Calgary, Alberta--(Newsfile Corp. - May 28, 2021) - Bullet Exploration Inc. (TSXV: AMMO) (the "Corporation") is pleased to announce that the Corporation has entered into an arm's length definitive agreement with Independence Gold Corp. to acquire the Anita Property which is located on Highway 5A, 30 kilometers north of Princeton and 45 kilometers south of Merritt in British Columbia. The Property is comprised of seven mineral tenures totalling approximately 2,900 hectares and covers three historical mineral showings, the Al, the Cindy and the Anita. The Property is contiguous with the AXE property, which was just purchased by Kodiak Copper
The terms of the proposed transaction provide that the Corporation shall acquire a 100% interest in the Anita Property in consideration for a cash payment of $30,000 and the issuance of 300,000 common shares of the Corporation. A 2% net smelter royalty on the Property shall be granted to the vendor, of which 1% can be repurchased by the Corporation at any time in consideration for a cash payment of $250,000. An arm's length finder's fee is payable in connection with the transaction in the amount equal to 7% of the purchase price, such finder's fee to be satisfied on the closing date by either a cash payment and/or the issuance of common shares or a combination of both cash and shares of the Corporation at a deemed price of $0.15 per share. The transaction remains subject to the approval of the TSX Venture Exchange.
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the "qualified person" as defined in NI 43-101, who has reviewed and approved the technical content in this press release.
For further information please contact:
Bullet Exploration Inc.
Jean (Ted) Pomerleau, President and CEO
E: info@bulletexploration.com
T: 403-383-7913.
Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the approval of the TSX Venture Exchange and the timing and completion of the acquisition. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in the mining industry; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
The TSX Venture Exchange has in no way passed upon the merits of the proposed acquisition and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85700
