Westmount holds a 100% interest in 331 unpatented mineral claims called the Boulder Porphyry Property located near
The Boulder Porphyry Property (the 'Boulder Property') is located approximately 16 miles (26 km) north-northeast of
The
The
The Boulder Property is known to contain a large copper-molybdenum porphyry system within the Boulder Batholith and coeval Elkhorn Mountains Volcanics which is overlain by 300 to 2,100 feet of post-mineral Lowland Creek Volcanics. As a result, the porphyry system on the Boulder Property is not well exposed.
Between 1965 and 1977, the Anaconda Company (Anaconda) and Union Oil (Molycorp) drilled 8 deep core holes on the property into the Boulder Batholith based on the
Westmount acquired the Boulder Property in 2020 and 2021 through staking and other legal processes.
Under the agreement to acquire Westmount and the underlying project, in addition to 50% of the issued and outstanding Celerity Shares, the Westmount Shareholders will also receive a promissory note in the amount of US
Peloton plans to have Celerity self-fund its operations and seek to become its own publicly traded company in a series of financings and transactions. Peloton shareholders will receive Celerity shares at no cost as a dividend in kind and be given the opportunity to participate in Celerity financings by way of a rights offering or other private placements. The proceeds of such financings when completed will be used to pay out the Promissory Note; complete geophysical field work this year; initiate the drill permitting process; complete and file an NI 43-101 compliant technical report; file a Celerity prospectus and seek a Celerity listing on a Canadian Exchange. It is expected to take up to one year to complete these tasks, and upon completion, it is anticipated that Peloton will retain a meaningful interest in Celerity going forward. No agreements have been established for any of the financings and no record dates for any of the above transactions have been set. Further details will be announced as the Company develops and proceeds with its plans.
President and CEO
Peloton now holds interests in two
Contact:
Tel: 1-519-964-2836
This news release contains 'forward-looking information' (within the meaning of applicable Canadian securities laws) and 'forward-looking statements' (within the meaning of the
Such statements include, among others, those concerning the Company's plans for exploration activity and to conduct future exploration programs, its plans to have Celerity self-fund its operations and seek to become its own publicly traded company in a series of financings and transactions, its plans to have its shareholders receive Celerity shares at no cost as a dividend in kind and be given the opportunity to participate in Celerity financings by way of a rights offering and other private placements. They also include the Company's plans with respect to the proceeds of such financings, when completed, and its plans to file a Celerity prospectus and seek a Celerity listing on a Canadian Exchange, its expectations regarding the timing of such plans and the resulting shareholdings in Celerity of Peloton. Such forward-looking information or statements are based on a number of risks, uncertainties, and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected or to attract joint venture partners. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work; technical, safety or regulatory issues; availability of capital; the worldwide economic and social impact of COVID-19; the duration and extent of COVID-19; changes in general economic conditions and financial markets; the imposition of government restrictions on business related to COVID-19, any positive cases of COVID-19 at a project site or in the area which may cause a reduction or suspension in operations and activities which may ultimately affect and delay the exploration timeline and changes in prices for gold and other metals. The Company's plans are subject to regulatory requirements and approvals and the Company may never become a reporting issuer or be listed on a Canadian Exchange.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable and does not believe that the worldwide COVID-19 situation will have any immediate or long term effect on its projects, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
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