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Huntington Announces Closing of the Acquisition of Lago de Oro and its 550km2 El Grande Gold Exploration Project in Nayarit Mexico
Huntington Announces Closing of the Acquisition of Lago de Oro and its 550km2 El Grande G...
About this update from Angel Wing Metals Inc
[{"type":"text","content":"\n \n \n \n Huntington Announces Closing of the Acquisition of Lago de Oro and its 550km2 El Grande Gold Exploration Project in Nayarit Mexico\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 30, 2022\n \n \n /CNW/ -\n \n Huntington Exploration Inc.\n \n (TSXV: HEI) (\"\n \n Huntington\n \n \" or the \"\n \n Company\n \n \") announces that it has completed its previously announced acquisition of Lago de Oro SA de CV (\"\n \n LOM\n \n \") and its El Grande Gold Project (\"\n \n El\n \n Grande\n \n \n \" or the \"\n \n Project\n \n \") covering a 550 square kilometer area in the southern extension of the Sierra Madre Occidental (\"\n \n SMO\n \n \") gold-silver belt in the state of\n \n Nayarit, Mexico\n \n .\n \n \n \n \n \n \n \n \n \n Huntington has completed its acquisition by way of a definitive purchase agreement with an arm's length third party for 100% of the issued and outstanding shares of LOM in exchange for: i) a cash payment of\n \n US$500,000\n \n ; ii) issuance of 4,000,000 common shares of the Company at a deemed price of\n \n $0.20\n \n per share; iii) a capped 2% NSR to the vendor; and iv) future share-based \"milestone payments\" based on the incremental addition of gold-equivalent (gold-silver) NI 43-101 resource ounces above a base 500,000 ounces on any given deposit currently held by LOM, capped at 20,000,000 shares subject to TSXV approval at the time of issuance. The common shares issued in connection with the acquisition will be subject to a hold period of four months and a day from the date of closing.\n \n \n The acquisition represents a unique opportunity for Huntington to be the first mover in a potential district-scale gold-silver system as the project already contains widespread evidence of gold mineralization with no history of modern exploration or drilling to date.\n \n \n \n Bryan Wilson\n \n , President and CEO of Huntington, states:\n \n \"We are delighted to officially grow our portfolio of precious metals exploration properties to now include ...