Business
Ring the Bell Capital Announces Updates Qualifying Transaction with Croesus Gold Corp.
Toronto, Ontario--(Newsfile Corp. - June 17, 2019) - Ring the Bell Capital Corp. (TSXV: RTB.P)...
About this update from Arizona Metals Corp
[{"type":"text","content":"Ring the Bell Capital Announces Updates Qualifying Transaction with Croesus Gold Corp.Toronto, Ontario--(Newsfile Corp. - June 17, 2019) - Ring the Bell Capital Corp. (TSXV: RTB.P) (the \"Company\" or \"RTB\") is pleased to announce that, further to its press release dated April 4, 2019, it has entered into a definitive agreement (the \"Definitive Agreement\") effective June 17, 2019, to complete a reverse takeover transaction (the \"Transaction\") pursuant to which the Company will complete a three-cornered amalgamation with Croesus Gold Corp. (\"Croesus\"). The Transaction will pursuant to the policies of the TSX Venture Exchange (the \"TSXV\") constitute the Company's \"Qualifying Transaction\", as such term is defined in defined by Policy 2.4 - Capital Pool Companies. The corporation resulting from the Transaction (the \"Resulting Issuer\") will continue under the name \"Arizona Metals Corp.\" and trade on the TSXV under the symbol \"AMC\". The Transaction is not a \"Non-Arm's Length Qualifying Transaction\" within the meaning of Policy 2.4 of the TSXV. The Transaction is expected to close on or before July 31, 2019, unless otherwise agreed between the parties.Croesus Gold Corp.Croesus is a private mineral exploration company based in Toronto, Ontario. Croesus recently completed the acquisition of 100% ownership of approximately 351 acres of patented and unpatented claims covering and surrounding the past-producing Kay mine (\"Kay Mine\"), located in Yavapai County, Arizona, approximately 50 miles north of Phoenix. The Kay Mine claims are not subject to any royalties. The Kay Mine property hosts an historic resource estimate, defined by Exxon Minerals (Fellows, 1982) of 6.4 million short tons at a grade of 2.2% copper, 2.8g/t gold, 3.03% zinc, and 55g/t silver. Exxon used a copper equivalent cut-off grade of 2%. The historic estimate was defined from a depth of approximately 100m to 900m, and based on approximately 103 underground drill holes on 12 levels, thousands of underground samples, and approximately 7,500m in surface drilling. Croesus has planned an initial drill program of approximately 5,000m. The 1982 estimate by Exxon did not use CIM categories. Croesus' QP has not done sufficient work to classify the historic estimate as a current resource, and Croesus is not treating the historic estimate as a current resource....