Two of the subscribers in the Private Placement are related parties of the Company.
The company is also pleased to provide an update for exploration work at the
Furthermore the company informs about the future holdings and strategy for the Austrian exploration projects.
Private Placement
The Company completed the Private Placement and issued a total of 6,800,000 common shares at a price of
Share for Debt Transaction
The Company also completed a share for debt transaction with two related parties of the Company settling an aggregate debt of
The Private Placement and the Share for Debt Transaction each constitute a 'related party transaction' under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ('MI 61-101'), in respect of the related parties participating in such transaction. However, each transaction is exempt from: (i) the valuation requirements of MI 61-101 by virtue of the exemption contained in Section 5.5(b) of MI 61-101, as the common shares of the Company are not listed on a market specified in MI 61-101, and (ii) from the minority shareholder approval requirements of MI 61-101, by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101, as the fair market value of the common shares to be issued in such transactions will not exceed 25% of the Company's market capitalization. The participation by related parties in the Private Placement and the Share for Debt Transaction has been approved by directors of the Company who are independent in respect of such transactions.
Exploration at
As reported in 2015 and 2016 IP and Magnetic surveys were successful in identifying well-defined geophysical anomalies characterized by high chargeability and resistivity with prominent coincidental magnetic anomalies (the 'Aguara East anomalies'), having a northeast orientation and a strike length in excess of 825 metres. Modeling of the data obtained from the
Overall the
Specifically, seven IP anomalous horizons were identified within the IP-B regime. The trends are sub-parallel and confirm with the northeast trending geology. The trends are identified as trends RW-1, RW-4, RW-5, RIP-6 and the discontinuous trend RW-7.
The significant trend is RW-1 and may form the westerly continuation of the Trend RIP-1A of the Aguara East Grid and is centered about the Cyril Knight Grid base line 0 extending to L600W located between Lines 75W and 150W. The trend is associated with apparent resistivities exceeding 10,000 ohm-m and is suggestive of possible strong alteration within this area of the Property.
The prominent apparent chargeability anomalous trend identified as RW-5 extends from L225W to L750W and is found within the northern area of the grid and may represent the extension of Trend RIP-5 of the Aguara East Gri. RW-5 is characterized by apparent resistivities of 1,000 ohm-m or lower. Further west of L750W the signatures become complex and imply the depth of these wide source(s) may be 100 m or greater.
Trend RW-6 consists of anomalous IP responses that were observed at dipole separations n=8 and n=9, and are indicative of deeper sources. The associated resistivities here exceed 10,000 ohm-m and may also be associated with strong alteration. It is noted the wide anomalous IP responses with larger dipole separations (n=7, 8 and 9) at L900W may be in part of the northwesterly extension of RW-6.
Trend RW-7 is detected intermittently at larger dipole separations indicating greater depths to the sources. The trend is located between Trend RW-5 in the north and RW-1 on the south and is well defined along Lines 525W 375W and 300W. Significantly, the associated apparent resistivities are more than 10,000 ohm-m. Company management believes this trend is very promising and worthy of follow-up drill testing.
Trend RW-4 is noted in pseudo-sections from L75W to L375W. It is characterized by apparent chargeabilities exceeding 10 mV/V. RW-4 is the westerly extension of RIP-6 of the East grid. A formational source is suspected.
Multiple drill hole collar locations have been recommended for follow-up testing of these new targets. Plans are underway for the resumption of drilling in early summer of 2024.
Austrian Projects Update
The 99 exploration licenses near the village of Oberzeiring expired on
Contact:
Tel: (416) 603-2114
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly 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.
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