Stockwatch

LFNT Resources Corp
Symbol	LFNT
Shares Issued	20,717,001
Close 2023-06-27	C$ 0.40
Market Cap	C$ 8,286,800
Recent Sedar+ Documents

LFNT to acquire Sudbury project, arranges placement

2023-07-27 20:00 ET - News Release

Subject: LFNT Resources Corp. // for immediate release Word Document File: '\\swfile\EmailIn\20230727 164926 Attachment LFNT_20230727_NR_FINAL.docx' 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 Vancouver, BC July 27th, 2023 / LFNT Resources Corp. (CSE: LFNT) ("LFNT" or the "Company") is pleased to announce that it has signed a definitive agreement (the "Agreement") allowing the company an option (the "Option") to acquire a 100% interest in the 9,759 hectare Sudbury Project, consisting of six (6) mineral claims (the "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. Transaction Highlights Under the terms of the Agreement, LFNT may acquire a 100% interest in the Claims by meeting the following milestones: Year 1 $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 Year 3 $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. Figure 1: Map of Property 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. Qualified Person 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". On Behalf of the Board of Directors LFNT Resources Corp. Shayne Taker Director and Chief Executive Officer Tel: (236) 237-2279 Email: info@LFNT.ca Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include statements with respect to receipt of final approval from the Canadian Securities Exchange and the expected timing of commencement of trading. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company, including, but not limited to: changes in general economic conditions or conditions in the financial and capital markets; uncertainties related to the availability and costs of financing needed in the future; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions and geopolitical risk and social unrest. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.