Val-d’Or, Quebec, February 28, 2022 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) is a non-binding agreement (“LOI”) Cartier is Cartier’s Chimo Chalice Gold Mines (Québec) Inc, a wholly owned subsidiary of O3 Mining, which owns a wholly owned stake in East Cadillac’s assets adjacent to. If you have acquired all of the issued and issued shares of the mine in Val-d’Or Gold Camp, Quebec, Canada (“Transaction”). Transactions are subject to due diligence, corporate and regulatory approval, final document review completion, and other customary termination conditions. Cartier will endeavor to complete due diligence reviews, negotiate and conclude final contracts, and obtain approval from all stock exchanges required. For the time being, LOIs are non-binding and may result in final agreements being implemented or regulatory approvals.
The purchase price that Cartier pays for O3 mining is approximately 46.2 million shares of Cartier common stock (“Cartier stock”). Upon completion of the transaction, O3 Mining will own approximately 17.5% of the outstanding issued Cartier shares.
Transaction highlights: Consolidate the assets of Cartier’s Chimo mine and the assets of O3 mining East Cadillac to determine the total land location of 29,754 hectares of promising land in the eastern part of the Baldor Gold Camp (“Project”). Figures 1 and 2..
advantage: Eliminate boundaries, increase the potential for resources and additional ounces, enhance the economics of the project, and increase the flexibility to facilitate project development and its construction.
- Cartier holds a 100% stake in the location of the largest land east of Bardor.
- Immediate increase in resource base to 714,400 oz in the categories shown and 1,527,400 ounces in the estimated category (see) Note 1);
- An initial budget designed to increase resources and explore additional possibilities.
- Greatly expands the exploration area and the possibilities of new discoveries
- Enhanced capital market profile and exposure.
- Platform for further district integration.
- New partnership with O3 mining
Note 1: Resources are presented as described in the technical report entitled “NI 43-101 Technical Report and Mineral Resource Estimates for the Chimo Mine Project, Canada, Quebec, Christine Beausoleil, P. Geo”. And Claude Savard, P. Geo. , InnovExplo Inc., March 2021 ”and“ 2019 Technical Report & Mineral Resources Estimate: East Cadillac Gold Project, Val-d’Or, Québec, John Langton, P. Geo., Vincent Jourdain, P. Eng., MRB & Associates, April 30 daysth2019 “.
LOI is an Investor Rights Agreement in which O3 Mining has the right to appoint one director in connection with the Cartier shares issued to O3 under the Transaction (“Investor Rights Agreement”). ) Is stipulated. Appointment of Cartier to the Board of Directors. Investor rights agreements also include preemptive and additional rights in favor of O3 mining, a two-year suspension clause, and a three-year stock transfer restriction clause, among other things.
A technical committee consisting of one Cartier candidate and one O3 mining candidate to provide strategic advice and guidance on Cartier exploration and development activities shortly after the transaction is completed. Is formed. Cartier will carry out the project and provide a forum for Cartier and O3 mining to share their views on the exploration, development and progress of the project.
Philippe Cloutier, CEO of Cartier, commented:With this acquisition, Cartier will have the largest land on the abundant Lake Lader-Cadillac fault east of Bardor and will have a strong resource base with great growth potential. Adjacent to the gold resources of the ChimoMine property, the Simon West, Nordeau West and Nordeau deposits provide short-term goals for significantly increasing gold resources.“
José Vizquerra, President and CEO of O3 Mining, commented:O3 Mining is pleased to have signed this agreement with Cartier Resources. This drives a strategy of deriving value from specific exploration assets while maintaining exposure to significant shareholder interests. This sale is part of our forward-looking strategy to find strategic buyers of specific assets with strong management teams, sufficient capital, and operational technical strength. We look forward to partnering with Cartier’s management through a representative of the Board of Directors and becoming part of Cartier’s growth story through participation in the technical committee.“.
Founded in 2006, Cartier Resources Inc. is a Baldor-based exploration company. All Cartier projects are located in Quebec, which is regularly ranked among the best mining jurisdictions in the world. Cartier is developing its flagship Chimomine project and is actively exploring other projects. Cartier has a solid cash position of over $ 5.7 million, with significant corporate and organizational support, especially with Agnico Eagle Mines, Jupiter Asset Management, and Quebec Investment Funds.
The scientific and technical information in this news release is from Cartier Vice President Gaétan Lavallière, P. Geo. , Ph.D, and senior geologists Ronan Déroff, P.Geo, M.Sc. Created and reviewed by. , Project manager and geologist, both “qualified” as defined in the National Instrument 43-101 – Minerals Project Disclosure Standards (“NI 43-101”). Lavallière endorsed the information contained in this press release..
Precautions regarding future prospects
This news release contains “forward-looking information” in the sense of applicable Canadian securities law, based on expectations, estimates, forecasts and interpretations as of the date of this news release. Information in this news release regarding Cartier’s intent to close the Transaction, as well as any other information that is not historical facts, may be “Forecast Information”. For information on the future outlook, Cartier is Chalice Gold Mines (Quebec) Inc. And its asset, the non-binding LOI, leads to the final agreement that the transaction under consideration by the LOI will be completed and Cartier will complete the transaction successfully.All statements (often “expect” or “not expect”, “expected”, “expected”, including discussions of forecasts, expectations, interpretations, beliefs, plans, forecasts, objectives, assumptions, future events or performance. “Interpreted”, “Management’s view”, “Expect” or “Don’t expect”, “Plan”, “Budget”, “Plan”, “Forecast”, “Estimate”, “Believe” or “Intention” Or variations of such words or phrases, or specific actions, events, or outcomes that “may” or “may”, “may”, “may”, or The statement “may be achieved” is not a statement of historical facts, but information about future prospects and is intended to identify information about future prospects. The outlook information is based on reasonable assumptions and management estimates at the time the Cartier was created, with known and unknown risks and uncertainties that may result in significant differences in actual results, performance, or outcomes from the future. Includes certainty, and other factors. Results, performance, or outcomes expressed or implied by such forward-looking information. Such factors include, among other things, the results of Cartier’s due diligence survey. The result of negotiations between the parties related to the final document to complete the transaction. Risks associated with resumption of operations. Additional steps that may be taken to mitigate the spread of COVID-19. Impact of COVID-19-related disruptions related to Cartier’s business operations, including employees, suppliers, facilities and other interested parties. Uncertainties and risks associated with travel, which may occur. And other financial market and social implications of responding to COVID-19 and COVID 19. The forward-looking information contained in this news release is what management believes or is a reasonable assumption at the time. Cartier, who was believed to be, cannot guarantee to shareholders and future buyers that the actual results are consistent with such forward-looking information, and neither Cartier nor others such. We are not responsible for the accuracy and completeness of forward-looking information. Cartier is included in this document to reflect new events and circumstances, except as required by law. We do not promise or undertake any obligation to update or revise any such forward-looking statements or forward-looking information.
For more information, please contact:
Philippe Crutier, P. Geo.
Cartier Resources President and Chief Executive Officer
Phone number: 819 856-0512
Neither the TSX Venture Exchange nor its regulatory service provider is responsible for the validity or accuracy of this press release.
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Cartier signs non-binding LOI in O3 mining and acquires 100% of Chalice Gold Mines (Quebec) Inc., The Canadian Business Journal
Source link Cartier signs non-binding LOI in O3 mining and acquires 100% of Chalice Gold Mines (Quebec) Inc., The Canadian Business Journal