Mr. Nicholas Konkin reports
EV MINERALS ENTERS INTO DEFINITIVE AGREEMENT FOR PREVIOUSLY ANNOUNCED ACQUISITION OF NICKEL PROJECTS IN SUDBURY, ONTARIO
Further to the press release of Feb. 6, 2024, EV Minerals Corp. has entered into a purchase agreement with Graycliff Exploration Ltd. pursuant to which the company will acquire 100 per cent of the Baldwin and Lunge projects from the vendor.
As partial consideration for the Sudbury projects, the company shall issue the vendor an aggregate of two million common shares in the capital of the company, at a deemed issuance price of five cents per common share. In addition, as partial consideration for the Sudbury projects, the company made a one-time cash payment of $25,000 to the vendor on Feb. 6, 2024, upon signing of the letter of intent dated Feb. 6, 2024, between the company and the vendor.
The company acknowledges that there is an existing 2-per-cent net smelter return royalty on the Sudbury projects. Upon closing of the acquisition, the company will assume the vendor's obligations of the NSR and will have the right to buy back 1 per cent of the NSR for $1-million (reducing such NSR to 1 per cent).
Pursuant to the policies of the Canadian Securities Exchange, the acquisition and the issuance of the common shares remain subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. All common shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About EV Minerals Corp.
EV Minerals is a Canadian exploration company focused on mineral exploration and development. The current focus is the EV nickel project, host of the nickel-copper-cobalt McNickel deposit. The project is composed of 32 mineral claims covering approximately 1,792 hectares located in the Saguenay area, the province of Quebec. This deposit is reputed to contain a historical resource of 5,585,000 tonnes with grades of 0.21 per cent Ni, 0.11 per cent Cu and 0.03 per cent Co (National Instrument 43-101-non-compliant resource), which is to be re-evaluated with the consideration of using either bioleaching or acid leaching and electrowinning for nickel, cobalt and copper recovery.
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