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Canary Gold Announces Letter of Intent to Acquire Additional Tenements at Madeira River Project, Rondonia, Brazil
Vancouver, British Columbia – July 16, 2025 – TheNewswire - Canary Gold Corp. (CSE: BRAZ | Frankfurt: K5D) (“Canary Gold” or the “Company”) is pleased to announ
About this update from Canary Gold Corp.
[{"type":"text","content":"Vancouver, British Columbia – July 16, 2025 – TheNewswire - Canary Gold Corp. (CSE: BRAZ | Frankfurt: K5D) (“Canary Gold” or the “Company”) is pleased to announce that it has entered into a binding letter of intent to acquire a 100% interest in ten additional mineral tenements totaling approximately 94,700 hectares located in the state of Rondônia, Brazil (the “Property”). The acquisition will significantly expand the Company’s land position within the Madeira River Project, one of its principal gold exploration assets in Brazil. Under the terms of a binding letter of intent dated July 15, 2025, the Company will acquire the Property from Talisman Venture Partners Ltd. (“Talisman”), a private British Columbia corporation, for a total purchase price of CAD$1,700,000, satisfied through a combination of cash and shares (the “Acquisition”). The consideration includes: a cash payment of CAD$50,000 on execution of a definitive agreement (the “Definitive Agreement”) respecting the Acquisition, subject to the approval or non-objection of the Canadian Securities Exchange (“CSE”), the issuance of 4,000,000 common shares of Canary Gold at a deemed price of CAD$0.30 per share (for a deemed consideration of CAD$1,200,000) within seven (7) business days of the execution of the Definitive Agreement, and on the date that is 180 days following the execution of the Definitive Agreement (the “Final Payment Date”), at the election of Canary Gold, in its sole discretion, (A) a further cash payment of CAD$450,000; or (B) the issuance of CAD$450,000 worth of common shares, each share to be issued at a price that is the higher of (x) CAD$0.30 or (y) the volume weighted average price of the common shares on the CSE for the 10 trading days preceding the Final Payment Date. As part of the transaction, Talisman will retain a 1.0% Net Smelter Return (NSR) royalty on all commercial mineral production from the acquired properties, one-half of which (leaving a 0.5% NSR) may be purchased by Canary Gold at any time for CAD$1,000,000. The acquired tenements are located adjacent to the Company’s existing land position in Rondônia and are considered highly prospective for gold mineralization. All tenements are in the “application to permit” stage and are held through Talisman do Brasil Mineração Ltda. and Canopus Geologia e Projetos Ltda. All secur...