Shayne Taker reports
LFNT RESOURCES CORP. ANNOUNCES OPTION AGREEMENT ON SUDBURY PROJECT AND NON-BROKERED PRIVATE PLACEMENT OFFERING OF FLOW-THROUGH COMMON SHARES TO RAISE UP TO $250,000
LFNT Resources Corp. has signed a definitive agreement allowing the company an option to acquire a 100-per-cent interest in the 9,759-hectare Sudbury project, consisting of six mineral claims in the La Ronge region of Saskatchewan, Canada.
The Sudbury Project is located 40 km northwest of La Ronge, Saskatchewan (See Figure 1) and covers a series of disruptive magnetic features just off the Precambrian Shield. These structures have been interpreted to be caused by magmatic intrusions, such as those associated with the Lynn Lake, Manitoba Deposits or a Sudbury, Ontario Impact Structure and its deposits.
A VLF-EM conductor along with a Nickel-Copper-Gold MMI (Mobile Metal Ion) an anomaly was previously identified. A 2022 till sampling program has outlined significant anomalies immediately down ice from the structures confirming the area has the potential for Nickel, Gold, Copper and PGE mineralization (Critical Minerals). An Airborne VTEM Survey is planned as the next phase of exploration.
Under the terms of the Agreement, LFNT may acquire a 100% interest in the Claims by meeting the following milestones:
- $50,000 cash payment on the execution of the agreement.
- 1,500,000 shares on or before 10 Business Days from July 26th, 2023
- $125,000 in expenditures on or before July 26th, 2024
- Year 2:
- $80,000 cash payment on or before July 26th, 2024
- 2,500,000 shares on or before July 26th, 2024
- Incur $500,000 in cumulative expenditures on or before the July 24th 2025
- $170,000 on or before July 26th, 2025.
- 3,500,000 shares on or before July 26th, 2025
- Incur $1,500,000 in cumulative expenditures on or before July 26th, 2026
The Option is subject to the policies of the Canadian Securities Exchange, and other customary conditions as set out in the Agreement.
Non-Brokered Flow Through Financing
The company is also pleased to announce a non-brokered private placement offering of common shares to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (the "Tax Act") (the "Flow-Through Shares"). The Company intends to issue up to 833,333 Flow-Through Shares at an issue price of $0.30 per Flow-Through Share, for gross proceeds of up to $250,000 (the "Offering").
The Company intends to use the proceeds from the Offering for the exploration and advancement of the Company's properties in British Columbia and/or Saskatchewan.
Proceeds from the sale of Flow-Through Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023 and incurred no later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.
A finder's fee on the gross proceeds of the Offering may be paid.
The securities issued in connection with the Offering are subject to the Canadian Securities Exchange approval and all securities will be subject to a four-month statutory hold period after closing.
Mr. Ronald Woo, a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and Director, has reviewed and approved the scientific and technical disclosure in this press release.
About LFNT Resources Corp.
LFNT Resources Corp. is a British Columbia-based mineral exploration company focused on the development of assets containing battery, base and precious metals. LFNT holds a land position in the heart of British Columbia's renowned Cariboo Mining District. LFNT's 1,900 ha SkyFire Property is nestled between Williams Lake and 100 Mile House, meaning infrastructure and strong labor communities within reach. The company may also evaluate the acquisition of other mineral exploration assets and opportunities. LFNT is publicly listed on the Canadian Stock Exchange (CSE) under trading symbol "LFNT".
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