, Castlebar has advanced $19,153 of the deposit to 1162832.

For further information, please refer to the filing statement and the technical report on SEDAR, as well as the press releases of the company dated Dec. 11, 2020, Jan. 22, 2021, April 20, 2021, and June 28, 2021. The company will provide further updates respecting the transaction in due course.

About Castlebar Capital Corp.

Castlebar is a capital pool company in accordance with exchange Policy 2.4 and its principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

We seek Safe Harbor.

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