Business
Carlyle Commodities Acquires Owl Lake Resources Corp. Becoming One of the Largest Contiguous Landholders in the Hemlo-Schreiber Greenstone Belt, and over $850,000 in Cash
Vancouver, British Columbia--(Newsfile Corp. - June 15, 2021) - CARLYLE COMMODITIES CORP. (CSE: CCC) (FSE: 1OZA) (OTC PINK: DLRYF) ("Carlyle" or the "Company")
About this update from Carlyle Commodities Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 15, 2021) - CARLYLE COMMODITIES CORP. (CSE: CCC) (FSE: 1OZA) (OTC PINK: DLRYF) (\"Carlyle\" or the \"Company\") is pleased to announce that it has entered into and closed (the \"Closing\") an amalgamation agreement dated June 14, 2021 (the \"Agreement\") with OWL Lake Resources Corp. (\"OWL\"), an arm's length private British Columbia corporation, and 1305339 B.C. Ltd. (\"NewCo\"), a wholly-owned subsidiary of Carlyle, pursuant to which Carlyle acquired (the \"Transaction\") all of the issued and outstanding common shares of OWL (each, an \"OWL Share\") by way of \"three-cornered\" amalgamation. OWL Lake Resources Corp. Incorporated in October of 2018, OWL is a private British Columbia mineral exploration corporation which owns 100% of the Owl Lake Property (the \"Owl Lake Property\") located on the Hemlo-Schreiber Greenstone Belt in the Thunder Bay South Mining Division in the Province of Ontario. Morgan Good, President and Chief Executive Officer of Carlyle, commented, \"Our team is delighted to close the three-cornered amalgamation of Owl Lake Resources Corp. and the 100% acquisition of the Owl Lake Property, as well as over $850,000 in hard cash. This deal increases the Company's strategic land holdings in prolific mining jurisdictions now including the Hemlo-Schreiber Greenstone Belt of Ontario, a world-renowned resource sector address hosting Barrick's Hemlo Gold Deposit, along with many others. The acquisition also brings with it a plethora of sophisticated and experienced mining resource investors, further enhancing the strength to Carlyle's growing story.\" With the addition of the Owl Lake Property (as defined below), Carlyle has bolstered its mineral property portfolio by adding another quality and promising exploration asset. Following the closing of the Transaction (the \"Closing\"), Carlyle now has 5 mineral properties in its portfolio in B.C., Ontario and Mexico, including options to purchase 100% interests in the Cecilia Gold Project located in the State of Sonora, Mexico, and the promising Sunset property located in the Vancouver Mining Division near Pemberton, British Columbia, for which Carlyle has a current National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") technical report (the \"Sunset Technical Report\"). For more i...