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Core Assets Corp
Symbol CC
Shares Issued 55,709,701
Close 2021-12-31 C$ 0.25
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Core Assets arranges $1.5-million placement

2022-01-04 06:26 ET - News Release

Mr. Nick Rodway reports

CORE ASSETS ANNOUNCES $1.5 MILLION PRIVATE PLACEMENT LED BY CRESCAT CAPITAL

Core Assets Corp. has arranged a non-brokered private placement of 6.25 million units at a price of 24 cents per unit for gross proceeds of $1.5-million. Each unit will comprise one common share in the capital of the company and one whole transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share for a period of two years from the closing date at an exercise price of 39 cents per warrant share.

In connection with the offering, Crescat Capital LLC has agreed to make a strategic investment in the company of $1.07-million. Following the completion of the Crescat Capital investment, Crescat Capital will have an option to participate in future financings of the company to maintain its interest in the company for so long as it holds greater than 3 per cent of the issued and outstanding common shares.

Core Assets' president and chief executive officer, Nick Rodway, commented: "We are very happy to welcome Crescat Capital as our first institutional investor in the company. The Blue property hosts a brand new at-surface polymetallic discovery that continues to produce world-class results that make the company a very attractive investment. Having Crescat Capital's team on board further verifies that we have been executing very sound geologic programs within the right geologic terrane and jurisdiction. We look forward to continuing to build our geological team with high-quality, long-term financial backing."

Crescat Capital's geological and technical director, Quinton Hennigh, commented: "Through boots-on-the-ground prospecting in 2021, Core Assets appears to have made a substantial grassroots CRD discovery at its 100-per-cent-controlled Blue property in Northern British Columbia. Numerous outcrops of sulphide mantos and chimneys were identified and sampled over a six-kilometre-wide area at the Silver Lime area, recently exposed due to receding ice packs in this region. Many samples have yielded plus 10 per cent combined base metals as well as locally strong silver and gold values. This discovery represents a new style of mineralization in this region and is believed to be associated with a porphyry system at depth. At Crescat, we love to get behind early-stage discoveries, especially those that look like they have exceptional large-scale potential such as Silver Lime. We look forward to working with Core Assets' team as they develop plans for an inaugural drill test in 2022."

All securities issued in connection with the offering will be subject to a four-month hold as required under applicable securities laws and, in addition, will be subject to an 18-month hold from the closing date split up into three releases of one-third of the securities issued under the offering every six months from the closing date.

The proceeds of the offering are anticipated to be used for further exploration programs at the company's Blue property and for general working capital purposes. Insiders of the company may participate in the offering. The company does not anticipate paying any finders' fees in connection with the offering at this time.

About Core Assets Corp.

Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent title ownership in the Blue property, which covers a land area of about 108,337 hectares (about 1,083 square kilometres). The project lies within the Atlin mining district, a well-known gold mining camp. The Blue property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 kilometres in length and runs from the Tally-Ho shear zone in Yukon, south through the property to the Alaskan Panhandle Juneau ice sheet in the United States.

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