The TSX Venture Exchange has accepted for filing documentation with respect to the acquisition of 1415322 B.C. Ltd. from certain arm's-length shareholders. Pursuant to the terms of a share exchange agreement dated May 24, 2023, the company will provide the vendors with an aggregate consideration consisting of three million common shares in the capital of the company at the deemed price of 3.5 cents per common share and a cash payment of $25,000 to acquire all of the issued and outstanding common shares in the capital of 1415322 B.C.

1415322 B.C. is a party to an option agreement to acquire a 100-per-cent undivided interest in the 64 mining claims, covering approximately 3,200 hectares, located in the James Bay region of Quebec. As per the terms of the option agreement, the optionee will need to provide the optionor with an aggregate of $495,000 in cash payments over a three-year period, of which $445,000 may be settled by the optionee through the issuance of up to 12,714,285 common shares in the capital of the company, if elected, at a deemed price of 3.5 cents per common share.

Upon exercising the option to obtain the property, the optionor will retain a 2-per-cent net smelter return (NSR) royalty on the property, with the optionee also having the right to buy back a 1.5-per-cent royalty of the 2-per-cent royalty for a $2-million payment. As per the terms of the option agreement, the optionor will also be entitled to an additional $1-million payment in the event a National Instrument 43-101-compliant mineral resource on the property is completed and valued at over $100-million.

For further details, please refer to the company's news releases dated May 24, 2023, and June 5, 2023.