CSE – MICH
VANCOUVER, BC, Nov. 24, 2022 /CNW/ - Mich Resources Ltd. (CSE: MICH) (the "Company") is pleased to announce that its common shares (the "Shares") will resume trading on the Canadian Securities Exchange (the "CSE") at market open on Friday, November 25, 2022 under the symbol "MICH.X".
Trading in the Shares of the Company was halted on July 30, 2021 pending the completion of a Reverse Takeover transaction to acquire the Pecoy Copper Project (the "Pecoy Project") in Peru (see news release dated July 30, 2021).
On November 1, 2022, the Company announced it had terminated the agreements to acquire the Pecoy Project and was pursuing new business opportunities.
On November 14, 2022, the Company further announced that it had enetered into a Letter of Intent (the "LOI" with Pavey Ark Minerals Inc. ("Pavey") whereby the Company has an option to purchasea 100% interest in Pavey's Chrome Puddy Property (the "Transaction") in Thunder Bay, Ontario, Canada (see news release dated November 14, 2022 for full details).
Trading in Shares of the Company remained halted to allow the for dissemination of news and will resume at market open on Friday, November 25, 2022. It is anticipated that trading will continue until a Definitive Agreement is signed and announced, at which time trading on the Shares of the Company will again be halted until the Transaction is completed.
Completion of the Transaction remains subject to several conditions, including the satisfactory completion of due diligence, receipt of any regulatory approvals, the negotiation of definitive documentation, including an option agreement and a share purchase agreement, among other documents, and the completion of a minimum $1 million in financing concurrent with the closing of the Transaction.
About the Company
The Company is a British Columbia public company with a registered office at 25th Floor, 700 West Georgia Street, Vancouver, BC, V7Y 1C3. The Company's common shares are listed on the Canadian Securities Exchange (CSE) under the trading symbol "MICH" and reporting in British Columbia and Ontario. The Company is principally engaged in the acquisition and exploration of mineral properties.
On behalf of Mich Resources Ltd.
President and Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the proposed acquisition of the Property and Additional Property, and concurrent $1 million financing (collectively, the "Transaction"); the satisfaction of the conditions and closing of the Transaction (including Exchange approval); general business and economic conditions.
Although management of the Company believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risk factors include, but are not limited to: the Transaction may not close on the terms set forth herein, or at all; risks relating to the availability of financing; risks relating to the receipt of all requisite approvals for the Transaction, including the approval of the Exchange; risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in interest and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, 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); political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays in the supply of equipment and services; and other risk factors as detailed from time to time.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Mich Resources Ltd.
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